Pinbar Detector MT5
This professional-grade solution for MetaTrader 5 helps traders achieve greater efficiency in their daily workflow. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Pinbar Detector MT5
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.
Description & Settings
CountBars
(default = 0) — the maximum number of bars, on which to detect the pinbars. 0 = all.
DisplayDistance
(default = 5) — the distance from the candles to the pinbar "smiling face" symbols.
UseAlerts
(default = true) — tells the indicator to issue platform alert with sound on Pinbar detection.
UseNotificationAlerts
(default = false) — tells the indicator to issue a push-notification alert on Pinbar detection. Notifications should be properly configured in MetaTrader via Tools->Options->Notifications .
UseCustomSettings
(default = false) — tells the indicator to use custom Pinbar detection parameters described below.
CustomMaxNoseBodySize
(default = 0.33) — maximum allowed body/length ratio for the Nose bar.
CustomNoseBodyPosition
(default = 0.4) — Nose body should be positioned in the top (bottom for bearish pattern) part of the Nose bar.
CustomLeftEyeOppositeDirection
(default = true) — tells the indicator that the Left Eye bar should be bearish for bullish Pinbar, and bullish for bearish Pinbar.
CustomNoseSameDirection
(default = true) — tells the indicator that the Nose bar should be of the same direction as the pattern itself.
CustomNoseBodyInsideLeftEyeBody
(default = false) — tells the indicator that the Nose body should be inside the Left Eye body.
CustomLeftEyeMinBodySize
(default = 0.1) — minimum size of the Left Eye body relative to the bar length.
CustomNoseProtruding
(default = 0.5) — minimum protrusion of the Nose bar relative to the bar length.
CustomNoseBodyToLeftEyeBody
(default = 1) — maximum size of the Nose body relative to the Left eye body.
CustomNoseLengthToLeftEyeLength
(default = 0) — minimum Nose length relative to the Left Eye length.
CustomLeftEyeDepth
(default = 0.2) — minimum depth of the Left Eye relative to its length. Depth is length of the part of the bar behind the Nose.
CustomMinimumNoseLength
(default = 1) — minimum nose candlestick length in points.
