pinbar detector
Info
The pinbar detector is a Indicator for MetaTrader 4 that the pinbar detector tries to identify the pin bars and ,arks them with "smileys" below the bullish and above the bearish figures. this indicator uses only the price levels in its calculations, without any standard technical indicators.
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 pinbar detector
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 pinbar detector tries to identify the pin bars and ,arks them with "smileys" below the bullish and above the bearish figures.
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: breaker block detector for metatrader 4 - another powerful indicator for MetaTrader 4 traders.
the pinbar detector tries to identify the pin bars and ,arks them with "smileys" below the bullish and above the bearish figures. this indicator uses only the price levels in its calculations, without any standard technical indicators. the configuration of pin bars determination can be changed by means of input parameters. pinbar detector can generate notification about the detection of pin bars both inside the platform and by e-mail.
Also recommended: MA CD + Flat Market Detector - similar indicator with strong performance on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
/*
pinbar detector - detects pinbars on charts.
has two sets of predefined settings: common and strict.
fully modifiable parameters of pinbar pattern.
usage instructions:
http://www.earnforex.com/forex-strategy/pinbar-trading-system
*/
#property indicator_chart_window.......
⚠ 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.