Pinbar Ranger
- Experts
- Version: 1.0
- Activations: 5
Price-action EA: trades pin bars (long-nosed rejection candles) that form at a fresh N-bar high or low.
Pinbar Ranger is a fully automated Expert Advisor for MetaTrader 5 - pin bar rejections at fresh highs and lows. A long wick at a fresh extreme shows rejection - this EA trades it. It is designed for XAUUSD (gold) and also runs on forex majors such as EURUSD and GBPUSD.
How it trades
- Location - the candle must make the lowest low (for buys) or highest high (for sells) of the last N bars (default 20).
- Pin bar - the rejection wick is at least a set share of the candle range (default 60%), the body is small (default at most 30%) and the close is in the opposite half of the candle.
- Size filter - the candle range must be at least a set fraction of ATR, so tiny candles are ignored.
- Stop-loss beyond the pin bar's nose plus an ATR buffer; take-profit at an R-multiple (default 2R), break-even at 1R (0 = off).
Risk management (built in)
- Every trade is opened with a stop-loss. There is no martingale, no grid and no averaging down.
- Position size from risk % of equity (default 1%) or a fixed lot; lots are normalised to the broker's min / max / step and reduced if free margin is not enough.
- Daily loss limit: no new trades for the rest of the day once equity is down the set % from the day-start equity.
- Max spread filter, optional trading-hours filter, and no orders while the market is closed or trading on the symbol is disabled.
- Stop-loss / take-profit are always placed outside the broker's stops and freeze levels.
- Works on hedging and netting accounts (on netting accounts it opens only when the symbol has no other position).
- One position at a time per magic number; signals are evaluated once per closed bar (no repainting).
Inputs
| Input | Default |
|---|---|
| Signal timeframe | H1 |
| Pin bar must make the high / low of this many bars | 20 |
| Minimum rejection wick (% of range) | 60.0 |
| Maximum body (% of range) | 30.0 |
| Minimum candle range (x ATR) | 0.8 |
| ATR period | 14 |
| Stop buffer beyond the nose (x ATR) | 0.2 |
| Take-profit (R multiple, 0 = none) | 2.0 |
| Move stop to break-even at this R (0 = off) | 1.0 |
| Risk per trade (% of equity), used when Fixed lot = 0 | 1.0 |
| Fixed lot (0 = size from risk %) | 0.0 |
| Maximum lot per trade (0 = broker maximum) | 10.0 |
| Daily loss limit (% of day-start equity, 0 = off) | 3.0 |
| Max spread (points, 2-digit gold scale: 100 = 1.00 USD; 0 = off) | 50 |
| Max slippage (points, same scale) | 30 |
| Trade only inside the hours below | false |
| Trading start hour (server time, 0-23) | 1 |
| Trading end hour (server time, 0-23) | 22 |
| Show status panel on the chart | true |
| Magic number (change it to run several instances on one symbol) | 26102217 |
Recommended
- Symbol / timeframe: XAUUSD on the default timeframe shown above; also forex majors. Test other timeframes in the Strategy Tester first.
- Account: hedging or netting, any deposit that allows the broker's minimum lot with a sensible risk %.
- VPS: recommended for uninterrupted operation.
Important notes
- No trading system can guarantee profit. Past performance, in the tester or live, does not guarantee future results.
- Always test the EA in the MetaTrader 5 Strategy Tester and then on a demo account before using real money, with your broker's own data and spread.
- Hours are in your broker's server time.
- Start with a low risk % and use money you can afford to lose.
