The super Pin Bar indicator for Metatrader 5 is a widely used tool designed to identify bullish and bearish pin bars on price charts.
A pin bar is a single candlestick pattern that can signal potential trend reversals in any currency pair and time frame.
The most significant trend reversals often occur near key support and resistance levels.
How does the Super Pin Bar indicator identify bullish and bearish trend reversals?
- A green colored pin bar indicates a bullish trend reversal.
- A red colored pin bar suggests a bearish trend reversal.
This indicator provides customization options to suit individual preferences: pin bar up color, pin bar down color.
To maximize its effectiveness, the Pin Bar indicator is best used in conjunction with other price action techniques and strategies.
Free Download
pinbardetector.mq5 Indicator (MT5)
Chart Example
The following picture shows how the super Pin Bar indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs Utilizing The Super Pin Bar Indicator?
Find a simple trading example below:
Buy Signal
- A bullish trend reversal signal is given when the green colored pin bar gets displayed on the chart.
- Execute a buy market order and set a protective stop loss order just below short-term support.
- Exit the buy trade for a potential reward to risk ratio of 2.5.
- Alternatively: utilize your own favorite take profit strategy.
Sell Signal
- A bearish trend reversal signal is given when the red colored pin bar gets displayed on the chart.
- Execute a sell market order and set a protective stop loss order just above short-term resistance.
- Exit the sell trade for a potential reward to risk ratio of 2.5.
- Alternatively: utilize your own favorite take profit strategy.
