Powerful Price Action Indicator Based On the Doji and Pin Bar Patterns On Manually Drawn Trend Lines and S/R levels in MT4.
This indicator will help you become a better trader.
This custom Doji and Pin bar Reversal indicator is a very powerful tool but also one that is very simple to use. It is coded to a professional level and designed from the ground up to be one of the most handy trading tools for beginner, as well as, advanced Forex and Binary Options traders. In addition to alerts visible on the charts the Doji Reversal indicator is also configured to send trading signals to your email and mobile.
Trade the price action at support and resistance levels.
Price action is the single most valuable piece of information that a trader can use in technical analysis. Most professional traders focus almost entirely on the price action and the support and resistance levels. Many traders look for specific candle patterns because there are a few powerful patterns that strongly indicate an upcoming bullish or bearish trend.
On their own, these candle patterns may not be very significant, but when they appear on daily price support and resistance levels or trend lines than these candle patterns can mean quite a lot. The most significant candle patterns are the Doji and the Pin bar candles.
When they appear on Support/Resistance lines or Trend lines they usually signify a trend reversal. It may be temporary and short-lived and the price may come back and test the same levels again. Eventually, the price may break the line and continue its main trend towards the next S/R levels. See picture for an example where first we see a trend reversal but the price comes back down towards the Support line and breaks it to continue its bearish trend. Here the indicator picked up both patterns correctly.
This custom indicator will detect Doji and Pin bar reversals.
Our Doji Reversal indicator will automatically detect Doji candles, as well as, Pin bar candles within the price action. Price patterns including the Doji and Pin bar are used by many professional and successful traders in their every day trading. We’ve studied the strategies of many renown technical traders and a lot of them use the same techniques.
Almost all traders that we’ve come across rely on support and resistance levels and price patterns that include a Doji and/or a Pin bar. Their strategy is usually based on confirmed price action patterns at key levels of daily support and resistance. This type of trading works best on daily charts.
When a Doji or a Pin bar candle appear on a horizontal or diagonal trend line within your Meta Trader, the Doji reversal indicator will start to analyse the next candles and issue a signal based on a confirmed candle pattern that will follow.
This is why the Doji Reversal indicator is unique. It doesn’t only recognize the Doji and Pin bar candles on the trend lines, but it actually calculates the price levels of the next candles in relation to its own price levels before it issues 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.
Get signals on your charts or sent to your mobile or email.
The Doji Reversal indicator will issue signals in form of arrows visible on the charts and pop up and sound alerts which will notify you of trading opportunities when you’re in front of your computer. The signals will clearly state the following: DIRECTION – ASSET – TIME FRAME – DATE – TIME
The indicator will also send signals via a push notification to your phone or via email. This way you can leave your trading platform and focus on other things. You will receive the signals as long as your MT4 platform with the indicator remains running.
In order for the push notification and emails to work you will need to configure your MT4 trading platform with your details, such as your phone number and email server (Gmail, Hotmail, etc.) In case you prefer not to receive any signals, you can switch them off individually in the indicator settings.
Technical explanation how signals are generated.
When a Doji or Pin bar candle is recognized on an existing trend line or a support/resistance line drawn on the chart, the indicator starts to analyze the next candle in relation to the Doji or Pin bar preceding it.
Once the price action of the next candle, or the following candle crosses the wick of the Doji or the Pin bar candle, the indicator will generate a signal. Depending on the price action levels, the signals can be generated on trend reversal and a price breakout and trend continuation.
Sometimes the price action in the next candle stays within the levels of the Doji or the Pin bar preceding it, in which case the indicator will analyze the following candles. You can change the number of candles that should be analyzed in the indicator’s settings.
Quick look at the Doji Reversal settings in Meta Trader 4.
The indicator will work very well with its default settings. There is no need to adjust anything unless you want to configure it to fit your specific trading strategy. You can filter certain lines by blacklisting or whitelisting them by color.
Here is how to trade with this custom MT4 indicator.
Using the Doji Reversal indicator is very easy. The indicator will do most of the hard work for you but in order for it to work well and produce the best results it needs to be set up first. Perform the following steps:
1. Add trend lines and/or price S/R levels to your MT4 charts
In case you haven’t done it already, draw trend lines and support and resistance lines on your daily charts of your favourite currency pair. These lines can be diagonal and/or horizontal.
By default, all lines visible on the chart will be taken into account but if needed, certain lines can be filtered by color in the indicator’s settings. You can also draw trend lines on the monthly and weekly charts. Some traders will draw trend lines on H4 and even H1 charts but we don’t recommend using anything below the H1 chart.
2. Load the Doji Reversal indicator into your charts
Load the Doji Reversal indicator from your custom indicators folder onto your chart. You can also load the indicator first and then draw trend lines. The order doesn’t matter. The indicator will work automatically. It will detect Doji candles and Pin bar candles around YOUR trend lines and support and resistance lines.
The default settings of the custom indicator should be good for most traders but in case slight configurations are required these can be made in the indicator’s settings. Refer to image with settings above.
3. Wait for the next live signal based on the price action
After you load our Doji and Pin bar Reversal indicator into your MT4 trading window you will most likely see a few signals. These will show you exactly how the custom indicator read the price action and followed with the analysis and the signals.
You can now relax and wait for the next live signals to be issued by the indicator. When you receive a signal it is recommended to check the charts before trading live. Keep in mind that in order to receive the signals your MT4 trading window must remain open. Signals will be seen on the screen and sent to email and mobile, if properly configured.
Start trading the price action today
Start trading the price action at support and resistance levels by using our Trendline Doji and Pin bar Reversal indicator with free signals. The indicator is very easy to install and run and it will help you find better trading opportunities.
Doji Reversal MT4 Indicator
Powerful Price Action indicator based on Doji and Pin Bar Reversal patterns on trend lines drawn in MetaTrader 4. Lines can be horizontal or diagonal.
MT4 Installation Instructions
Free BUY/SELL Trading Signals
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 Doji Reversal does not repaint. It is a non-repainting price action indicator.
Can it be used on any time frame?
Yes, the Doji Reversal indicator based on the Doji and Pin bar patterns can be used on any time frame but it’s best to use it on at least H1 chart.
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 MT4 indicator send signals?
Yes, trading signals will be shown in a popup with sound alert, but can also be sent via email, or via push notification to your smartphone. (The last two sending methods may require additional MT4 configuration.) Please note that the signals and alerts are for educational purposes only and do not constitute financial advise. The signals are simply the result of pre-programmed market conditions as defined by the user and the indicator.
How much money do I need to start trading?
Always start on a demo. There are many MT4 brokers who offer free demo accounts with fake money. Please seek help from an accredited financial adviser if you intend to trade on a live account. Most MT4 brokers have a minimum deposit of $100.
Are there any subscription fees?
No, there are no recurring payments and there is no subscription. After the single payment the Doji Reversal indicator will be yours forever without any additional fees. 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 largely depends on the way you draw your trendlines, the charts you’re using to trade, and the number of assets you’re trading. On each asset on H1 chart you could receive from 1-3 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 trading tools that help to trade. This indicator will help you recognize reversal patterns based on the powerful Doji and Pin bar formations appearing on your manually drawn trend lines and alert you of market conditions that meet the criteria. This is not a get-rich-scheme. Instead we take an honest and transparent approach to trading. This indicator is for educational use only and does not constitute financial advice.
Will this trend indicator trade for me?
This MT4 price action indicator is not an expert advisor which trades on its own. All trades must be executed manually based on the information seen on the charts and by further analysis.
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