Pin Bar Indicator Free is a free indicator created in March 2019 by developer Luca Pulito. The MT4 Pin Bar Indicator Free identifies Pin Bars, and will even give you sound or email alerts if you want them. The pin bars are based purely on the price action reflected by the candle formations created by the Forex price movements.
The main parameters of the Pin Bar Indicator are:
- The maximum permitted body/length ratio for nose bar.
- The body of the nose should be the position on the top of the nose bar.
- Left eye bar should be bearish for the bullish Pinbar, bullish for the bassist Pinbar.
- Nose bar should be in the same direction as the pattern itself.
- It indicates that the body of the nose must be inside the body of the left eye.
- The minimum size of the body of the left eye in relation to the length of the bar.
- Minimal protrusion of the nose bar relative to the length of the bar.
- Maximum size of the body of the nose in relation to the body of the left eye.
- The minimum length of the nose relative to the length of the left eye.
- Minimum depth of the left eye relative to its length. Depth is the length of the part of the bar behind the nose.
How to use the Pin Bar Indicator
The best way to use the pin bar pattern as an indicator of early investment in conjunction with support/resistance or relative maximum or minimum. The pin bar should be used to identify a strong supply/demand zone. It is best to use the pin bar in M15 or higher time frames (M30, H1, or H4). Avoid trading on any pin bar if not in conjunction with support/ resistance.
The stop loss is placed 10 to 15 pips above the pin bar. To take advantage of a final stop can be used as this type of pattern can identify long movements. Transfer pairs like EUR/USD or USD/JPY are generally a good choice for the pin bar pattern.
In short, we are talking about a very simple and easy to understand indicator, which can be suitable for all types of traders, even beginners. This would be a tool to be combined with other indicators and thus try to have better-filtered inputs and outputs.
Despite being a free tool, we can see that its users, in general, convey very positive opinions of this indicator, and even the developer himself is very active in the comments giving advice and answering all the doubts and questions that any user asks him. As a free indicator, it can be downloaded and tested directly.