If you are a price action trader, manually spotting important candlestick patterns can be time-consuming and error-prone. The My Price Action Indicator for MT5 simplifies this process by marking candles where significant price movements may occur.
This custom indicator highlights key candles with arrows above or below them, indicating potential buying or selling pressure. While these signals are informative, they should not be treated as independent buy or sell triggers and require careful interpretation alongside other analysis tools.
The indicator is based on candle shadows:
Long lower shadows – Indicate increasing buying pressure.
Long upper shadows – Indicate growing selling pressure.
The arrows on the chart provide a visual cue for potential price action but must be confirmed with consolidation areas or additional tools.
Use a 4-hour timeframe.
Set hightwick1 = 50 and hightwick2 = 25.
Set lowtwick1 = 50 and lowtwick2 = 25.
Look for price consolidation areas.
Identify a candle with a pink arrow below it labeled NLB.
Enter a long position with a stop-loss below the shadow.
Exit when a green arrow labeled NLS appears above the candle.
Use a 4-hour timeframe.
Set hightwick1 = 50 and hightwick2 = 25.
Set lowtwick1 = 50 and lowtwick2 = 25.
Look for price consolidation areas.
Identify a candle with a green arrow above it labeled NLS.
Enter a short position with a stop-loss above the shadow.
Exit when a pink arrow labeled NLB appears below the candle.
Automates pattern detection – Reduces manual effort in spotting candlestick patterns.
Visual signals – Clear arrows marking key price action points.
Suitable for MT5 traders – Works seamlessly on MetaTrader 5.
Enhances price action trading – Helps identify buying and selling pressure efficiently.
Flexible strategy integration – Can be combined with trendlines, support/resistance, or other indicators.
Always confirm signals with other technical tools.
Backtest strategies before using them on a live account.
Use proper risk management, including stop-loss and take-profit levels.
Focus on consolidation areas to increase the probability of success.
The My Price Action Indicator MT5 is a valuable tool for traders seeking to identify potential price action without manually scanning charts. It helps spot buying and selling pressure, streamlines decision-making, and complements other trading strategies.
Download the My Price Action Indicator for MT5 on IndicatorForest.com and improve your candlestick pattern trading today.
Published:
Nov 26, 2025 01:38 AM
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