Indicator for detecting the occurrence of pin bars
Overview of the Indicator
What is a Pin Bar?
A Pin Bar is a candlestick pattern closely watched by many traders as a signal of a potential market reversal. The key features of a Pin Bar are as follows:
- A small body (the open and close prices are close)
- Long wicks (especially one significantly longer wick)
- The price tends to move in the opposite direction of the longer wick
For example, a Pin Bar with a long lower wick in a low-price zone indicates strong buying pressure—"the price was once heavily sold off but then bought back up, resulting in an upward move"—and is often considered a signal for a potential rebound. Conversely, a Pin Bar with a long upper wick in a high-price zone can be used as a signal for a potential downward reversal.
However, since Pin Bars can also give false signals when used alone, it is recommended to combine them with other indicators (such as Moving Averages, RSI, etc.).
[Example of a Pin Bar occurrence]
How the Indicator Determines Pin Bars
This indicator determines Pin Bars using one of the following two methods (selectable in the settings screen):
① Ratio of wick length to total candle range (%)
This method uses the percentage of the wick (either upper or lower) in relation to the entire candlestick.
Specifically, if the wick length is greater than the specified percentage of the total range (high - low), it is identified and notified as a Pin Bar.
Generally, if the wick is 70–80% or more of the total range, it is often considered a Pin Bar.
② Ratio of wick length to body size
This method determines a Pin Bar when the wick length exceeds a specified multiple of the candlestick’s body.
Specifically, if the wick length exceeds the set multiple of the body, the candlestick is identified and notified as a Pin Bar.
Typically, if the wick is more than 3 times the body length, it is considered a Pin Bar. A higher multiple will reduce the frequency of detection but tends to increase the reliability of the signals.
*This indicator works only on the Windows versions of MT5 and MT4 provided by TitanFX.
Indicator Terms of Use
Only those who agree to all the following items may use the indicators distributed on this website (https://research.titanfx.com):
1.The indicators and related descriptions are based on various data believed to be reliable, but their accuracy and completeness are not guaranteed.
2.The data displayed by the indicators do not guarantee your investment results. Also, the displayed content may vary due to market conditions and communication environments.
3.Please make investment decisions using indicators at your own risk. We are not responsible for any disadvantages or damages arising from the use of indicators.
4.Specifications of the indicators are subject to change without notice. Changes will be announced on the indicator description pages, etc.
5.Indicators should only be used by customers who have downloaded them. Transferring or selling the indicators to third parties is prohibited.
Indicator Settings
Settings in the Inputs tab (for MT5) or Parameters tab (for MT4)
| Variable Name | Description | Default |
|---|---|---|
| Method | If "Relative (%)" is selected, a notification is triggered when the wick length exceeds the specified percentage of the total range (high - low). If "Body-based (x times)" is selected, a notification is triggered when the wick length exceeds the specified multiple of the candlestick body. | Relative (%) |
| Threshold | Specifies the value used for the selected detection method above. | 80 |
| Color (Long Lower Wick) | Specifies the arrow color when a Pin Bar with a long lower wick is detected. | Aqua |
| Color (Long Upper Wick) | Specifies the arrow color when a Pin Bar with a long upper wick is detected. | Magenta |
| Alert (true:ON, false:OFF) | Specifies whether to issue an alert. Select true for alerts, or false for no alerts. | true |
Settings in the Colors tab (for MT5) or Color Settings tab (for MT4)
Not used in this indicator.