The Price Action MT4 indicator is a must have trading tool for every price action forex trader.
This indicator show a lot of useful price action information on the activity chart (take a look at the Euro/U.S dollar 15 minute chart screenshot below).
1. Mini Dashboard
The mini dashboard contains the following information:
Currency pair name, the current quote, spread, point value, daily range, weekly range, candlestick pattern for the daily/weekly/monthly chart.
2. Trading Sessions
Shows the current and past trading sessions painted in different colors (U.S session, Asian session, London session)
3. Trend Lines
Shows all kind of trend lines on the chart including major trend lines and minor trend lines.
4. Fibonacci Retracement Levels
Shows the Fibonacci retracement levels for the daily, weekly and monthly timeframe’s on any chart.
5. Stop Hunting Zones
Show the possible stop hunting zones for buy and sell trades. Keep an eye on it.
This price action forex indicator can be fully modified from the indicator’s input menu.
The EUR/USD M15 chart below displays the Price Action forex indicator in action.
Basic Trading Signals
The Price Action indicator can be used in a lot of different ways. A few examples…
It can be used to trade the major trend lines: buy when an upper major trend line has been broken or sell when price falls below a lower major trend.
Use it to trade the most important Fibonacci retracement levels such as the 38.2% level.
During up trending markets, wait for a pull back to the 38.2% retracement level and look to buy around this level.
Conversely, during down trending markets, wait for a rally back to the 38.2% retracement level and look to sell around this level.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (Show key Levels, Show Major Trendlines, Show Minor Trendlines, Show Weekly Fibo Retracement, Show Daily Fibo Retracement, Show Monthly Fibo Retracement, Show Sessions, Show Currency Info) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Price Action
Copy and paste the price-action-indicator.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)