This indicator is one that will be used by newbies and novices to the Forex and Binary Markets.
It is a Pin Bar Detector. Also known as a pinocchio bar, it acts as form of reversal candle, but more importantly, demonstrates an area where there is support or resistance. Traders who have a lot of chart experience under their belts will be able to pick out pin bars easily, but for those new to the market, and who are having trouble identifying candlesticks and their patterns, this indicator provides a good foundation to learn the ropes. Pin bars do not occur very often, and being able to pick them out quickly can help solidify your account.
A green happy face signifies a movement predicted towards the upside, while a red happy face signifies a move to the downside. However, in practice, this is not always the case. Just because the indicator detected the pin bar, it does not mean that a reversal is in play. It can sometimes make wrong calls in either direction, although I found that it works much better on a higher time frames (where more traders are looking to profit).
Best Pin Bar Detector For MT4
You can set it up to send alerts within MT4, and use e-mail alerts as well, as long as your SMTP parameters are setup, under Tools and Options. You can even customize the candle formation search settings in order to get more precise results.
It seems wise to use the pin bar detector, in conjunction with other indicators. This can be a simple moving average or some other form of oscillator that you can find within MT4.
Here are some Screenshots of the Pin Bar Indicator in action.
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