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    How to install Pin Bar indicator in Metatrader 4

    First, download Indicator files When you finish downloading files, go to download folder and unpack your indicator. pivot-points-extract files Now copy files Go to your Metatrader platform. Click File in the upper menu and select Open data folder. You should see a folder like this: metatrader-data-folder Can you spot the MQL4 folder? Open it and here you will find folders like: mql-folder-indicators Go to Indicators folder. Now go back to your Downloads folder. Open MQL4/indicators folder and copy file: pivot-points-file-to-copy Paste them into Metatrader MQL4/indicators folder paste-into-mql-indicators Time to Refresh/Restarts It is best to restart the Metatrader4 platform. You can also click refresh. To do that, go to Navigator, right-click Indicators menu and select Refresh. Add Indicator to the chart Now it is time to add indictor to the chart. The easiest way is to open navigator, go to Indicators and double click name of indicator you want to add: add-pivot-points-to-the-charts

    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
    • other

    A good article about trading with pin bar help can be found here:

    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.

    Other popular MT4 indicators: