The attached indicator that detects and pinpoints in our chart “pin-bar”-type price action formation (Pinocchio).
It shows upwards and downwards pin-bars. It has a built-in sound alarm, which lets us know when the formation appears on the chart. It works with different time intervals. Here is an example of the pin-bar’s denotation:
An alarm example:
The indicator does not work perfectly, so it is useful to thoroughly analyze the chart on your own to make sure that no interesting pin-bars have been omitted.
It should be said that the indicator itself is not a sufficient signal and we should also take into consideration other indicators, as well as the market’s condition. We recommend choosing pin-bars with a sufficiently large wick which leans on SR lines (support and resistance) and analyzing the trends. An additional ZigZag-type indicator proves helpful; we recommend the version featured here. This indicator searches for highs and lows by showing support and resistance levels. When the indicator leans on Fibonacci’s levels at the same time, the probability of success is higher.