Overview of the PinBarAlert v1 Indicator
PinBarAlert v1 is a custom MT4 indicator designed to detect pin bars—candlestick patterns often used in price action trading. It highlights potential reversal points by showing arrows on the chart when a pin bar is identified, helping traders quickly spot entries without manually analyzing each candle.
This tool is useful for traders who rely on candlestick formations to make entry or exit decisions. The indicator works on any timeframe and symbol, making it flexible for both day traders and swing traders.
How to Use It in Practice
To use this indicator in live trading:
- Apply it to any chart and timeframe where you want to detect pin bars.
- When a pin bar forms based on the set criteria, a colored arrow will appear (up for bullish, down for bearish).
- Use the alert as a potential trade signal, ideally confirming it with other analysis like support/resistance or trend direction.
- Combine it with risk management rules to enhance your entry timing and accuracy.
This makes PinBarAlert v1 a straightforward, visual tool for identifying high-probability reversal setups using price action.
Parameter Explanations
AlertOn
Enables or disables alert notifications when a pin bar is detected.
Offset
Controls how far the arrow is placed from the candle. Adjust for better visibility depending on zoom level.
PBRatio
Defines the minimum ratio between the pin bar tail and the body to qualify as a valid pin bar.
PBTail
Specifies the minimum percentage size of the tail relative to the entire candle range.
TailBarsBack
Number of previous candles used to validate whether the current tail is extreme compared to recent bars.
Entry
Defines the entry buffer (in points) above or below the pin bar for potential breakout or entry positioning.
