Download free pin bar indicator for meta trader 4 (mt4):
How to install Pin bar indicator for Metatrader 4:
In Metatrader4 open File menu (left top) and select Open Data Folder. You should see a new window with MT4 folders and files. Something similar to the screen below:
Go to unzipped folder. Move content from MQL4/Indicators to the same folder in MT4 window.
What is a pin bar indicator?
The pin bar indicator marks the pin bar candles on the chart. These are characteristic candles which:
- have a small body
- have a long shadow (tail)
Pin bars are easy to spot. Traders, however, like to use pin bar indicators because it makes daily trading easier. For example, when switching between time frames, it is easy to overlook the appearance of a pin bar. This is where the pin bar indicator comes in.
Pin bar types
We have two kinds of pin bars:
- bullish pin bars
- bearish pin bars
Bullish pin bars have a short bullish body (closing higher than opening). They appear at the end of the downward movement and are a signal to open a long position.
Bearish pin bars have a short bearish body (closing lower than opening). They appear at the end of the ascending movement. Then they are a signal to open a short position.
How to trade a pin bar?
Pin bars are information that it is possible to change the direction of the movement. Their advantage is that they allow you to take a position at the beginning of this new movement.
However, remember that the appearance of a pin bar is not a signal in itself. It is recommended to have additional confirmation here. It may be:
- a breakthrough of the trend line
- oscillator signal
- Another candle that confirms a change of direction
A good article about trading with pin bar help can be found here: https://priceaction.com/price-action-university/strategies/pin-bar/
I would also recommend paying attention to pin bars in the support and resistance area. For example, I in my trading, pay attention to pin bars that appear at R and S lines with pivot levels. For example, downward movement ends at R2 level and the pin bar appears. Then I follow the situation particularly closely and consider taking a long position.
What to watch out for when using the pin bar?
The pin bar also appears during the trend and gives false signals. Example:
So as I mentioned, you need to have additional confirmation. The pin bar itself is the first information about the POSSIBLE move in the opposite direction.
If you learn to trade with pin bars then only take positions if the pin bar appears at support / resistance. Ignore the other pin bars. This is very likely to sift the pin bars giving false signals.
Frequently asked questions
How to recognize a pin bar?
It is a candle with a small body and long shadow. It is very characteristic, but you can use scripts like Pin Bar indicator, which will mark them on the chart.
Does time frame matter at pin bars?
Yes, the higher the time frame the more important the pin bar. For example, a pin bar on a weekly chart can mark the beginning of a new trend that will last weeks or months.