Pin Bar Indicator recognizes pin bars when trading currencies and binary options.

The strategy is based solely on price action.

Indicator input parameters:

• Distance: the distance from the top or bottom of the candle to display the arrow, in pixels
• UseAlerts (true/false): enable alerts
• PopAlerts (true/false): alert in the pop-up window
• EmailAlerts (true/false): email alert
• PushAlers (true/false): push notifications
• SoundAlerts (true/false): sound alert
• SoundFile: sound alert file

Trading rules:

• To buy: wait for a bullish pin bar in the support area after the bearish trend. Wait until the price breaks the maximum of the pin bar (5 pips above the maximum for H1 and larger timeframes, 1 pips for M5). As soon as the maximum is broken, enter the deal. You can also use a BUY STOP order set at 5 pips above the maximum of the candle (plus the spread). Set the stop loss below the minimum of the pin bar. If the order is not activated on the next candle, the trade is canceled.
• For selling: wait for a bearish pin bar in the resistance zone after the bullish trend. Wait until the price breaks the minimum of the pin bar (5 pips below the minimum for H1 and larger timeframes, 1 pips for M5). As soon as the minimum is broken, enter the deal. You can also use a SELL STOP order set at 5 pips below the candle minimum. Set the stop loss above the maximum of the pin bar. If the order is not activated on the next candle, the trade is canceled.

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You can use the Fx Levels () indicator to display support and resistance levels when trading on pin bars.

We also suggest using the Naked Forex Kangaroo Tail indicator, which is an improved version of the Pin Bar:

The indicator can be used on any timeframe and on any instruments: forex, futures, commodities and stocks.

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