Download the FREE MT5 Pin Bar candle Indicator, the tools allows you to quickly highlight all of the pin bar candlesticks directly on the Metatrader chart.
What Is Pin Bar Pattern Indicator
Pin Bar Candle Indicator for MT5 is an indicator for Metatrader that highlights all of the Pin Bar candlestick patterns on chart.
The Pin Bar is usually a rejection candle, it means a likely reversal in the direction due to exhaustion.
The Pin Bar indicator is designed to scan the chart to find this pattern.
Pin bars are often used to build strategies and can be part of a directional bias, entry, exit.
How Does Pin Bar Indicator Work?
Pin Bar indicator for MT5 is an indicator very easy to use.
It is design to scan all of the candles in a chart and search for the Pin Bar formation.
Once the pattern is detected the indicator will place an arrow and a label where the pattern is located.
MT5 Pin Bar Indicator Parameters
With the indicator being very simple, there are only a few parameters that you can set in the Pin Bar indicator:
- The name of the indicator is used only to design the graphical objects
- Some choices to adjust the sensitivity of the pin bar, including body size and body position
- Colors and size of the arrows and labels
The indicator is designed to be easy to use.
MT5 Pin Bar Indicator Installation
To install the Pin Bar Indicator:
- Download the indicator file
- Open Metatrader
- In Metatrader go in File > Open Data Folder
- Open the MQL4 folder in MT4 or MQL5 folder in MT5
- Copy the indicator file in the Indicators Folder
- Restart Metatrader, or right click the folder containing the tool in Metatrader and select “Refresh”
- Drag the tool into the chart where you want to load it
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