Pinbar Detector is an essential tool for traders using MetaTrader, specifically designed to identify Pinbars—those telltale price action signals that can indicate potential market reversals. This handy indicator highlights bullish Pinbars with a cheerful smiley face below them and bearish Pinbars with a smiley above. What’s great about it is that it relies purely on price action, avoiding the clutter of standard technical indicators, making it straightforward and effective.
Why Use the Pinbar Detector?
As traders, we know how crucial it is to spot key price action signals. The Pinbar Detector not only identifies these patterns but also allows for custom configuration through its input parameters. Plus, it comes with alert features that keep you in the loop, whether you’re actively trading or away from the charts.
Input Parameters Explained
- CountBars (default = 0) — Set the maximum number of bars to check for Pinbars. Use 0 to scan all bars.
- DisplayDistance (default = 5) — Adjusts the distance between the candles and the Pinbar smiley symbols.
- UseAlerts (default = true) — Enables sound alerts on Pinbar detection to keep you informed.
- UseEmailAlerts (default = false) — Sends an email notification when a Pinbar is detected. Make sure to configure your email settings in MetaTrader under Tools -> Options -> Email.
- UseNotificationAlerts (default = false) — Activates push notifications on your mobile device. Set this up in Tools -> Options -> Notifications.
- UseCustomSettings (default = false) — Allows you to apply specific Pinbar detection parameters outlined below.
- CustomMaxNoseBodySize (default = 0.33) — Sets the maximum body-to-length ratio for the Nose bar.
- CustomNoseBodyPosition (default = 0.4) — Determines where the Nose body should be positioned within the Nose bar.
- CustomLeftEyeOppositeDirection (default = true) — Specifies that the Left Eye bar should be bearish for bullish Pinbars and bullish for bearish Pinbars.
- CustomNoseSameDirection (default = true) — Ensures that the Nose bar moves in the same direction as the overall Pinbar pattern.
- CustomNoseBodyInsideLeftEyeBody (default = false) — Checks if the Nose body is within the Left Eye body.
- CustomLeftEyeMinBodySize (default = 0.1) — Sets the minimum size of the Left Eye body compared to the bar length.
- CustomNoseProtruding (default = 0.5) — Defines the minimum protrusion of the Nose bar relative to the overall bar length.
- CustomNoseBodyToLeftEyeBody (default = 1) — Sets the maximum size of the Nose body relative to the Left Eye body.
- CustomNoseLengthToLeftEyeLength (default = 0) — Establishes the minimum Nose length compared to the Left Eye length.
- CustomLeftEyeDepth (default = 0.2) — Defines the minimum depth of the Left Eye relative to its length.
- CustomMinimumNoseLength (default = 1) — Sets the minimum length of the Nose candlestick in points.
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