What Is a Pin Bar Candlestick Pattern?

How Do We Identify a Pin Bar Pattern?

A very important consideration when using pin bar candles is that the colour of the candle is not usually a signal for the trade direction. So, a bullish pin bar is identified by long lower wicks and a bearish pin bar is identified by long upper wicks, how the body of the candlestick closes should also not be considered. 

 

Why Do They Form?

These Pin bar patterns are formed when prices are tested and rejected, which is visually shown by the long wicks in the pin bar. While the pin bars can form almost anywhere on the chart, they are considered a strong pattern when they are formed near support and resistance levels.

Many Pin bars are commonly formed near a moving average, trend lines or other indicators. 

A pin bar on weekly or daily charts is more important than pin bars formed on the lower time frames.

Not all pin bars provide signals for entering a trade, the ones you should be looking out for are when there has been a strong trend as shown in the image below and then a retracement of price to a support or resistance level, this is why this indicator is a perfect companion with the cTrader Support & Resistance Level Zones indicator which provides alerts to the trader when the price touches the support and resistance levels.

Learn How To Trade Using Pin Bar's

We do not just provide traders with an indicator to download we also provide educational material to learn how to trade using Pin Bar candlesticks.

• How to Trade Using Pin Bar Candlestick Patterns

Telegram Alerts

When a signal happens for a trend reversal, the indicator will send a Telegram alert directly to your PC or mobile device, this is much faster than email as it is a push notification.

• How to Configure Telegram

POP-UP WINDOW MESSAGE

This indicator will also display the classic pop-up window when an alert occurs.

How To Use The Input Parameters

Your adjustable parameters are all explained in a PDF document which can be viewed below.

 Download Your Parameter Instruction Manual

Watch a Video Demonstration

The video has been uploaded to 1080p High Quality, so do not forget to set your YouTube video quality to 1080p HD. 

Duration: 8 minutes

How To Install & Remove

First, make sure you have the cTrader trading platform installed and then unzip the file and double-click on it to automatically install it onto the platform.

• How to install
• How to open
• How to remove
• How to edit settings

Any Questions?

If you have any questions or bugs, please first search our product help forum for the answer, if you cannot find it, post a new question.

Need a Broker

If you are still looking for a broker you can trust, look at our best cTrader broker site.