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Max number of activations:5
Code:PINB
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Category: Indicator
Platform: Metatrader 4&5 - Windows 32|64bits app
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 | Pin Bar Indicator
The Pin Bar indicator is a pattern recognition indicator for Forex, Stocks, Indices, Futures, Commodities and Cryptos.
The strategy that comes with the Pin Bar pattern is based on price action.
Inputs of the indicator are:
- Distance: distance in pixels relative to top or bottom of candle to display the arrow symbol
- UseAlerts (true/false): enable alerts
- PopAlerts (true/false): enable alerts in the popup window
- EmailAlerts (true/false): enable email alerts
- PushAlers (true/false): enable push notifications
- SoundAlerts (true/false): enable sound alerts
- SoundFile: file to be used for sound alerts
Trading rules:
- For BUY: wait for a bullish Pin Bar to print on a support zone after a down trend. Wait for the price to break high of the Pin Bar (5 pips above the high for H1 and higher timeframes, 1 pip for M5). Immediately enter in the trade once high is broken. You also can use a BUY STOP order placed 5 pips above the high of the candle (plus spread). Stop Loss should be placed below the low of the Pin Bar. If order is not triggered in the next candle, then a trade is invalidated and should be canceled.
- For SELL: wait for a bearish Pin Bar to print on resistance zone after an up trend. Wait for the price to break the low of the Pin Bar (5 pips below the low for H1 and higher timeframes, 1 pip for M5). Immediately enter in the trade once low is broken. You also can use a SELL STOP order placed 5 pips below the low of the candle. Stop Loss should be placed above the high of the Pin Bar. If order is not triggered in the next candle then trade is invalidated and should be canceled.
To draw the support and resistance levels to trade with the Pin Bar, you can use the Fx Levels indicator: More info
We also offer the Naked Forex Kangaroo Tail indicator which is an enhanced version of the Pin Bar and that might be of interest for you: More info
The Pin Bar indicator can be used with any timeframe.
The Pin Bar indicator can be used with any class of asset: Forex, Stocks, Indices, Futures, Commodities and Cryptos. |