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Pin Bar Indicator (TradingView)



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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:

  • MaxBars: maximum number of bars back to calculate searching for signals 
  • BuySignals (true/false): you can filter signals and decide to show BUY signals or not. Default settings is true (no filter).
  • SellSignals (true/false): you can filter signals and decide to show SELL signals or not. Default settings is true (no filter).
Alerts:

The alerts are managed by TradingView trading platform features and not by the indicator itself. You must use Pin Bar Sell less than zero and Pin Bar Buy greater than zero as settings for the alerts.

Example of BUY alerts settings : BUY example

Example of SELL alerts settings : SELL example

The example given here is for the Tweezer indicator but same principles apply for the Pin Bar indicator.

Beware that TradingView limits the number of alerts you can receive according to the plan you subscribed with the platform. If receiving alerts is important for you then you should investigate carefully this aspect before purchasing the indicator. Maybe Metatrader would be a better option to receive unlimited alerts.

Beware that alerts are managed by TradingView trading platform features and not by the indicator itself. We provide settings for alerts as a courtesy. If you have problems with alerts or need special settings then please contact TradingView support since alerting is not a feature managed by the indicator.


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.
The Pin Bar indicator can be used with any time frame.

The Pin Bar indicator can be used with any class of assets: Forex, Stocks, Indices, Futures, Commodities and Cryptos.

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