Forex traders, of course, must determine the signal first before entering the market. After that, you can only determine the stop loss level and profit target in accordance with the predetermined risk management. However, you also need to control your emotions in this case.
Traders argue that the Pin Bar is one of the most reliable candle patterns, namely where pattern recognition is well used as a full strategy or can be combined with other strategies.
Therefore you need to know, the Pin Bar is a candle that has a short body and one long shadow.
In fact, the indicator of the Pin Bar itself is known as software that makes the process of looking for patterns rather than candle patterns automatically. Most likely the trader does not need to make additional calculations that result in delays to get a signal in making a position.
What is a Pin Bar Indicator?
Broadly speaking, this indicator has taken the right steps not to create a new, unique name. Because this indicator itself was deliberately created just to display the pattern with the same name. The thing that needs to be done in this case is that the creators have done a careful calculation.
Why is that? Because the creators did that so that the Pin Bar indicator is known as one of the best indicators for the Metatrader 4 terminal.
Usually, the Pin Bar indicator will signal bullish patterns. Where the indicator appears, the market has a high probability of reversing direction after a decline.
formally, this Pin Bar indicator has been determined and there is no need for any intervention from the traders. This is done to avoid confusion, so the indicator creator also does not create access to change settings in the software and only provides settings for changing colors.
Simply put, there is no error in this case because false alerts often occur, which is not an error that occurs in the codes of this software.
But only a specific mistake in the area of understanding on reading a pattern, namely you have to understand well the theory in price action.
Use of Pin Bar Indicator for some time
It’s no secret that one of the advantages of the candlestick pattern is that it can be used on all timeframes, except for the time per minute with a combination of several strategies on currencies.
Because of this, not all traders, especially beginners, can have a workplace with multiple monitors.
To solve the problem that occurs, this Pin Bar indicator was created to display patterns that occur overtime periods, where the creators of this indicator do not place restrictions and even add color to the signal for a candle or block.
Before you use this Pin Bar indicator, it’s best to know what users need to do according to their individual wishes. Here is a brief explanation:
- Bareback, which is used for several periods (according to the number of candles taken into account) or these patterns will be displayed, if added when used on a short timeframe.
- Arrows are to display or to delete the arrows instructions commonly used when using the Pin Bar indicator.
- Arrow Size, is a font size rather than the arrows in the tool when applying the Pin Bar indicator in trading.
- Bull Row and Bear Arrow, is a color found on the arrow.
- Paintbars, are known to light or remove thickening from candles.
- Bullish Cool and Bearish, which is a color found in bullish and bearish patterns or (filling colors).
- Alarm and sound, is a sound setting for notification of notifications.
- Alert, which is the display in the pop-up window for an alert
- M5, m15, m30, m60, etc., are patterns of adding or removing timeframes that you don’t think need to be used to identify existing candle patterns.
- Furthermore, the other settings can be left as the creators did.
The Pin Bar indicator is quite the opposite of other indicators. For example, the Pinbar Detector indicator has been optimized for use on both types of MetaTrader terminals.
However, visually this indicator is no different from the Pin Bar indicator, it’s just that this indicator uses emoticons.
If you’ve never seen one before, using emoticons will usually look as if this indicator is playing around. However, in fact, this indicator is known to be very useful for experienced traders. Traders prefer to match indicators that display patterns.
Creators usually emphasize excellence in tuning and not without reason. Because this indicator of the Pin Bar will allow you to adjust all the important settings.