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Price Action Scanner Forex Indicator Free Download for MT4
The Price Action Scanner for MT4 shows trend reversals and their continuation. The Price Action Screener indicator generates price patterns on all mt4 timeframes of the Metatrader interface.
We should also consider the importance of price action meaning and timelines before using them. The input signal will be more accurate because the forex market noise will be taken into account less and the time frame will be longer.
The Work and Purpose of the Price Action Scanner Indicator
Price Action Scanner is a free MT4 indicator that analyzes the chart of the selected asset and automatically plots specific price patterns (setups) on there.
See Also : RP MT4 Trend Finder Indicator
The indicator includes a total of 7 price action patterns:
DBHLC and DBLHC Patterns.
These are Double Bar Highs Lower Closes & Double Bar Loes Higher Closes or bullish-bearish patterns.
Typically, bullish and bearish patterns occur within a strong trend and indicate that the trend will continue.
TBH&TBL
This is a pattern (two bars high and two bars low) or two bars with the same high/low price. This happens when two candlesticks with the same high/low of the shadow appear on the chart.
This pattern can be seen at extreme prices when another trend takes its place.
In this case, the trend indicates that buyers do not have the power to move their business further.
RAIL Chart Pattern
It usually gives signals of a strong trend. Depending on its position on the chart, it acts as a trend completion or continuation pattern.
Candlesticks should be long and have a short shadow.
Such a candlestick pattern shows the high activity of forex market participants. If so, the trading signals may be more reliable.
OVB (bullish and bearish) or engulfing pattern.
The pattern consists of two candles. The second candle has a lower opening and a higher close (for a Buy trend; the opposite is true for a Sell trend) than the first candle.
Hence, the pattern is called engulfing / visually, the body of the second candle completely engulfs the first candle (not taking into account its shadow).
The PPR (Reversal Pivot Point)
This formation consists of three candlesticks.
Usually, the pattern points to potential points of a trend reversal rather than its continuation.
In this case, the candle of the third chart did not close below the low or high of the second candle but reached a new extreme.
Pin Bar Pattern
A pin bar looks like a candlestick with a long shadow and its opening and closing prices are close together.
This pattern often acts as a trend reversal signal. Due to its ease of use and efficiency, it is quite common for price action trading.
WRB (Wide Range Bar) Pattern.
WRB highlights two bullish/bearish candles simultaneously.
This pattern usually forms when a retracement is complete and signals a resumption of the main trend.
When using this pure price action indicator for the first time, you will need to take some time to customize its settings.
See Also : MTF MACD Forex Indicator
Bottom Line
The candlestick price action Scanner Indicator can be a valuable addition to your advanced price action trading system.
The indicator draws shapes on all timeframes, which makes it more popular.
So no matter what approach you take in trading (oscillator trading, scalping trading, day trading, or long term trading) the chart will always show promising trading situations profit.
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