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Pinbar
Detector is a MetaTrader
indicator that tries to detect Pinbars (also known as “Pin-bar” or “Pin bar”) and marks them by placing a “smiling face” symbol below the
bullish Pinbars and above the bearish Pinbars. It is a pure price action indicator, which is not using any standard technical indicators in
its code. The configuration of Pinbar detection can be done via the indicator’s input parameters. Pinbar Detector can issue platform
alerts and email alerts on detection.
As
you can see on the chart above in #screenshot1, the indicator is not perfect as is the Pinbar pattern itself. It is recommended to try
different detection settings to filter patterns according to your own image of a perfect Pinbar. You can use our basic
strategy for trading Pinbars,
or you can try developing your own, depending on the aggressiveness of your overall Forex trading style. A good idea would be to attach this
indicator to long-term timeframes (from H1 to W1) on all currency pairs you are comfortable trading in. Then, alerts would let you know once
the trading opportunity arises.
