Identify Pin Bars Instantly and Speed Up Your Backtesting
Pin Bars are also sometimes called Pinocchio Bars, Kangaroo Tails, Shooting Stars or Hanging Men. This indicator helps you spot them all.
Backtesting a Pin Bar trading strategy can take a long time.
The thing that usually slows most traders down is calculating the tail size of every Pin Bar.
You see, trading systems have different definitions of what a Pin Bar is.
Some strategies say that the tail of a Pin Bar should be at least 66% of the total candle length.
Other strategies say that Pin Bars should be at least 50% of the total candle length.
Regardless of which definition you use, it takes time to calculate the tail size of every candle that looks like a Pin Bar.
It’s actually quite tiring!
This indicator saves you a ton of time by automatically marking all of the Pin Bars that meet your criteria.
Note: This indicator works for all versions of Forex Tester.
See the Indicator in Action
This video will show you how to install and use this indicator.
The settings for these indicator are very simple.
- % of the tail: This is the minimum percentage of the total candle range, in order for the candle to be marked as a Pin Bar. For example, the default is 66, so the tail has to be at least 66% of the total candle range. So if a candle has a total length of 100 pips, the tail has to be at least 66 pips, for it to be marked as a Pin Bar. This setting can be changed to anything you want.
- Pin Bull: The color of the bullish Pin Bar markers.
- Pin Bear: The color of the bearish Pin Bar markers.
Frequently Asked Questions
Click the “+” symbol to see the answer to each question.