Pin Bar V1 Indicator
Pin Bar V1 Indicator For MT4 automatically alerts on pin bars. Get buy and sell forex trading signals and reversal points.
Description
The Pin bar V1 indicator for MT4 automatically scans the price chart to identify the pin bar candlestick. Furthermore, the indicator plots the pin bar on the chart and alerts the forex traders by email and push notifications. Additionally, the indicator plots the buy and sell trading signals as rounded dots on the chart. So, forex traders can identify the pin bar and trade the reversal signals effectively.
The indicator is pretty straight forward and works on all intraday price charts and on the daily, weekly and monthly price charts. As a result, the indicator is best suited for scalpers, short and long term technical traders. As the indicator provides visual trade alerts it is effective for new and advanced forex traders. Moreover, the indicator is available from this site as a free download.
Pin Bar V1 Indicator For MT4 Trading Signals
The above AUDUSD H1 candlestick price chart shows the Pin bar v1 MetaTrader indicator in action. The indicator plots the buy trading signals in blue and the sell signals as red.
If the indicator provides a blue dot it indicates the appearance of a bullish reversal pin bar trading signal. So, forex traders should enter the marker with a buy trade and place a stop loss below the previous swing low.
Likewise, a red dot indicates the appearance of a potential bearish reversal pin bar. In this case, traders should place a sell position and enter the markets. A stop loss above the previous swing high is necessary to secure this position.
The pin bar candle has a small body and a long tail. In general, the length of the tail should be greater than twice the length of the body. However, a higher ratio is preferred by many traders as this improves validation of a reversal signal. This setting can be changed in the indicator input settings. Traders should note that, this may reduce the number of signals, but increases the accuracy.
As the pin bar candlestick is a reversal signal, technical traders should confirm the trading signals using price action. Generally, the candle next to the pin bar candle provides additional confirmation by closing in the direction of reversal.
Conclusion
The Pin bar v1 indicator for MT4 is an essential tool for the candlestick traders. Since, the indicator provides email and pushes alerts on mobile devices, forex traders can minimize the screen time and focus on other aspects of trading. Though the indicator is a boon for candlestick traders, it provides reversal signals that help traders to trade win confluence.
Like all reversal trading signals and candlestick patterns, traders should confirm them before trading these signals. Moreover, the indicator is free to download and easy to install.
1 2 3 4 5