Pin Bar Marker
Most pin bar scripts check one ratio: is the long wick at least N times the body? That alone lets through ordinary trend bars that happen to have a small body relative to a long wick but no real rejection character. This indicator adds two more checks that a genuine pin bar also has to pass: the body has to be small relative to the WHOLE range, not just relative to the wick, and the OPPOSITE wick has to stay short too. A bar that fails either of those is not a rejection candle no matter how long its dominant wick is. The three thresholds are independent inputs so you can tune them separately for what a "clean" pin bar looks like on your instrument and timeframe rather than fighting one combined ratio that cannot represent all three ideas at once. Notes and limitations - Confirmation happens on the bar's close - nothing is plotted on the forming bar, so this indicator does not repaint. - A zero-body bar (a doji-shaped pin bar) is allowed through as long as the dominant wick itself is a material size; the body-multiplier test is skipped only in that specific zero case to avoid a divide-by-zero, not relaxed generally. - No trend or location filter is applied - this marks the candle shape only. Whether the level it appears at is meaningful (support, resistance, a moving average) is left to the trader reading the chart.
Indicator · MT5 · v1.0 · Free
About Pin Bar Marker
Pin Bar Marker is an indicator for MetaTrader 5. It draws buy and sell arrows on the chart, can alert you with a pop-up, sound, email or push message and marks candlestick patterns. It has 4 settings, such as Wick multiplier, Max body ratio and Max opp wick ratio. MQL source code included.
Files in the download: PinBarMarker.ex5, PinBarMarker.mq5, PinBarMarker.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Wick multiplier | 2.5 | Dominant wick must be at least this many times the body |
| Max body ratio | 0.35 | Body as a fraction of the full range, maximum |
| Max opp wick ratio | 0.25 | Opposite wick as a fraction of the full range, maximum |
| Alerts | true | Alert once per closed bar on a new pin bar |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 5 open File → Open Data Folder, then go to MQL5 → Indicators.
- Copy the .mq5 file(s) there. Put any .mqh files in MQL5 → Include.
- Open the .mq5 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: Candlestick Patterns · Trend · Buy/Sell Arrows · Alerts · MT5 Indicator · MQL5 Source Code