Indicator Overview
The mikko_pinbar indicator for MT4 is a straightforward tool designed to detect and highlight Pin Bar candlestick patterns. Pin Bars are often used by price action traders as potential reversal signals, and this indicator makes spotting them effortless by marking them directly on the chart with colored candles.
By scanning candle shapes and wick-to-body ratios, it identifies bullish and bearish Pin Bars and applies visual highlights to them. This simplifies the decision-making process for traders looking for potential reversals or entry points based on candlestick behavior.
How to Use It in Practice
You can use the mikko_pinbar indicator in the following ways:
- Spot potential reversal areas using Pin Bar patterns.
- Confirm trade entries or exits when Pin Bars appear near support/resistance zones.
- Combine with trend or volume indicators for added confirmation.
- Visually monitor market structure without manually scanning each candle.
This tool is ideal for price action traders who rely on candlestick formations and want quick, automated visual confirmation of Pin Bars.
Parameter Explanations
tf
Sets the timeframe for the indicator’s analysis. Use 0 for the current chart timeframe or enter a specific one like 60 for H1, 240 for H4, etc.
