PIN BAR DETECTION INDICATOR MT4

• Obviously, the pinbar and Doji can provide the traders with high-quality reversal signals and can be highly beneficial and profitable. Furthermore, the indicator is very flexible as programmers can add it to an EA.
• Candlestick chart analysis is an integral part of forex technical analysis and many traders perform it continuously. Successful traders spent considerable time identifying the candlesticks and patterns. The Pin Bar Indicator for MT4 acts as a scanner and detector for pinbar candlesticks and displays a UP or down arrow based on the candlestick. Pinbar candlestick is an important reversal pattern in candlestick chart-based technical analysis similar to the Doji. It is often included in many EA for reversal identification.

A pinbar candlestick pattern is a reversal pattern. The candlestick is very easy to identify visually. The pinbar has a small body when compared to the wick or the tail of the candlestick. The pin bar’s long tail indicates the price rejection and the possible reversal of the market direction.

Pin Bar Indicator MT4 Trading Signals

• The above EURUSD M30 chart shows the Pin Bar MT4 indicator in action. The indicator scans for the pinbar and identifies its location on the chart. Once the bar is located, the Pin Bar MT4 indicator draws a UP Arrow in GREEN color or a DOWN arrow in RED color.

Candlestick pattern traders can trade the pinbar towards the reversal direction. A bearish pin bar has a long tail on the candle’s upper side as it shows the buyers rejected the price. On the other hand, the bullish pinbar has a long tail in the lower part of the candle, indicating the sellers’ price rejection. Traders can place a stop-loss at the high for SELL orders and the candle’s low for the BUY orders.

The Pin Bar indicator for MT4 displays simple arrows and indicates the forex trader. It is very helpful for new forex traders starting to learn candlestick patterns. New forex traders can use the indicator as a scanner and detector to locate the pin bars quickly. On the other hand, experienced traders can use the pinbar to combine it with other technical chart patterns and candlestick patterns to devise trade plans.

• Candlestick pattern traders always look for two different types of patterns, namely continuation pattern and reversal pattern. The reversal patterns are considered very important as they indicate the end of the current trend and the possibility of beginning a new trend. Especially, pinbar and Doji are the most reliable and important candlestick reversal patterns. However, it is important to note that traders must confirm all candlestick patterns with price action. Many technical traders incorporate this pinbar scanner and automate their trading strategy in their EA or Expert Advisors.

Conclusion

• Indeed, the Pin Bar indicator for MT4 Is an important tool for every forex technical trader. Candlestick pattern traders use this pinbar scanner and detector to locate the pinbar and trade them successfully. Obviously, the pinbar and Doji can provide the traders with high-quality reversal signals and can be highly beneficial and profitable. Furthermore, the indicator is very flexible as programmers can add it to an EA.