PinBar Detector is a forex indicator is perfect for newbies traders in Forex and Binary Options trading.
Pin Bar (also called “pinocchio bar“) is a reversal candlestick pattern, that usually highlits an area of the market where there is an important support or resistance level. Professional traders surely can recognize pin bars very easily, but for those new to the forex market, PinBar Detector offers a good help to recognize them. Pin bars don’t form very often, and being able to identify them instantly can help maximize your profit. On this website you can find more details about Pin Bar Pattern Strategy for trading forex and binary options.
PinBar Indicator Signals
A green happy face indicates a bullish movement, while a red happy face signifies a bearish movement of the price. Be aware: a pinbar pattern doesnt always means there is a reversal in act, it can sometimes give false signals in either direction, especially with low timeframes (such as 1M or 5M). With high timeframes it results to be more precise. As you can see from the picture below, it’s very easy to use this indicator to trade binary options.
PinBar Detector Features
It’s possible to customize the setting of the indicator in order to get sound alert or even email alert everytime that a pin bar formation appears on the chart. You can even set up the bar pattern search settings in order to get more accurate outcomes.
It’s recommended to use pin bar detector along with another indicator, in order to get confirmation of the signals. This can be an oscillator or even a simple moving average.