About the Pin Bar Detector Forex Indicator
The Pin Bar Detector Forex Indicator for MT4 is designed to automatically scan price charts and identify pin bar candlestick formations in real time.
Pin bars are widely used by price action traders because they highlight strong rejection and potential shifts in market sentiment.
This indicator evaluates candle anatomy by comparing wick length, candle body size, and the candle’s position within recent price movement.
Only pin bars that meet predefined conditions are displayed, helping traders avoid weak or misleading formations.
The result is a consistent and objective way to spot price rejection without manual chart analysis.
When combined with proper market context, it can support both continuation and reversal trading approaches.
Free Download
Download the “pinbardetector.mq4” indicator for MT4
Key Features
- Automatically detects bullish and bearish pin bar patterns.
- Works on all MT4 time frames and trading instruments.
- Displays signals directly on the main price chart.
- Applies fixed candle proportion rules for consistency.
- Reduces manual chart scanning and pattern subjectivity.
Indicator Chart
The Pin Bar Detector Forex Indicator is displayed on the main chart window and highlights detected pin bars with directional arrows.
The chart demonstrates how pin bars form after strong price rejection near important market zones.
These visual signals help traders identify potential turning points or continuation areas based on price behavior.
Guide to Trade with the Pin Bar Detector Forex Indicator
Buy Rules
- Wait for a bullish pin bar signal after the candle closes.
- Confirm the setup aligns with current market conditions.
Sell Rules
- Wait for a bearish pin bar signal after the candle closes.
- Confirm the setup aligns with current market conditions.
Stop Loss
- Place the stop loss beyond the wick of the pin bar candle.
Take Profit
- Target nearby reaction zones or previous price extremes.
- Adjust exits based on market momentum.
Pin Bar + XP Moving Average Forex Scalping Strategy for MT4
This scalping strategy pairs the Pin Bar Detector Forex Indicator with the XP Moving Average Indicator.
The Pin Bar Detector plots a green smiley symbol when a bullish pin bar forms, and a red smiley for a bearish pin bar.
The XP Moving Average uses a colored line: green for a bullish trend, red for a bearish trend.
Together, they help you catch quick reversals aligned with trend direction.
This system is built for scalping on low timeframes (1-minute, 5-minute, 15-minute charts).
It works best on liquid major currency pairs such as EUR/USD, USD/JPY, GBP/USD, AUD/USD, etc.
The idea is to wait for the price to pull back within a trend and to enter when a pin bar shows confirmation.
Buy Entry Rules
- Confirm the XP Moving Average line is green (indicating an uptrend).
- Wait for the Pin Bar Detector to show a green smiley (bullish pin bar) near a support or pullback zone.
- Enter a buy position immediately after the green smiley appears.
- Place the stop loss a few pips below the low of the pin bar candle.
- Set take profit at 1.5×–2× the stop loss distance, or exit early if a red smiley appears.
Sell Entry Rules
- Confirm the XP Moving Average line is red (indicating a downtrend).
- Wait for the Pin Bar Detector to show a red smiley (bearish pin bar) near a resistance or pullback zone.
- Enter a sell position immediately after the red smiley appears.
- Place the stop loss a few pips above the high of the pin bar candle.
- Set take profit at 1.5×–2× the stop distance, or exit early if a green smiley appears.
Advantages
- Combines price action (pin bars) with trend bias (moving average).
- Reduces false signals by requiring trend alignment first.
- Quick entries suitable for scalping style trading.
- Clear visual signals (smiley icons, colored MA) make decision-making easier.
- Works on multiple currency pairs and intraday timeframes.
Drawbacks
- Whipsaw signals in choppy or range markets.
- Requires fast execution and tight spreads to be effective.
- Stop losses might be hit if volatility spikes.
Example Case Study 1 – EUR/USD on M5
During the London session, EUR/USD was trending upward with the XP Moving Average colored green.
Price pulled back, and then the Pin Bar Detector produced a green smiley at 1.1052 after a small correction.
A buy trade was taken with a stop loss 8 pips below the pin bar low, and a take profit set at 16 pips.
The move followed the trend and hit the target within 25 minutes.
Example Case Case Study 2 – GBP/USD on M1
In a volatile US session, GBP/USD moved downward.
The XP Moving Average line had turned red, signaling a bearish bias.
After a pullback, the Pin Bar Detector displayed a red smiley at 1.3004 near a resistance point.
A sell order was placed with a stop loss 6 pips above the pin bar high, and a take profit set at 12 pips.
Price slid quickly and reached the target within 15 minutes.
This shows the strength of trend confirmation plus reversal signal in a fast-moving market.
Strategy Tips
- Prefer to trade during high liquidity hours like the London and New York overlap.
- Use tight spreads and low transaction costs, as scalping margins are small.
- Risk only a small percentage of your account per trade to survive losing streaks.
- Consider trailing your stop once the trade moves in your favor to protect gains.
- If the pin bar appears but the moving average is weak or flattening, skip the signal.
Download Now
Download the “pinbardetector.mq4” indicator for Metatrader 4
FAQ
How does the indicator filter weak pin bars?
The indicator measures wick dominance and candle proportions before plotting a signal.
Only formations that meet defined criteria are displayed.
Can the indicator be used alone?
It works best when combined with broader market analysis.
Support, resistance, and trend direction improve signal quality.
Summary
The Pin Bar Detector Forex Indicator for MT4 simplifies the identification of important price rejection patterns.
Automating pin bar detection reduces analysis time and improves consistency.
Its adaptability across markets and time frames makes it suitable for many trading approaches.
The indicator integrates smoothly into existing strategies without overloading the chart.
When combined with disciplined risk management, the Pin Bar Detector can enhance timing and confidence.
It serves as a practical tool for traders who value price action-based decision-making.
