Hey fellow traders! If you're delving into the world of price action, then you’ve probably heard about pin bars. Today, we’re going to talk about an indicator specifically designed for MetaTrader 4 that helps you spot these key patterns on your charts.
This nifty indicator marks the pin bars based on the specific parameters you set, including:
- The maximum size of the pin bar;
- The minimum size of the pin bar;
- The "depth" of the pin bar, which refers to the opening and closing price zone as a percentage of the overall size;
- Marking only on daily extremes to keep things focused.
The indicator settings window
The chart's display at 'Only extremum = false'
The chart's display at 'Only extremum = true'
Pro Tip:
- Since the pin bar is a key price action pattern, it’s best to use a timeframe of at least H1 to get the most accurate signals.
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