Configurable Pinbar Detection from Candlestick Price Action

Summary

This document describes a MetaTrader indicator that identifies bullish and bearish pinbar candlestick patterns using price action, without relying on standard technical indicators. It marks bullish patterns below their candles and bearish patterns above them, and can issue platform, email, or push alerts. A setting controls how many historical bars are scanned, while another adjusts marker spacing.

Optional detection parameters let users define geometric and directional conditions, including the nose candle’s body size and placement, its direction and protrusion, and its dimensions relative to the preceding candle called the left eye. The indicator also offers a minimum nose length and can require the left eye to point opposite the pattern. These inputs make the pattern definition adjustable, but the document gives no empirical evidence that detected pinbars predict returns. It does not specify entry, exit, or risk rules, so detection alone is not a complete trading strategy.

Key ideas

• The indicator detects bullish and bearish pinbars from candle geometry without standard technical indicators.
• It marks detected patterns and supports platform, email, and push alerts.
• Custom inputs define nose and left-eye size, placement, direction, and relative proportions.
• Users can limit the historical scan or apply detection across all available bars.
• The document provides no evidence that pinbar signals are profitable or guidance for trading them.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.