Pinokio Indicator MT4 (Works on Build 1420) | Forex MT4 Indicators

The Pinokio Indicator is a tool used in MetaTrader 4 (MT4) platforms. It focuses on a particular candlestick pattern called the “Pin Bar,” which has distinct characteristics.

Pinokio Indicator MT4

Overview

The Pinokio Indicator is a powerful tool for MetaTrader 4 (MT4) traders. It identifies Pin Bar candlestick patterns, which signal potential trend reversals. Let’s dive into the details:

Key Information

• Minimum Deposit: $500
• Timeframe: M1 or M5
• Currency Pairs: EURUSD, GBPUSD
• Platform: MetaTrader 4 (MT4)

Pinokio Indicator Strategy

The Pinokio Indicator follows a specific trading strategy based on Pin Bar patterns. Here’s how it works:

1. Identification of Pin Bars:

• The Pinokio Indicator scans price charts for Pin Bars.
• A Pin Bar has a small body and a long tail (wick or shadow) on one side.
• The long tail indicates strong rejection of price levels beyond the body.

1. Bullish Pin Bar Strategy:

• When a bullish Pin Bar forms (long tail below the body):
• Entry: Buy when the next candle opens above the high of the Pin Bar.
• Stop Loss: Set the stop loss below the low of the Pin Bar.
• Take Profit: Target the nearest resistance level.

1. Bearish Pin Bar Strategy:

• When a bearish Pin Bar forms (long tail above the body):
• Entry: Sell when the next candle opens below the low of the Pin Bar.
• Stop Loss: Set the stop loss above the high of the Pin Bar.
• Take Profit: Target the nearest support level.

Trading Style

• The Pinokio Indicator strategy is a scalping approach.
• It aims for quick profits based on short-term price movements.
• No martingale or hedging techniques are involved.

Disclaimer: Trading involves risks, and past performance is not indicative of future results. Always conduct thorough research and seek professional advice before trading.

What’s in the package?

Indicators:

• Pinokio Indicator.ex4
• Pinokio.tpl

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Disclaimer:

The EAs sold on our channel are not created by us.

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Past performance is no guarantee of future results. We seek the EA on an 'as is' basis and only the version mentioned is being sold.

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