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Advanced Pin Bar Trader

Getting Started

Trade pin bars the way you love! Fully customizable EA with risk management, automatic stop loss and take profit calculations as well as different market entry types.

  • Working balance: This is the account balance without counting the trades having the same symbol and magic number as the EA instance.
  • Total risk: This is the total all-time amount that the EA is allowed to lose. It is calculated as 'Total risk' percent of the 'Working balance'.
  • Today's target: This is the target profit for the current day. It is calculated as "Daily profit" percent of the "Working balance".
  • Today's balance: The balance at the start of the day that the EA is allowed to lose. It is calculated as "Daily risk" percent of the "Total risk".
  • Risk per trade: When "Lot size and take profit calculation type" is set to Auto, the total amount that is at risk each trade is calculated as "Risk per trade" percent of "Today's balance"
  • Today's profit: How much profit/loss has been made since the start of the day. That is midnight server time.
  • Equity: This is simply the account equity shown here for convenience

Main Parameters

  • EA Magic Number: Setting this to a different number allows independent risk management profit and loss calculations
  • Minimum pinbar size (in points) : Any bar with a height (from its 'low' to its 'high') below this value is not taken into consideration by the EA as a potential pin bar
  • Long to short wick and long wick to body ratio: This is how many times longer the long wick has to be than the short wick, also how many times longer than the body. If a value not greater than '1' is entered, the EA will exit with an error alert. This ratio is effectively a filter to control how distinct a pin bar is .
  • Daily Profit (percentage of balance): The EA will be paused once this percentage of the working balance is gained
  • Total risk (percentage of working balance): The EA will be paused once this percentage of the working balance is lost
  • Daily risk (percentage of total risk):The EA will be paused once this percentage of the "Total risk" is lost
  • Risk per trade (percentage of daily risk): When "Lot size and take profit calculation type" is set to Auto, this percentage of "Daily risk" is risked each trade
  • Market entry type when pin bar exists: Market entry, stop orders or retracement orders
  • Retracement (percentage of pinbar height): If Retracement_Orders is chosen for "Market entry type when pinbar exists ", then this value takes effect
  • Additional stop order distance (in points): If Stop_Orders is chosen for "Market entry type when pinbar exists", then this value takes effect
  • Enable trailing stops: If enabled, then stop loss value is modified on open trades
  • Trailing stop loss distance (in points): If "Enable trailing stops" is true, this is the minimum distance the stop loss should be from the current price
  • Price change to trail stop loss (in points): If "Enable trailing stops" is true, this is the distance past "Trailing stop loss distance (in points)" that the stop loss is modified
  • Lot size and take profit calculation type: If set to Auto, the EA automatically calculates the lot size and stop loss distance based on the pin bar height and the "Risk per trade"
  • SL:TP ratio (TP as a multiple of SL): If "Lot size and take profit calculation type" is set to Auto, this is the multiplier of the stop loss distance that the EA will use to calculate the take profit distance
  • Additional stoploss distance (in points): If "Lot size and take profit calculation type" is set to Auto, this is the additional stop loss distance that the EA will then factor into the lot size calculation
  • Fixed lot size per trade: If "Lot size and take profit calculation type" is set to Manual, this will be the lot size used for all orders
  • Fixed stop loss per trade (in points): If "Lot size and take profit calculation type" is set to Manual, this will be the stop loss distance from the order placement for all orders
  • Fixed take profit per trade (in points): If "Lot size and take profit calculation type" is set to Manual, this will be the take profit distance from the order placement for all orders.

Note that even if "Lot size and take profit calculation type" is set to Manual, if a zero value is entered for any of the manual settings, the EA will use automatic calculations for that value.

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