The Price Action Patterns Scanner MT4 Indicator is a powerful tool that identifies and displays the seven most common price action candlestick patterns on the price chart. This indicator can significantly improve your trading strategy by allowing you to quickly recognize and respond to key patterns in the market. In this article, we will discuss the features and benefits of the Price Action Patterns Scanner MT4 Indicator and provide guidance on how to effectively use it in your Forex trading.
Recognizing Common Price Action Patterns
The Price Action Scanner MT4 Indicator is designed to recognize the following seven common candlestick patterns:
- Pin bar
- OVB (Outside Vertical Bar)
- TBH (TBL) (Two Bars High/Low)
- DBHLC (DBLHC) (Double Bar High Low Close)
- PPR (Piercing Pattern)
- WRB (Wide Range Bar)
These patterns are essential to understanding market trends and potential reversals, making them invaluable for successful Forex trading.
Customizing the Price Action Patterns Scanner MT4 Indicator
The Price Action Patterns Scanner MT4 Indicator offers a range of customizable settings that enable you to optimize its performance for your specific trading strategy and market conditions. The indicator settings allow you to enable or disable the search for each of the seven patterns, providing flexibility and control over the patterns displayed on your chart.
In addition to pattern-specific settings, the “General Settings” menu offers several options for customizing the overall appearance and functionality of the indicator:
- Configure the depth of history from where the pattern search will be performed (0 – all available history) – “Number of History Bar to Display Patterns”.
- Enable or disable overlapping patterns – “Is Display Overlapped Patterns?”
- Enable or disable filling the rectangle with color – “Fill Rectangle by Color”
- Select the line style of the rectangle, if the fill is off – “Rectangle Line Style”
- Select the line thickness of the rectangle – “Rectangle Line Thickness”
Using the Price Action Patterns Scanner MT4 Indicator in Forex Trading
To effectively incorporate the Price Action Patterns Scanner MT4 Indicator into your Forex trading strategy, follow these steps:
- Install the Price Action Patterns Scanner MT4 Indicator on your trading platform.
- Adjust the customizable settings to optimize the indicator’s performance for your specific trading strategy and market conditions.
- Monitor the price chart for the appearance of the seven common price action patterns. These patterns will be displayed as rectangles on the chart, allowing you to quickly identify potential trading opportunities.
- Hover your mouse pointer over the edge of the rectangle to display a tooltip containing information about the pattern, such as its type (PPR, OVB, etc.), direction (BULL_TYPE or BEAR_TYPE), and the time of its formation. This feature enables you to quickly and easily interpret the patterns displayed on your chart without cluttering the screen with unnecessary information.
- Use the recognized patterns as a basis for making informed trading decisions. For example, you may decide to enter a long position when a bullish pattern is identified, or exit a short position when a bearish pattern is detected.
The Price Action Patterns Scanner MT4 Indicator is an essential tool for any Forex trader looking to enhance their trading strategy by recognizing and responding to key market patterns. By identifying the seven most common price action candlestick patterns and providing a range of customizable settings, this indicator offers valuable insights into market trends and potential reversals. By incorporating the Price Action Patterns Scanner MT4 Indicator into your trading strategy, you can make more informed trading decisions and improve your overall success in the Forex market.
Features of Price Action Patterns Scanner MT4 indicator
- Platform: Metatrader 4
- Ability to change settings: Yes
- Timeframe: any from 1 Minute to Daily
- Currency pairs: any
In PriceAction_Scaner.zip file you will find:
Download Price Action Patterns Scanner MT4 indicator for free: