The Pinbar MT5 is an innovative Forex Trading software that aims to enhance trade optimization. One of its standout features is its ability to identify the Pin bar Candlestick Pattern, also known as the shooting star and hammer pattern, on forex charts. This pattern is a crucial price action signal indicating possible market reversals.

Key Features of Pinbar MT5

The software is equipped with arrows and alerts that notify a trader when a new Pin bar appears. It also offers a degree of customization, allowing users to adjust the arrow size and color to suit their preferences. There’s a built-in Relative Strength Index (RSI) filter, which is a handy tool for identifying overbought or oversold conditions in the market.

Wick Length Settings

Another unique aspect of the Pinbar MT5 is its feature to set the Minimum Percent of Wick (or Tail) Length over the full bar length. This feature is recommended to be set at 60%, 70%, or 75% to optimize the identification of the Pin bar pattern.

Alert Options

The software also comes with various alert options, including Popup, Email, Push Notification, and Sound. It’s worth noting that the popup alert must be deactivated when using the sound alert. These alerts are configurable in the Tools/Options/Notifications and Tools/Options/Email tabs respectively. Sound files can be located in the Metatrader installation folder, under the Sounds folder.

RSI Filter

The built-in RSI filter in the Pinbar MT5 software is a handy feature that helps traders filter out less promising signals. The RSI filter can be toggled on and off and its parameters can be adjusted according to the trader’s preferences.

Strategy Tester

Before purchasing, traders have the option to try out the software in the strategy tester. However, it’s important to note that the alert function doesn’t work in strategy tester mode.

FAQs

Can I Customize The Alert Options?

Yes, the software allows you to turn on and off the alert options as well as configure them to suit your trading needs.

Does The Software Have a Built-In RSI Filter?

Yes, the Pinbar MT5 software has a built-in RSI filter that can be toggled on and off, and its parameters can be adjusted according to the trader’s preferences.

Where Can I Test This Product?

Independent testing of this product can be viewed on the forexroboteasy.com website. Subscriptions for updates on the results of testing this product are also available on the website.

We invite readers to share their experiences of using this product. Remember, this is an independent product review and does not endorse or promote the product. It’s always best to thoroughly research and test any trading software before integrating it into your trading strategy.