Pinbar Indicator in MetaTrader – Practical Application
Do you know what Pinbar Detector is?
It is a MetaTrader indicator that tries to detect Pinbars (also known as “Pin-bar” or “Pin bar”). Moreover, the indicator mentioned above marks Pinbars by placing a “smiling face” symbol below the bullish Pinbars and above the bearish Pinbars.
Pinbar Indicator is a pure price action indicator, which isn’t utilizing any standard technical indicators in its code.
The above-mentioned indicator has the ability to issue platform alerts as well as email alerts on detection. It is worth noting that Pinbar Indicator is available both for MetaTrader 4, also known as MT4, and MetaTrader 5, also known as MT5, versions of the trading platform.
It makes sense to test various detection settings in order to filter patterns according to your own image of a perfect Pinbar.
Pinbar Forex Trading System
As we have already discussed Pinbar Indicator, we can focus on Pinbar Forex Trading System. It is a popular strategy for entering as well as exiting positions that is based on the particular candlestick pattern as well as the following price action.
Do you know who is behind the Pinbar pattern?
Martin Pring first introduced it.
He entered the financial markets more than 50 years ago. He is a well-known figure in the global
investment community.
Marting Pring founded Pring Research more than 40 years ago, in 1981.
His career is really interesting. Since 1984, Pring has published the “Intermarket Review.” Have you heard about the “Intermarket Review?” It is a monthly market review that offers a long-term summary of the world’s major financial markets.
In 1987, he came up with an interesting idea. Do you know what he did?
He pioneered the introduction of videos as an educational tool for technical analysis. Furthermore, he introduced educational, interactive CDs in this field.
Let’s learn more about the Pinbar Forex Trading System.
The Pinbar Forex Trading System is applicable to any currency pair and timeframe. However, it is better to select longer-term timeframes.
What’s important is that you have the opportunity to use the MetaTrader Pinbar Detector indicator in order to automate the Pinbar pattern detection.
History of MetaTrader 4
The History of MetaTrader 4 is quite interesting, to say the least. MetaQuotes Software Corporation developed it.
Interestingly, MT4 was the company’s fourth trading platform. The team behind MT4 worked hard to create the above-mentioned trading platform. It wasn’t easy to solve various challenges. As a result, they worked for almost two years on MT4.
The company released MT4 in 2005. However, even before its launch in 2005, a number of brokers had decided to switch over to the new platform. It is important to note that MT4 has gained popularity all over the world.
The platform mentioned earlier was developed with MQL4. As a reminder, MQL4 is an improved programming language. It is used in order to create indicators. The programming language mentioned above helped to popularize automated trading.
MT4 remains popular even after so many years. Importantly, it is the industry standard platform for online Forex, etc. Almost all main brokerage firms use MT4, including AvaTrade and Pepperstone.
MetaTrader 5, also known as MT5, was released several years later, in 2010. The new platform offered new features and the ability to trade stocks. Nevertheless, MT5 isn’t as popular as MT4.
In conclusion, MT4, as well as MT5, have become an integral part of the modern world. So, it is recommended to read articles and watch videos about MT4 and MT5.
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