There are a wide variety of indicators you can find and use with the MetaTrader trading platform. Some of these indicators are free and incredibly useful when it comes to profitability.

In this article, you will learn how you can use indicators to get alerts and notified when the pin bar or engulfing bar form and meet your criteria.

Best Free Indicators: Get The Best Free MT4 and MT5 Indicators

 

What is a Pinbar? 

Pinbar, which is short for “Pinocchio Bar”, is a price action pattern that clues traders in to potential reversals in the market. The pinbar has a small body and very large “tail” or “wick” rejecting price.

Read about the pin bar and other candlestick formations in our Candlestick Patterns guide.

Here is an example of a bullish and bearish Pinbar. 

 pinbar

 

What is an Engulfing Bar? 

Like its name suggests, it is a bar that “Engulfs” the previous bar. It can also engulf more than one previous candle, but to be considered as an engulfing bar at least one previous bar should be fully engulfed or consumed.

It might get a little confusing, but always remember that the engulfing bar has a higher high than the previous candle and a lower low.

Below is an example of a bullish and bearish engulfing bar. 

 MT4 Indicator

 

Before getting to the free indicators, you must know how to install and use them in MT4 and MT5.

 

MetaTrader 4 

NOTE: If you do not yet have the correct you can read about the best trading charts and the broker we recommend here.

 

Installing Indicators

To install indicators on MetaTrader 4, use these steps: 

#1: Download MT4

#2: On the upper left corner you will see the “File” button. Click this and select the “Open data folder” tab. 

#3: A folder should pop up on your screen. Navigate to the folder named “MQL4”. 

#4: After that, navigate to the folder named “Indicators”. 

#5: Drag and drop the indicators you want to install inside the indicators folder. This can be done through copy and paste or dragging straight into this location.

#6: Close the folder and the MetaTrader 4 platform 

#7: Open the MetaTrader 4 platform and the indicators should be installed and ready to use. 

Note: Make sure to restart MetaTrader 4 after installing your indicators

 

Applying Your Indicator on the Chart 

In order to apply and use the indicator on your chart, follow these steps: 

Step #1: First, select the pair you wish to use.

Step #2: Go to the “Insert” toolbar at the top of the platform. 

Step #3: Navigate to “Indicators” (if it is a custom indicator then you can find it in the custom tab). 

Step #4: Select your indicator. 

Step #5: If a menu pops up to configure options, follow the instructions given by the indicator creator.

Step #6: Make sure that the “Allow DLL imports” is checked and click ok.

Now, the indicator should be displayed on your chart

 

MetaTrader 5 

Installing Indicators

With MetaTrader 5, you can also follow the steps on the MetaTrader 4 step by step guide above. The difference here is the file format. The MetaTrader 5 indicator file should end with .mq5 or .ex5. 

Step #1: On the upper left corner you will see the “File” button. Navigate to it and select the “Open data folder” tab. 

Step #2: A folder should pop up on your screen. Navigate to the folder named “MQL5”. 

Step #3: Navigate to the folder named “Indicators”. 

Step #4: Inside the indicator folder you can add the indicators you want to install.

Step #5: Close the folder and the MetaTrader 5 platform 

Step #6: Open the MetaTrader 5 platform and the indicators should be installed and ready to use. 

Note: Make sure to restart MetaTrader 5 after installing your indicators

 

Applying your indicator on the chart 

In order to apply the indicator on your chart, follow these steps: 

Step #1: First, select the pair you wish to use.

Step #2: Go to the “Insert” toolbar at the top of the platform. 

Step #3: Navigate to “Indicators” (if it is a custom indicator then you can find it in the custom tab). 

Step #4: Select your indicator. 

Step #5: If a menu pops up to configure options, follow the instructions given by the indicator creator.

Step #6: Make sure that the “Allow DLL imports” is checked and click ok.

Now, the indicator should be displayed on your chart

 

 

Pinbar Indicator for MetaTrader 

Pinbar Indicator From ACB Forextrading for MetaTrader 4 

This pinbar indicator is free to download and use. This indicator depicts significant reversal points near support and resistance levels and is also a perfect indicator to use with swing trading strategies.

You can define minimum pinbar size in pips. Additionally, a dashboard is included to show some necessary values. 

Below is an image from abcforextrading.com showing the indicator in action;

 MT4 Pinbar Indicator

 

This pinbar strategy identifies and marks pinbar patterns on the chart, provides MT4 alarms with each new signal, draws SL, entry, profit target levels, and shows all necessary values on a dashboard.

There is also indicator input parameters. 

You can download the indicator for free at ABC Forex Trading

 

Pinbar Indicators For MetaTrader 5 

This indicator also includes entry and exit conditions, as well as indicator input parameters.
 MT4 / MT5 Indicator

This Pin bar indicator is free to download at MQl5 Indicators

 

Engulfing Bar Indicator for MetaTrader 

Engulfing Bar Indicator from ProfitF for MetaTrader 4 

This engulfing bar alert indicator from ProfitF.com is an MT4 indicator that will alert you when an outside bar / engulfing bar occurs.

Below is an image from the www.ProfitF.com website showing what it should look like when plotted on the chart.

Pinbar & Engulfing Bar Indicator

This indicator is free and can be downloaded at ProfitF Engulfing Bar Indicator

 

Premium Engulfing Bar Indicator MetaTrader 4 & 5 

This indicator can create an alert whenever an engulfing candle is found.

In general, alerts can either be a popup window in the MetaTrader terminal, email messages via Metatrader email or text messages via MetaTrader SMS alerts.

This indicator also displays graphically on the chart. You can download and use this indicator with both MetaTrader 4 and MetaTrader 5. 

 MT4 / MT5 Free Pinbar & Engulfing Bar Indicator

This Engulfing Bar indicator costs $42.50. You can get a copy for either MT4 or MT5 at ForexOp Engulfing Bar Indicator

 

Recap

In brief; these indicators can lead to far quicker trade detection times and will help you make sure you don’t miss any big winning trades.

Always remember that practice makes perfect. Make sure to test all new strategies and indicators on a free practice demo account before going live and work out if you can make them profitable within your trading.

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Pip Hunter
Pip Hunter

I hunt pips each day in the charts with price action technical analysis and indicators. My goal is to get as many pips as possible and help you understand how to use indicators and price action together successfully in your own trading.