Pin Bar Strategy
Welcome to the official page of Pin Bar Strategy Exper Advisor, the EA with trade automation and powerfull tools!
What can it do?
Pin Bar Strategy has 2 different functions, it can work as an automatic trading system (trading robot) or it can be used as a powerfull tool that will help you discover the best pin bar signals in all the available instruments you have in MetaTrader 4.
Automatic Trading System:
If used as a Trading Robot, Pin Bar Strategy can recognize when a pin bar signal appears in the chart and open a position according to the trend formed by last bars, so if last bars are over the Moving Average it will be recognized as a bullish trend and a buy position will be opened, while if they are down the EMA it will be set as a bearish trend and a sell position will be opened.
Best Performing Instruments and Timeframe:
In our tests we noticed that this EA works better with these 3 instruments: EURGBP - GBPUSD - EURUSD and with timeframe: M30.
What is a Pin Bar?
A pin bar is a spike formed by a candle. It represent the Max or the Minimum of a price. When it is large it can be a good signal to enter a position in the “opposite” side of the spike, so if the spike is up (the Maximum of the price) then we can open a sell position. It is always better to open a position if there is a trend and if the position is not against the trend.
Parameters you can configure:
There are many parameters you can configure in this expert advisor, lets see some of them:
- Timeframe for scanning routine = the time frame to use when scanning all the instruments
- Body must be shorter then the previous = if you want the body of the candle with the pin bar has to be shorter then the previous candle then put this value to “Yes”.
- Body must be inside the previous = if you want the candle tha has the pin bar has to stay all inside the previous candle then put this value to “Yes Inside”. You can also choose “Inside or Lower / Higher” and in this case the candle can be inside or lower (if it is a bearish trend) or higher (in a bullish trend).
- File list with instruments to scan = a text file with the list of all the instruments to scan. You can call it as you prefer but has to finish with .txt extension. You’ll have to put this file in “Files” directory of your MetaTrader 4. In "Comments" section you will find the list of instruments to copy for create your instruments.txt file.
- Power Energy necessary to open a position = every signal comes with a “power energy” grade, you can choose how much has to be this factor to open a position, we found out that "50" is a good value for this field.
- Shadow must be at least x times the body = here you can set how long has to be the spike, so, for example, if you put 5 it means that the spike has to be at least 5 times the body.
- Percentage of total body Spike neees to be = here you can set the percentage of the spike, so, for example, if you put 50% it means the spike has to be at least 50% of the total body of the candle. We found out that "70%" is a good value for this field.
- How to place order? = choose if the order has to be placed when the signal is found (that is at the beginning of a new candle) or when the price hit the High or the Low value of the pin bar candle (if selling will be the Low and if buying it will be the High).
How to use it as a Search Tool:
As we already said you can use Pin Bar Strategy as a search tool for discover pin bars signals in all the instruments available. After you've created the "instruments.txt" file following the instructions in "Comments" section of this page you'll be able to execute a pin bar search:
To launch a pinbar search you’ll have to set the timeframe you want to scan and then click the button “Scan All” and that’s it!
The EA will do a search trough all the instruments it will find in the “instruments.txt” file and will give you a report in the “Experts” window.
Keep in mind that you can also create your own instruments.txt file, important thing is that you write every instrument in one line and with the code used by Metatrader, for examle:
…. and so on.
You can call the file whatever you want but remember then to change the name in the Expert Advisor Inputs settings.
That’s all for this powerful tool!