Price Action Scanner Forex MT4 Indicator Download

Trend reversals and their continuance are shown by the Price Action Scanner forex indicator for MT4.

On all of the forex MT4 timeframes, the price Action Scanner indicator generates price patterns. Timelines should only be used after careful consideration of their significance. Less forex market noise will be taken into account, and the longer the timeframe, the more exact the entry signals will be.

Working and purpose

The free MT4 indicator Price Action Scanner analyzes the chart of the chosen asset and automatically plots particular price patterns (setups) on it.

There are a total of 7 Price Action patterns in the indicator:

DBHLC & DBLHC pattern.

This is a bullish/bearish setup (Double Bar Lows Higher Close & Double Bar Highs Lower Close). Bullish and bearish setups typically occur during a strong trend and signal the continuation of that trend.

TBH&TBL

Two bars with the same high and low price are known as a “Two Bars High & Two Bars Low” pattern. It happens when two candlesticks with identical shadow highs and lows emerge on the chart. When one trend is replaced by another, this pattern can be seen at the price extremes.

The pattern in this instance suggests that purchasers lack the power to increase their activities.

RAIL’S pattern.

It typically sends indications when there is a strong trend. It functions as a trend continuation or trend completion pattern depending on where it is located on the chart.

Long candlesticks with brief shadows are required. A set of candlesticks in this arrangement shows that traders on the forex market are quite active. If so, trade signals may be more trustworthy.

OVB pattern (Bullish pattern & Bearish pattern) or engulfing.

Two candlesticks make up the template. In comparison to the first candlestick, the second one has a lower opening price and a higher closing price (for the Buy trend; the converse is true for the Sell trend). As a result, the pattern is known as engulfing because, when seen without taking into account its shadows, the second candlestick’s body entirely engulfs that of the first.

PPR (Reversal Pivot Point) pattern or reversal point.

There are three candlesticks in this arrangement. Instead than signaling the continuation of the trend, the pattern typically shows potential turning moments.

In this instance, the third chart candlestick reaches a new extreme rather than closing below the low or above the high of the second candlestick.

Pin-Bar pattern or pin-bar

A pin bar has opening and closing prices that are quite close to one another and has the appearance of a candlestick with a long shadow. This pattern frequently serves as a hint for trend reversal. It is widely used and effective among participants in the forex market.

WRB (Wide Range Bar) pattern or widening bar.

Two bullish or bearish candlesticks are simultaneously highlighted by WRB. The pattern frequently appears after the retracement move has ended and denotes the continuation of the main trend.

You must spend some time setting up the indicator’s parameters before using it for the first time.

Conclusions:

Eventually, the Price Action Scanner indicator may prove to be a useful addition to your Forex trading strategy.

The indicator generates forms across all timeframes, making it more universal. Therefore, the chart will always show trading opportunities with the potential for profits, regardless of the style of trading you employ (swing trading, scalping, intraday trading, or long-term trading).