Fibonacci Indicator With Pin Bar Detection

MT4 Fibonacci Indicator With Pin Bar and Doji Detector On Selected Fibonacci Retracement Levels.

Fibonacci retracement indicator

In summary, this custom Fibonacci Pin Bar indicator is a powerful tool that can be used by a novice, as well as a very experienced trader. It is coded by professional MQL4 programmers and optimized to run on MetaTrader 4 trading platform.

section automatic Fibonacci

Automated Fibonacci levels for MT4.

fibonacci retracement

The Fibonacci number sequence (1, 1, 2, 3, 5, 8, 13, 21,  34, 55, 89, 144, etc.) and the Golden Ratio of 1.618 that divides them was discovered in 1170 by an Italian mathematician, Leonardo Pisano.

The Golden ratio and its mathematical formula can be observed throughout nature. It can be found in architecture, biology, fine arts, and it also applies to collective human behavior.

Fibonacci retracements are used by traders in technical analysis to determine levels of possible price support and resistance.

Fibonacci retracement is created by taking two extreme points in the price action, the low and the high, and dividing the distance between them by the key Fibonacci ratios of 23.6%, 38.2%, 50%, 61.8%, 100%.

Our custom MT4 Fibonacci indicator will measure and draw Fibonacci levels automatically based on the asset’s high and low price levels. The indicator supports automatic retracements for H1, H4, D1, W1, MN charts.

Each retracement can be switched On/Off individually in the indicator settings, allowing the trader maximum control and better viewing experience. For example, a trader who trades the daily chart may want to only use D1 Fibonacci levels. A trader looking at M15 or M30 charts, may want to only see H1 levels.

It is also entirely possible to use a few or all of the Fibonacci retracements on a single chart, giving the user a multi-timeframe experience.

section manual retracements

You can also draw your own Fibonacci levels.

Draw your Fibonacci retracements manually

For those who prefer to draw their own Fibonacci levels, our indicator is also able to work with user’s own Fib retracement levels.

In the indicator’s technical settings, you can switch on the manual mode and draw the Fibonacci levels yourself.

In fact, both automatic and manual modes can be used simultaneously or separately. Although the indicator draws the Fibonacci levels very accurately, we added a manual option for greater user control and for more demanding technical analysis.

section detecting Pinbar and Doji

Detect price action patterns on Fibonacci levels.

pin bar detection

Similar to our Price Action indicator, the Fibonacci Pin Bar indicator will automatically detect Pin Bars and Doji candles within the price action on selected Fibonacci levels.

Price patterns including the Doji and Pin bar are used by many professional and successful traders. Many of them use the same technique, they rely on support and resistance levels and price patterns that include the Pin bar or a Doji.

When a Pin bar or a Doji candle appears on a Fibonacci retracement level within your Meta Trader, the indicator will start to analyse the next candles and issue a signal based on a confirmed candle pattern that will follow.

The Fibonacci Pin Bar indicator doesn’t only recognize the Pin bar and Doji candles on selected Fibonacci levels, but it actually calculates the price levels of the following candles to issue a confirmed signal. (The result of the calculation can be seen in the visible, short, dashed lines the indicator draws on the chart as it analyses the price levels of the next candles.)

section detecting Pinbar and Doji

Signals on all or selected Fibonacci levels.

Although the Fibonacci retracement levels are very good tools for determining price support and resistance, not all Fibonacci levels are equal, which makes trading off Fibonacci levels challenging.

The most powerful retracement level used in trading is the 50% retracement and there is a good amount of research to support this.

Other key Fibonacci levels used by traders are the 61.8% and the 38.2%.

One of the most exciting features of our Fibonacci Pin Bar indicator is that it can be configured to read the price action patterns and detect Pin Bars and Dojis on all, or on selected retracement levels.

Therefore a user can choose to activate the Pin Bar detection only on the 50% Fibonacci retracement (see picture), or only on the key Fibonacci levels of 38.2%, 50%, and 61.8%.

section Fibonacci indicator settings

A look at the Fibonacci indicator settings.

The indicator will work well with its default settings for Daily charts and 50% retracements. However, the Fibonacci Pin Bar indicator can be easily configured and adjusted to work with any trading system. Here is a quick reference to all the MT4 settings.

Fibonacci indicator settings
section screenshots in action

Few screenshots of the indicator in action

The single Fibonacci retracement levels seen in the screenshots are set to the same time as the chart. So on a D1 chart, only D1 Fibonacci levels are visible, on an H1 chart only H1 levels are visible and active.

GBPUSD H1

GBPUSD H1 – The indicator is set to detect Pin bars / Dojis on all Fibonacci lines

USDCAD D1

USDCAD D1 – The indicator is set to detect Pin bars Dojis on all Fibonacci lines

AUDUSD-H1-0617

AUDUSD H1 – The indicator is set to detect Pin bars Dojis on the 50% Fibonacci line only

section free signals

Free signals on charts or sent to email or mobile

Fibonacci alerts

The indicator will generate arrows and pop up alerts but it can additionally send signals to the user’s email or mobile.

In default settings, the Fibonacci Pin Bar indicator will issue EARLY signals and CONFIRMED signals.

Early signals are generated as soon as a Pin Bar or Doji appears on a selected Fibonacci line and the next candle has passed the tick of the preceding one included in the calculation. Confirmed signals are generated after the early signal and candle close.

We recommend paying more attention to the Early signals but by default, both early and confirmed signals are active. This can be easily changed in the settings. 

Push notifications to a mobile are the fastest way to receive the signals from the indicator. Emails will usually take a lot longer due to delayed server refresh times of receiving networks. Please note that in order to receive signals to a mobile or email address, the MT4 platform must be active and connected online with the indicator added to the chart. Learn how to configure your trading platform to send signals.

section free signals

Try the Fibonacci Pin Bar Indicator today

Follow the Price Action on Fibonacci retracement levels by using our custom indicator with free signals. The indicator is very easy to install and run and can be fully configured to suit individual preferences.

Fibonacci Pin bar indicator cover
  • Fibonacci Pinbar MT4 Indicator
  • Installation Instructions
  • Free Signals Without Subscription
  • No Monthly Or Anual Fees
  • Licence For 2 MT4 Accounts
  • 30-Day Purchase Guarantee
  • Free Upgrades!

download Fibonacci indicator MT4

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