In a nutshell, this pin bar detector indicator will inform you via various messaging options when the pin bar candle forms, this is to be used together with your existing trading strategy to help you identify trade opportunities. The pin bar candlestick is a very popular technical indicator for trading.
Pin bars are among the top choices for technical traders that follow price action signals with varying trading strategies for entry and exit.
What Is a Pin Bar Candlestick Pattern?
Pin bar pattern is characterized by a long upper or lower wick with a small body relative to the size of the wick with little to no lower or upper shadows.
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 trader's with an indicator to download we also provide educational material to learn how to trade using Pin Bar candlesticks.
What Kind of Alerts Are There?
This indicator has 4 different types of alerts to help the trader which is a simple pop-up message on your desktop to an Email, Telegram Bot and SMS text message. The last two provide instant messages so you get informed within seconds of the candle forming.
HOW TO CONFIGURE AND SET-UP YOUR ALERTS
We provide full support and educational material to help you set-up your email, telegram bot and SMS text message accounts so you can start receiving your alerts as soon as possible. There is also a free tool you can use to test that your settings are correct and to help you if you need it.
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 U-Tube video quality to 1080p HD.
Duration: 8 minutes
How To Install
First, make sure you have the cTrader trading platform installed and then simply unzip the file and double-click on it to automatically install onto the platform.
Join Telegram Community
You can join a Telegram community and chat with other traders to discuss, share and ask for help.