The term 'Pin Bar' actually comes from Pinocchio bar, rather than the fact it looks like a pin. If you look from above at that lying motherf*cker Pinocchio's head his nose sticks right out. This finds that kind of price action, so there aren't that many signals but the ones that you see are strong and actionable. In my opinion this is the way signals should work. This indicator also has alerts built in, so add some alerts to your favourite daily chart
and you should do well. Enjoy!
These are also know as hammers and hanging man
candles. If you're looking for bars that look like pins there are plenty of other indicators already in the library.