pin bar
Info
The pin bar is a Indicator for MetaTrader 4 that the indicator marks the pin bars on the chart based on the parameters set, such as:the maximum size; the minimum size; the "depth" of a pin bar (opening and closing price zone in percentage of the size); mark only on daily extremums. the indicator settings windowthe chart's display at "only extremum = false"the chart's display at "only extremum = true"hints: as the pin bar is a "price action" pattern, it is recommended to use a timeframe no lower than h1.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use pin bar
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
the indicator marks the pin bars on the chart based on the parameters set, such as:the maximum size; the minimum size; the "depth" of a pin bar (opening and closing price zone in percentage of the size); mark only on daily extremums.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: Institutional Ehlers Fisher Transform: Advanced Price Normalization for MT4 - another powerful indicator for MetaTrader 4 traders.
Also recommended: External Range Liquidity (ERL) Indicator: Advanced Market Structure and Liquidity Analysis - similar indicator with strong performance on MetaTrader 4.
the indicator marks the pin bars on the chart based on the parameters set, such as:the maximum size;
the minimum size;
the "depth" of a pin bar (opening and closing price zone in percentage of the size);
mark only on daily extremums.
the indicator settings window
the chart's display at "only extremum = false"
the chart's display at "only extremum = true"
hints:
as the pin bar is a "price action" pattern, it is recommended to use a timeframe no lower than h1.
You may also like: B Bands Psar Indicator - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "15.08"
#property strict
#property indicator_chart_window
input int depth = 40; //depth of pinbars in percents
input int maxrange = 100; //maximum range
input int minrange = 20; //minimum range
input bool extremum = true; //only extremum
double pp;.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.