The Pin Bar MT4 indicator automatically detects the Pin bar Japanese candlestick pattern. It plots arrow forex trading signals upon the appearance of bullish Pin bar and bearish Pin bar. Using the indicator forex traders can get quality price reversal trading signals and enter the markets.
Features of Pin Bar MT4 Indicator
The indicator plots a green up arrow once it detects a bullish Pin bar. Similarly, a red down arrow appears if the indicator detects a bearish Pin bar candlestick.
A Pin bar consists of a single candle and is an effective reversal candlestick pattern. The Pin bar has a long tail and a short body. It appears both in bullish and bearish price reversals. During a downtrend in a bullish Pin bar the price rejects to move lower and pushes upwards. Similarly, during an uptrend the price action within the bearish Pin bar candle rejects the up move and pushes lower.
Though Pin bars are effective in alerting a price reversal, traders should confirm the same with the next candle. Generally, the next candle continues the momentum and pushes price in the direction of the Pin bar. This confirms the price reversal setup.
Benefits of Pin Bar MT4 Indicator
The Pin bar candlestick pattern is an amazing reversal indicator. This indicator is capable of identifying both bullish and bearish Pin bars and helps forex traders to trade the price reversal effectively.
Traders can place a buy trade if a green arrow appears below the Pin bar. Traders can place a stop loss below the previous low and book profits with a good risk-reward ratio. Similarly, if a red arrow appears above the bearish Pin bar traders should consider opening sell positions.
Indicator Settings Description
The indicator does not provide any user definable settings as the hard coded functions work perfectly.
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