If you are looking for a Pin Bar Indicator MT4, you’ve come to the right place. The MT4 Pin Bar Indicator is a Detector of Pin Bars that forms on your chart.
The download link for the Pin Bar Indicator on way down below towards the end of this post.
You may also be interested to read this True Story: How Fred Made 1 Million Dollars Trading Forex With 40 Trades using a Simple 5 Minute Breakout Trading System And Lost It All
How This Pin Bar Indicator MT4 Will Look On Your Chart
There are many forex traders that simply cannot tell the difference between a doji bar and a pin bar. So this pin bar indicator mt4 makes it easy for such forex traders.
When you place this pin bar indicator mt4 on your mt4 charts, this chart below is what you will see:
What this Pin Bar Detector does is displays red and green arrow as shown on the chart when a pin bar forms.
WHERE TO SAVE AND INSTALL THE PIN BAR INDICATOR MT4
All MT4 indicators are stored in the Indicators Folder and the file path would look like this:
Depending on which forex broker you use, the file path would have a slightly different because of the forex brokers names but regardless, all mt4 indicators are stored inside the indicators folder.
Once you’ve pasted the indicator, next thing you do would be open up your metatrader4 platform.
You can use this pin bar indicator and learn to trade price action when you subscribe to my free forex signals:
WHAT IS A PIN BAR AND HOW DOES IT FORM?
Here are some things you need to know about pin bars:
- A pin bar is a bar that has a very long tail, a small body and a very short head or none at all.
- If a pin bar forms in an uptrend, it may signal the start of a downtrend
- if a pin bar forms in a downtrend, it may be an indication that uptrend may be starting.
Pin bars can formed in any timeframes, from 1 minute up to the monthly timeframes. For more accurate trading decisions, it is better to use larger timeframes, like 30 minute and upwards because their signals are much more reliable than on smaller timeframes.
Ok, the next question that need to be answered is this…how does a pin bar form or what causes it to form into that kind of specific form of pin bar.
In order to answer that, you have to understand that in every bar or candlestick that is formed, there are always two forces at work, the bulls (buyers) and the bears (sellers).
- If a candlestick is bearish, it tells you that sellers were in control during that time it formed.
- The opposite is also true, if a bar is bullish, then buyers were in control.
ADVANTAGES OF TRADING A PIN BAR
One of the greatest advantages of trading pin bars is the fact that pin bars do show quick shift or change in the market sentiment. You can actually see if the bulls or bears have the upper hand.
So what are the best places to trade a pin bar?
Well, In my opinion, if pin bars are formed in important levels like support and resistance levels, fibonacci levels, then I’d be trading those and because these are points or levels of confluence therefore the chance of the trade being profitable is greatly increased.
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