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KT Pin Bar Indicator
MT4 | MT5

-- Lifetime Access --

Also available on MQL5

Specs
Release date:	December 26, 2018
Last updated:	October 4, 2022
Current version:	1.1
Product type:	indicator
Requirements:	MT4 \| MT5

Description

KT Pin Bar Indicator identifies the pin bar formation, a price action pattern that depicts a sign of reversal or rejection of the trend. When combined with support and resistance, BRN, and other significant levels, the Pin Bar pattern proved to be a vital sign of reversal.

A pin bar is characterized by a small body relative to the bar length, closed either in the upper or 50% of its size. They have very large wicks and small candle bodies.

A pin bar candlestick can be a bullish or bearish candle, but as long as its structure meets the characteristics of a perfect pin bar, the candle's color doesn't matter.

Features

Depicts significant reversal points near the Support/Resistance level.
Suitable for swing trading strategies.
Define the candle maximum and minimum size in pips.
All Metatrader alerts included.

Bullish Pin Bar

A bullish pin bar is a candlestick pattern indicating a bullish market sentiment.

To consider a legitimate bullish pin bar, the candle's body must close above 50% of the entire candlestick's length. The pin bar is a candlestick with a long tail at the bottom and a short body.

Bearish Pin Bar

Conversely, a bearish pin bar is a candlestick that indicates upcoming bearishness in the price.

A bearish pin bar is formed when the candlestick's body closes 50% below the candlestick's length. It is a candlestick having a short body and a long wick on the top.

Points to remember

The reversal doesn't occur on every pin bar formation. In a trending market, prices often keep going in the same direction regardless of any pin bar.
The pin bar occurs near the significant support/resistance levels and is the strongest.
Don't treat every pin bar formation equally. For example, the pin bar formed with the small candle body is the weakest.
The area where the pin bar occurs on the price chart should be logical.
The market's strength before the pin bar's formation must be weak.
If these criteria are applied to every pin bar trading strategy, the higher odds will be in your favor.
It's advisable to use the pin bar formation on higher time frames. Also, it would be better to practice using a demo account before going live with the real money.

Input Parameters

Pin Bar Depth: Define the nose-to-body ratio in percentage.
Max. Range in Pips: Maximum size of the pin bar.
Min. Range in Pips: Minimum size of the pin bar.
The rest of the inputs are self-explanatory.

Trading With the KT Pin Bar Indicator MT5 | MT4

Pin bar, a popular candlestick pattern, is traded extensively across all instruments. There are tons of pin bar trading strategies all over the internet.

Yet, many have defect and fails to show good results. This is because the pin bar works only when it appears in the right location, irrespective of the timeframe.

Pin bars are a clear candlestick pattern when comprehended and used correctly. It gives meaningful insights into the happenings in the market, through which we can speculate on the future.

There are several pin bar trading strategies over the internet, yet most do not work consistently. This is because the candlestick pattern is often misinterpreted.

If you want to know more about pin bar patterns, we have an excellent blog post covering some helpful pin bar trading strategies.