Pin bars belong to the most high probability reversal candlestick patterns which exist.  Both bullish and bearish pin bars have a long wick and a very short body.

A bullish pin bar should have opening and closing levels as close to the wick high as possible. Whether a close higher than the opening is ideal but of secondary importance. Look for the appearance of a bullish pin bar after a prolonged market decline. A pattern confirmation requires the following close to be higher than the close of the pin bar. A protective stop should be placed a few pips below the wick low of the bullish pin bar.

A bearish pin bar should have opening and closing levels as close to the wick low as possible. A close lower than the opening is ideal but of secondary importance. Look for the appearance of a bearish pin bar after a prolonged market advance. A pattern confirmation requires the following close to be lower than the close of the pin bar. A protective stop should be placed a few pips above the wick high of the bearish pin bar.

Metastock Formula for Pin Bars

Bullish Pin Bar Metastock Code to be placed in Expert Symbol Editor:

fakt:=3;

Abs(C-O)*fakt <(H-L) AND Abs(H-C)*fakt <(H-L) AND C<Ref(c,-1)

Bearish Pin Bar Metastock Code to be placed in Expert Symbol Editor:

fakt:=3;

Abs(C-O)*fakt<(H-L) AND Abs(L-C)*fakt <(H-L) AND C>Ref(C,-1)