The Pin Bar Detector Forex indicator for MT4 detects and displays pin bar trading patterns for all currency pairs and time frames.
Pin bars deliver the best results when combined with other trading patterns and/or with technical indicators.
The indicator is lightweight and will not slow down your trading platform.
Buy & Sell Trade Example
- A green smiley represents a bullish pin bar.
- A red smiley represents a bearish pin bar.
The indicator works equally well on all assets (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities,..) and shows promising results if used correctly.
Free Download
Download the “pinbardetector.mq4” indicator for MT4
Indicator Chart (GBP/JPY M5)
The picture below shows the Pin Bar Detector mt4 indicator in action on the trading chart.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit strategy to trade with the Pin Bar Detector Forex indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Candlestick pattern
Does the indicator repaint? No.
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.
This scalping approach, combining the Pin Bar Detector and XP Moving Average, gives you a method to trade reversal entries in the direction of the trend.
Use it carefully, refine with practice, and always test in a demo before applying with real capital.
Download Now
Download the “pinbardetector.mq4” indicator for Metatrader 4
