Pinbar Detector is a forex MetaTrader indicator that tries to detect Pinbars and marks them by placing a “smiling face” mt4 symbol below the bullish chart Pinbars and above the bearish Pinbars. It is a pure price action forex indicator, which is not using any standard technical forex indicators in its code. The configuration of chart Pinbar detection can be done via the forex indicator’s input parameters. Pinbar Detector can issue mt4 platform alerts and email alerts on detection. The forex indicator is available for forex MT4 and MT5 versions of the trading platform.
Input parameters
- CountBars (main default = 0) — the maximum number of bars on which to detect the pinbars. 0 = all.
- display distance (main default = 5) — the distance from the candles to the pinbar “smiling face” symbols.
- UseAlerts (main default = true) — tells the indicator to issue a platform alert with sound on Pinbar detection.
- UseEmailAlerts (main default = false) — tells the indicator to issue an email alert on Pinbar detection. Should properly configure Email in MetaTrader via Tools->Options->Email.
- UseNotificationAlerts (main default = false) — tells the forex indicator to issue a push-notification alert on Pinbar detection. Notifications should be properly configured in forex MetaTrader via Tools->Options->Notifications.
- UseCustomSettings (main default = false) — tells the forex indicator to use custom Pinbar detection parameters described below.
- CustomMaxNoseBodySize (main default = 0.33) — maximum allowed body/length ratio for the Nose bar.
- CustomNoseBodyPosition (main default = 0.4) — The nose body should be positioned at the nose bar’s top (bottom for a bearish pattern).
- CustomLeftEyeOppositeDirection (main default = true) — tells the forex indicator that the Left Eye bar should be bearish for bullish chart Pinbar, and bullish for bearish Pinbar.
- CustomNoseSameDirection (main default = true) — tells the forex indicator that the Nose bar should be in the same direction as the pattern itself.
- CustomNoseBodyInsideLeftEyeBody (main default = false) — tells the forex indicator that the Nose body should be inside the Left Eye body.
- CustomLeftEyeMinBodySize (main default = 0.1) — minimum size of the Left Eye body relative to the bar length.
- CustomNoseProtruding (main default = 0.5) — minimum protrusion of the Nose bar relative to the bar length.
- CustomNoseBodyToLeftEyeBody (main default = 1) — the maximum size of the Nose body relative to the Left eye body.
- CustomNoseLengthToLeftEyeLength (main default = 0) — minimum Nose length relative to the Left Eye length.
- CustomLeftEyeDepth (main default = 0.2) — minimum depth of the Left Eye relative to its length. Depth is the length of the part of the bar behind the Nose.
- CustomMinimumNoseLength (main default = 1) — minimum nose candlestick length in points.
Indicator Example
As you can see on the mt4 chart above, the forex indicator is not perfect, as is the chart Pinbar pattern itself. Try different detection indicator settings to filter patterns according to your image of an ideal Pinbar. You can use our basic strategy for forex trading Pinbars, or you can try developing your own, depending on the aggressiveness of your overall Forex trading style. A good idea would be to attach this forex indicator to long-term timeframes (from H1 to W1) on all mt4 currency pairs you are comfortable trading in. Then, alerts would let you know once the forex trading opportunity arises.
Pinbar Detector Forex Indicator Download
Pinbar Detector for MetaTrader 4
Pinbar Detector for MetaTrader 5
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Discussion
Warning! If you do not know how to set up this indicator, please read the MetaTrader Forex Indicators Tutorial.
Do you have any more suggestions or questions regarding this indicator? You can always discuss Pinbar Detector with the other traders and MQL programmers on the indicators forum.
