About the Pinbar Expert Advisor
The Pinbar Metatrader 4 Forex Robot is an automated trading software that triggers buy/sell trading signals based on the popular Pinbar price pattern.
It is of noteworthy to state that the Pinbar forex robot is designed to work on all time frames and for any currency pair of your choice.
Test first on a demo account before putting it to work on a live trading account.
The “UseMoveToBreakEven” is a system function found on the Pinbar expert advisor, which acts like a stop loss.
It’s somewhat used to lock in minimal profits and prevent loss when the price does not go in your favor.
The Pin bar forex robot can be enhanced when the EA’s input values are tinkered.
Free Download
Download the “PINBAR.mq4” MT4 robot
Key Features
Pinbar Detection
Identifies pinbar candlestick patterns, which are characterized by a small body and a long wick, signaling potential market reversals.
Automated Trade Execution
Automatically places buy or sell orders based on detected pinbar patterns, eliminating the need for manual intervention.
Customizable Settings
Allows users to adjust parameters such as lot size, stop loss, take profit, and trading hours to suit individual trading preferences.
Risk Management
Incorporates features like adjustable stop loss and take profit levels to manage risk and protect capital.
Multi-Timeframe Support
Compatible with various timeframes, enabling traders to apply the EA across different trading strategies.
Strategy Tester Report
Find below the Pinbar Forex robot strategy tester report for the EUR/USD forex pair on the daily chart.
Key Performance
Backtests and live demonstrations indicate that the Pinbar EA can achieve consistent returns by accurately identifying pinbar patterns and executing trades accordingly.
Performance may vary based on market conditions and settings.
The EA made a total profit of $2673.21 from a total of 202 trades.
The largest winning trade generated $163.68 in profits, while the largest losing trade generated a loss of $108.32.
Statistics:
Bars in test: 2047 ticks modelled
Initial deposit: $10000.00
Total net profit: $2673.21
Total trades: 202
Largest profit trade: $163.68
Largest loss trade: -$108.32
Consecutive wins: 3
Consecutive losses: 2
How the EA Works
- Scans the market for pinbar candlestick patterns.
- Confirms the pattern’s validity based on user-defined criteria.
- Places a buy or sell order when a valid pattern is detected.
- Sets stop loss and take profit levels according to predefined settings.
- Monitors open positions and adjusts stop loss to break-even or trailing stop as the trade progresses.
- Closes trades when the take profit is reached or if the market moves against the position.
Download Now
Download the “PINBAR.ex4” Metatrader 4 robot
Parameters & Settings
- LotSize – defines the size of each trade
- StopLoss – sets the stop loss level in pips
- TakeProfit – sets the take profit level in pips
- Slippage – maximum allowed slippage
- TradingHours – defines the hours during which the EA is active
- MagicNumber – unique identifier for the EA’s trades
- UseTrailingStop – enables or disables the trailing stop feature
Recommended Trading Setup
- Currency Pairs: EURUSD, GBPUSD, USDJPY—liquid pairs with clear pinbar formations
- Timeframes: M15, H1, H4 for optimal pinbar detection
- Broker: ECN or low-latency brokers to reduce slippage
- Risk Settings: Start with 0.5%–1% per trade on live accounts
- Environment: Use VPS hosting for continuous, stable execution
FAQ
Q: Is this EA suitable for beginners?
A: Yes, the EA automates trade execution, but beginners should use a demo account first to understand its signals and risk management.
Q: Can it trade multiple pairs simultaneously?
A: Yes, the EA can run on multiple charts, but ensure unique Magic Numbers are used for each instance.
Q: Which timeframe is optimal?
A: M15 and H1 work well for pinbar setups, but the EA can be used on other timeframes as well.
Q: Does it include trailing stop features?
A: Yes, optional trailing stops can be enabled to lock in profits as the price moves favorably.
Summary
The Pinbar Metatrader 4 Forex Robot focuses on precise candlestick pattern recognition to identify potential market reversals.
Automating trade execution and integrating dynamic risk management allows traders to capitalize on high-probability setups without constant monitoring.
Compatible with multiple timeframes and currency pairs, the EA is flexible and user-friendly, making it suitable for both beginner and experienced traders.
