Powerful MT4 Indicator Based on Pin Bar and Doji Patterns Appearing On Selected Fibonacci Retracement Levels.
This indicator will help you trade Fibonacci retracements.
In summary, this custom Fibonacci Pin Bar indicator is a very powerful tool that can be used by novice, as well as experienced traders. It is coded to a professional level and designed from the ground up to run on MetaTrader 4 trading platform. This indicator is extremely versatile and can be used in a number of trading strategies. In addition to alerts visible on the charts the Fibonacci Pin Bar indicator can also send trading signals to your mobile or email address. The indicator consists of two parts: first is the Fibonacci retracement and the second is the Pin bar and Doji price action calculation.
Automatic Fibonacci levels for H1, H4, D1, W1, MN.
The Golden ratio and its mathematical formula can be observed throughout nature. It can can be found in architecture, biology, fine arts, and it also applies to a 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 a 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.
The retracements can also be drawn manually by the user.
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 settings you can switch on manual mode and draw the Fibonacci levels yourself.
In fact both, automatic and manual modes can be used or one without the other. Although the indicator draws the Fibonacci levels very accurately, we added a manual option for greater user control.
Detecting Pin Bar and Doji patterns on Fibonacci levels.
Similar to our Doji Reversal 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 appear 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.)
Detecting Pin Bars 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%.
Quick look at the Fibonacci Pin Bar settings in MT4.
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.
Few screenshots from a live MT4 account.
Below are a few screenshots from a live MT4 account. 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 – The indicator is set to detect Pin bars / Dojis on all Fibonacci lines
USDCAD D1 – The indicator is set to detect Pin bars / Dojis on all Fibonacci lines
AUDUSD H1 – The indicator is set to detect Pin bars / Dojis on the 50% Fibonacci line only
Free signals delivered online, to email and mobile.
The indicator will generate alerts and can also send signals to user’s email or phone.
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 appear on a selected Fibonacci lines 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.
Add Fibonacci Pin Bar indicator to your trading arsenal
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 for MT4
Powerful Price Action indicator based on Pin Bar and Doji patterns on all or selected Fibonacci levels. Made for MetaTrader 4.
MT4 Installation Instructions
Free Trading Signals via MT4
No need to pay $$$ in subscription fees for trading signals. This indicator will produce trading signals and it will send them to your mobile and email, for free.
Free updates for life!
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Trading Forex carries a high level of risk to your capital due to the volatility of the markets.
This page offers a custom indicator programmed for the MT4 trading platform and does NOT in any shape or form constitute financial advice. You must ensure that you understand the risks involved when you trade on a live account.
Frequently Asked Questions
Does this indicator repaint?
No, the Fibonacci Pin bar indicator does not repaint. It is responsive to price action patterns such as the Pin bar and Doji.
Can it be used on any time frame?
Yes, the indicator can be used on any time frame but it’s optimized for H1 and above.
Can it be used on any asset?
Yes, this custom indicator can be applied to any chart and asset available in your MT4 trading platform.
Will this indicator send alerts or signals?
Yes, alerts will be shown in a popup with sound, but can also be sent via email, or sent via push notification directly to your smartphone. (The last two sending methods may require additional MT4 configuration.)
How much money do I need to start trading?
Please refer to your financial advisor if you planning to trade on a live account. We recommend trading on a demo account first. Many MT4 brokers offer a free demo account with $5,000 – $15,000 testing credit. Please remember that our indicators are simply additional tools for MT4 and any alerts and signals generated are for educational and entertainment use only.
Are there any subscription fees?
No, there are no recurring payments. This is a single purchase and the Fibonacci Pin Bar indicator will be yours forever without any other payments. The signals will be free as well.
How can I get new updates of the software?
All updates or any future improvements are free of charge. Users will be notified by email with a link to download a new version.
How many signals can I expect to receive?
This depends on few factors: the number of charts you have open, your indicator settings, and the market conditions. On average, a single H1 chart with the indicator could generate anywhere from 1-5 confirmed signals per day.
Will this indicator make me rich?
There is no magic indicator that is going to make one rich quickly. Indicators are simply additional trading tools. This indicator will help you trade Pin bar and Doji patterns on Fibonacci retracement lines. This is not a get-rich-scheme. Instead we take an honest and transparent approach to trading.
Will this trend indicator trade for me?
This MT4 indicator is not an expert advisor which trades on its own. All trades must be confirmed and executed manually based on the information seen on the charts and/or signals.
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