Mastering the Pinbar Detector for MetaTrader 5: A Trader's Guide

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The Pinbar Detector is a fantastic tool for spotting Pin Bars directly on your charts. If you're not familiar with Pin Bars, you can dive into the details here.

So, what exactly is a Pin Bar? It's a price action pattern made up of three components: the "left eye", the "nose", and the "right eye". For a bearish Pin Bar, the "left eye" should be a bullish bar, while for a bullish Pin Bar, it should be bearish. The "nose" must open and close within the "left eye", with its high (or low for the bullish Pin Bar) extending beyond the high (or low) of the left eye. The open and close of the "nose" should ideally sit in the upper quarter of the bar:

Fig.1 Pin Bar Pattern

Fig.1 Pin Bar Pattern

For a reliable Pin Bar pattern, it's crucial to have strong support or resistance levels near the "eyes" or at the tip of the "nose". The more robust these levels, the more reliable your setup will be!

Entry Conditions:

An aggressive entry can be made when the price retraces from the close of the "left eye".
For a more conservative approach, wait for the price to drop below the "nose" level (which is higher for bullish patterns).

Exit Conditions:

For a conservative Stop Loss, consider placing it just past the nearest support or resistance level and behind the "eyes". A less conservative option would be to position it at the tip of the "nose", but keep in mind this will affect your profit/risk ratio.
For Take Profit, a conservative level can be set just below (or above for bullish patterns) the low of the "left eye". Alternatively, you can set an aggressive Take Profit at the next support or resistance level.

Indicator Input Parameters:

input bool UseAlerts=true; // Enable alerts
input bool UseEmailAlerts=false; // Enable email alerts
input double MaxNoseBodySize = 0.33; // Max ratio of Nose body to total bar length
input double NoseBodyPosition = 0.4; // Position of Nose body within the bar
input bool   LeftEyeOppositeDirection=true; // Left eye direction must oppose the Pin Bar
input bool   NoseSameDirection=false; // Nose direction must match the overall figure
input bool   NoseBodyInsideLeftEyeBody=false; // Nose body must fit inside Left eye body
input double LeftEyeMinBodySize=0.1; // Minimum size for Left eye body
input double NoseProtruding=0.5; // Minimum protrusion of Nose
input double NoseBodyToLeftEyeBody=1; // Max Nose body size compared to Left eye body
input double NoseLengthToLeftEyeLength=0; // Minimum Nose length compared to Left eye
input double LeftEyeDepth=0.1; // Minimum depth of Left eye

Fig.2 The Pinbar Detector indicator

Fig.2 The Pinbar Detector Indicator

Mastering the Pinbar Detector for MetaTrader 5: A Trader's Guide

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