The Price Action Pattern Scanner Forex indicator for MT4 identifies 7 price action patterns on the trading chart and works on any time frame.
It scans the market for: double bar higher and lower close pattern, two bars high and low pattern, rail strong trend pattern, bullish & bearish OVB pattern, reversal pivot point pattern, pin bars and wide range bar patterns.
All trading patterns found appears on the main chart as colored rectangles.
Please explore the indicator’s inputs for full explanation and color scheme.
After you downloaded and installed the indicator on the MT4 trading platform, it should look like the image as shown below.
- Price action
- No lag indicator
- Beginner friendly
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as a simple buy/sell entry confirmation tool.
Indicator Example Chart
The EUR/USD 1-hour chart below shows the Price Action Pattern Scanner indicator in action.
Basic Trading Signals
Signals from the Price Action Pattern Scanner Forex indicator for Metatrader 4 are easy to interpret and goes as follows:
- Open a long trade when a bullish price action pattern rectangle appears on the chart and the overall trend is upward.
- Place stop loss below the previous swing low level.
- Exit the buy trade at a fixed take profit target or wait for a bearish price action pattern.
- Open a short trade when a bearish price action pattern rectangle appears on the chart and the overall trend is downward.
- Place stop loss above the previous swing high level.
- Exit the sell trade at a fixed take profit target or wait for a bullish price action pattern.
Download This Forex Indicator
Adjustable Parameters & Settings
Number of history bars, fill rectangle color, line thickness, display DB patterns, display TB patterns, display rails pattern, display OVB pattern, display PPR patern, display pin bar, display WRB pattern
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: works on any time frame
Indicator Type: Price action
How to install the Price Action Pattern Scanner indicator in Metatrader 4?
- Copy and paste the PriceAction_Scaner.ex4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove the indicator from the chart?
- Right click in the chart
- Select indicators list
- Click on the indicator’s name
- Click on the delete button