 |
A “smiling face” mt4 symbol is placed below bullish chart pinbars and above bearish chart pinbars by the Pinbar Detector indicator, which attempts to detect pinbars. It is a purely price action forex indicator, with no code referencing any conventional technical forex indicators. The forex indicator’s input parameters can be used to configure chart Pinbar detection. On detection, the Pinbar Detector can send email and mt4 platform warnings. The MT4 and MT5 versions of the trading platform support the FX indicator.
| |
Input parameters
- CountBars (main default = 0) — the maximum number of bars on which to detect the pinbars. 0 = all.
- display distance (main default = 5) — the distance from the candles to the pinbar “smiling face” symbols.
- UseAlerts (main default = true) — tells the indicator to issue a platform alert with sound on Pinbar detection.
- UseEmailAlerts (main default = false) — tells the indicator to issue an email alert on Pinbar detection. Should properly configure Email in MetaTrader via Tools->Options->Email.
- UseNotificationAlerts (main default = false) — tells the forex indicator to issue a push-notification alert on Pinbar detection. Notifications should be properly configured in forex MetaTrader via Tools->Options->Notifications.
- UseCustomSettings (main default = false) — tells the forex indicator to use custom Pinbar detection parameters described below.
- CustomMaxNoseBodySize (main default = 0.33) — maximum allowed body/length ratio for the Nose bar.
- CustomNoseBodyPosition (main default = 0.4) — The nose body should be positioned at the nose bar’s top (bottom for a bearish pattern).
- CustomLeftEyeOppositeDirection (main default = true) — tells the forex indicator that the Left Eye bar should be bearish for bullish chart Pinbar, and bullish for bearish Pinbar.
- CustomNoseSameDirection (main default = true) — tells the forex indicator that the Nose bar should be in the same direction as the pattern itself.
- CustomNoseBodyInsideLeftEyeBody (main default = false) — tells the forex indicator that the Nose body should be inside the Left Eye body.
- CustomLeftEyeMinBodySize (main default = 0.1) — minimum size of the Left Eye body relative to the bar length.
- CustomNoseProtruding (main default = 0.5) — minimum protrusion of the Nose bar relative to the bar length.
- CustomNoseBodyToLeftEyeBody (main default = 1) — the maximum size of the Nose body relative to the Left eye body.
- CustomNoseLengthToLeftEyeLength (main default = 0) — minimum Nose length relative to the Left Eye length.
- CustomLeftEyeDepth (main default = 0.2) — minimum depth of the Left Eye relative to its length. Depth is the length of the part of the bar behind the Nose.
- CustomMinimumNoseLength (main default = 1) — minimum nose candlestick length in points.
| |
 | No Minimum Deposit ECN Acount No Commission | |
 | Min Deposit of 20$ |
Example
The forex indicator, as well as the chart Pinbar pattern itself, are imperfect, as you can see on the mt4 chart up top. To filter patterns in accordance with your ideal Pinbar, experiment with various detection indication settings. Depending on how aggressively you choose to trade forex, you may either utilize our fundamental method for trading Pinbars or try coming up with your own. It would be a good idea to connect this forex indicator to all of the mt4 currency pairings you feel comfortable trading on long-term timeframes (from H1 to W1). Alerts would then inform you when the opportunity to trade forex presents itself.
| |
| |
