In this article you will learn more about the Pin Bar Indicator for Metatrader, a useful indicator to find all of the pin bar candles.
What Is A Pin Bar Candle?
The Pin Bar is one of the popular and, in my opinion, most used candlestick formations.
Many traders use the pattern in their technical analysis to understand price action and possible moves coming up.
There are many candlestick patterns but I find the Pin Bar quite strong.
The Pin Bar is a candle where the the body is quite small and the wick is almost double than the body, the body is also positione towards the top, or the bottom, of the candle.
A Pin Bar is usually a signal of rejection, where sellers, or buyers, are “exhausted” causing a long wick and a likely reversal in direction.
How Do You Detect A Pin Bar?
Identifying a a Pin Bar is quite easy.
The Pin Bar is formed by one candle with quite a clear shape.
Bullish Pin Bar
A bullish pin bar is present when the following are met:
- Open and close are near each other and in the top half of the candle
- The body of the candle is very small compared to the wick
Bearish Pin Bar
A bearish pin bar is present when the following are met:
- Open and close are near each other and in the bottom half of the candle
- The body of the candle is very small compared to the wick
Different traders may use slightly different measures of the body vs the wick or positioning of the body near the top or the bottom.
Pin Bar FAQ
What is a Pin Bar in Forex?
Pin Bar is a candle in the price chart where a candle has a small body and a long wick, the body must be locate near the top, or the bottom of the candle
What does the Pin Bar Candle mean?
The Pin Bar Candle is a signal of exhaustion and rejection, usually indicating a change in direction.
You have a bullish pin bar when sellers exhaust their power and buyers step in with conviction creating a long bottom wick and body near the top of the candle.
You have a bearish pin bar when buyers exhaust their power and sellers step in with conviction creating a long top wick and body near the bottom of the candle.
Is the Pin Bar Candle reliable?
Like any other signals and price action the Pin Bar Candle is not 100% reliable.
The candle is stronger the longer the timeframe, like Daily, Weekly.
Also the pattern is stronger combined with other patterns or price action, so a Pin Bar happening at resistance or support is likely more reliable than one happening far from any important level.
How do you trade with Pin Bars?
There are different ways to trade Pin Bars and it really depends on the traders strategy, experience, indicators, price action used.
They can be used as entry, exits or often to set stop losses levels
What timeframe is best for Pin Bars?
There is no best timeframe to trade Pin Bar Candles, however, the pattern tends to be more reliable the higher the timeframe.
What Is The Pin Bar Indicator For MT4 And MT5?
Pin Bar for MT4 and MT5 is an indicator for Metatrader that helps traders find the Pin Bar Candles on chart.
The indicator quickly scans the chart and find the patterns.
Once the candles are detected the indicator highlights them with an arrow and a label.
It is very useful for traders that use the pattern in their chart analysis.
Some traders, use Price Action like Pin Bars and other candlestick patterns to define their directional bias and decide entries and exits.
It is a good idea to use the Pin Bar Candles in conjunction with other indicators or entry rules to get better signals.
Many patterns, including the Pin Bars, are more reliable near important price levels like support and resistance.
It is also to add the Pin Bar usually mean a price reversal or change of direction.
Download Pin Bar Indicator For MT4 and MT5
You can download Pin Bar Indicator for MT4 and MT5 for FREE from the following pages.
Please note that the indicator is for the Metatrader Platform and you will need to have the platform already installed to use it.
The utilities are available for Free Download, links below.
The tool is easy to use and allows to do everything through drag and drop on chart.
You can download the following indicators from the respective pages in the links below:
Summary
In this article you learned more about what is the Pin Bar Candle and some of its use.
We shared the Pin Bar Candle Indicator for MT4 and MT5 and provided download links.
If you wish to provide feedback or for any help please Contact Us.