The indicator detects and visualizes one of the fundamental patterns of Price Action. On high timeframes (from 1 day to a month) the pin bar is a strong signal to enter the market in a direction opposite to the long shadow. The indicator is calculated only on complete bars.
The input parameters are:
input int MinBarSize=200; //Minimal bar range in points input int PriceOffset=50; //Shift of the open price and stop loss from the bar boundaries in points input double BarRatio=2.2; //Minimal ratio of the bar range to the body input double TailRatio=1.3; //Minimal ratio of a larger tail to the remaining part of the bar input bool UseBodyDirection=false; //Flag for checking the direction of the bar body. Bearish pin bar - bearish body, bullish bar - bullish body input bool UseCloseThirds=true; //Flag for checking the bar part in which it closed. For bearish bars - in the lower third of the bar, //for bullish bars - upper one input int ExtremumOfBars=10; //Checking the condition of location of the pin bar at the extreme relative to the specified number of previous bars
MT5 Indicator – Download Instructions
PinBar is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
PinBar provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install PinBar.mq5?
- Download PinBar.mq5
- Copy PinBar.mq5 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on PinBar.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator PinBar.mq5 is available on your Chart
How to remove PinBar.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download MT5 Indicator: