Pin Bar Alert Indicator

Pin Bar Alert Indicator

The Pin Bar Alert indicator for MT4 detects pin bars candlesticks in the market.

The Pin Bar Alert Indicator for MetaTrader 4 is an indicator that detects the formation of pin bar candlestick patterns in the forex market. It is one of the best technical tools for trend reversal trade setups because pin bars signal the potential turning point of the price.

The indicator constantly monitors the formation of every candlestick on the chart to detect when price action prints a pin bar. It then plots an arrow on the pin bar candlestick, indicating the potential direction of the trend.

How to Trade with the Pin Bar Alert Indicator for MT4

The above image shows how the Pin Bar Alert indicator for MT4 identified different pin bars candlestick on the EURUSD currency pair. The aqua red arrows indicate the buy pin bars for a potential bullish reversal, while the red arrows show the sell pin bars for a potential bearish reversal.

The identified pin bars may be used as a signal to buy or sell a financial instrument. However, not all the pin bars’ candlestick formation indicates price reversals. Therefore, the highlighted pin bars should be used along with technical analysis/other indicators. For instance, a bullish pin bar around a support zone would most likely play out as a high-probability buy signal for a bullish move.

Conclusion
The Pin Bar Alert Indicator for MT4 makes it pretty easy to identify and take advantage of the pin bars candlestick pattern in the market, especially for beginner traders. What’s more, it is free to download.