Welcome to the world of pin bar trading! If you’re looking to refine your strategy, the ExpPinBar Expert Advisor is a fantastic tool designed specifically for trading based on the Price Action PinBar indicator. This EA opens positions based on signals generated by the indicator, and to help you manage those trades, it comes packed with a robust trailing functionality from the trailing library. You can choose from various methods like classic trailing, Parabolic SAR, moving averages, and more.
Configuring Your Pin Bar Indicator
- Minimum Size of a Candle - This parameter sets the minimum height of a candle (in pips) that the EA will consider. Candles smaller than this are ignored, helping you filter out the noise in low-volatility markets. If you want to sift through weak signals, consider increasing this value.
- Maximum Candle Body Size - This defines the maximum size of the candle body relative to the full height of the candle (ranging from 0 to 1). A smaller value emphasizes classic Pin Bars, which have long shadows and small bodies. For clearer signals, values between 0.2 and 0.4 are ideal.
- Body Position Relative to Previous Candle - This parameter dictates how deep the body of the Pin Bar can extend into the previous candle's range. Keep values between 0.2 and 0.4 to find those classic reversal patterns where the body is near the edge.
- Aspect Ratio of Shadows - This sets the minimum ratio between the main shadow and the opposite shadow. Higher values (1.5 - 2.5) will filter for candles with pronounced long shadows, helping you focus on the best signals.
Advisor Settings
- Position Volume - The size of your trade position.
- Slippage (in points) - The maximum price deviation you’re willing to accept during execution.
- Magic Number - A unique identifier for your trades.
- Stop Loss (in points) - Set your stop loss in points; use 0 for none or -1 to place it based on the Pin Bar shadow.
- Take Profit (in points) - Define your take profit level; again, use 0 for none.
- Stop Loss Deviation (in points) - This controls the deviation of the stop loss from the Pin Bar shadow.
Trailing Settings
- Trailing Type - Choose your preferred trailing method.
- Trailing Start - Set the profit level at which trailing will start.
- Trailing Step (in points) - Define the step size for the trailing mechanism.
- Trailing Offset (in points) - Set how far from the current price your trailing stop should be.
Indicator Settings Used in Trailing
- Indicator's Timeframe - The timeframe for the indicator used in trailing calculations.
- MA Period - The calculation period for the moving average.
- MA Shift - The horizontal shift applied to the moving average.
- AMA Fast EMA Period - The fast EMA period for the adaptive moving average.
- AMA Slow EMA Period - The slow EMA period for the adaptive moving average.
- VIDYA CMO Period - The CMO period for dynamic averaging.
- Parabolic SAR Step - The step for the Parabolic SAR indicator.
- Parabolic SAR Max - The maximum value for the Parabolic SAR.
- MA Applied Price - Determines the price used for moving average calculations.
- MA Smoothing Method - The type of smoothing applied to the moving average.
- Indicator Data Index - The specific bar of data from the indicator.
To get started with the iPinBars indicator and the trailing classes library is essential for the Expert Advisor to function smoothly.
Here’s a glimpse of how the Expert Advisor performed over the past year on the EURUSD H4 chart, utilizing fixed stop levels and a straightforward trailing approach:
Related Posts
- Download All Tick Data for Symbols in MetaTrader 5
- Unlock Trading Insights with the Support Vector Machine Learning Tool for MetaTrader 5
- Unlocking the AK-47 Scalper EA: Your Ultimate MetaTrader 4 Companion
- Maximize Your Night Trading with the Multi-Currency Scalper for MetaTrader 5
- Mastering the Moving Average EA for MetaTrader 5: A Trader's Guide