• Overview
  • Reviews
  • Comments

Pin Bar Indicator for MT5

Pin Bar Indicator is a pattern recognition indicator for Forex and Binary Options.

The Pin Bar Indicator is a pattern recognition indicator of the popular Pin Bar.

The strategy that comes with the Pin Bar is purely based on price action.


Inputs

  • 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
  • TestSound (true/false): generate a sound alert at init time to check if it is working fine


Trading rules

  • For BUY: wait for a bullish Pin Bar to print on a support zone after a downtrend. 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: https://www.mql5.com/en/market/product/22547

We also offer the Naked Forex Kangaroo Tail indicator which is an enhanced version of the Pin Bar and that might interest you: https://www.mql5.com/en/market/product/23073

The Pin Bar indicator can be used with any timeframe.

The Pin Bar indicator can be used with any class of asset: Forex, Binary Options, Futures, Commodities and Stocks.

No reviews