pinbar detector mt4
Info
The pinbar detector mt4 is a Indicator for MetaTrader 5 that input parameters countbars(default = 0) — the maximum number of bars, on which to detect the pinbars. 0 = all.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use pinbar detector mt4
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
input parameters countbars(default = 0) — the maximum number of bars, on which to detect the pinbars.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: SMC Order Block Detector with Alert for MT5 - another powerful indicator for MetaTrader 5 traders.
input parameterscountbars
(default = 0) — the maximum number of bars, on which to detect the pinbars. 0 = all.
Also recommended: institutional fractal dimension index (regime detector) - similar indicator with strong performance on MetaTrader 5.
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.
You may also like: asq divergence detector - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property link "https://robotfx.org"
#property version "2.0"
#property description "Educational code - RobotFX www.robotfx.org"
#property description "Educational code - RobotFX www.robotfx.org"
#property description "Educational code - RobotFX www.robotfx.org"
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_plots 1
#property indicator_type1 DRAW_COLOR_ARROW
#property indicator_color1 clrLime, clrRed.......
⚠ 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.