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Pinbar Detector Indicator
Best Pinbar Detector Indicator – pin bar scanner and detector for MT5. Trade forex successfully using emoticon signals.
CATEGORIES: SIGNAL, MT5, PATTERNS
Updated on: 30.11.2023
Candlestick chart analysis is an integral part of forex technical analysis and many traders perform it continuously. Successful traders spent considerable time identifying the candlesticks and patterns. The Pinbar Detector for MT5 acts as a scanner and detector for pinbar candlesticks and displays a different color emoticon based on the candlestick. Pin Bar candlestick is an important reversal pattern in candlestick chart-based technical analysis similar to the Doji. It is often included in many EA for reversal identification.
A pinbar candlestick pattern is a reversal pattern. The candlestick is very easy to identify visually. The pinbar has a small body when compared to the wick or the tail of the candlestick. The pin bar’s long tail indicates the price rejection and the possible reversal of the market direction.
Pinbar Detector Indicator MT5 Trading Signals
The above EURUSD M30 chart shows the Pin Bar MT5 indicator in action. The indicator scans for the pinbar and identifies its location on the chart. Once the bar is located, the Pin Bar MT5 indicator draws an emoticon in GREEN or RED color.
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