Price Action Scaner Indicator

By default, MT5 lacks native tools for analyzing charts using pure price action methods. For traders who rely on market price itself—rather than oscillators, moving averages, or trading robots—the Price Action Scanner provides a free and powerful solution. It scans charts for critical price patterns, helping traders identify high-probability trade setups across multiple timeframes.

Why Use Price Action Analysis

Price Action is a trading methodology that uses only the market price to make decisions. Traders analyze price movements, patterns, and candlestick formations to determine market direction. Unlike traditional technical analysis—which relies on indicators and automated systems—Price Action emphasizes the natural movement of price as the primary signal.

Advantages of Price Action analysis include:

Clear visualization of market trends

Reduced reliance on lagging indicators

Compatibility with any trading style (scalping, swing, intraday, long-term)

Although MT5 offers numerous technical indicators, it provides almost no Price Action tools, which is where the Price Action Scanner comes in.

Price Action Scanner Indicator Features

The Price Action Scanner is a free MT5 indicator designed to automatically detect key price patterns on a selected chart. Key capabilities include:

Works on all timeframes, from M1 to Daily

Highlights 7 essential Price Action patterns:

DBHLC & DBLHC – Double bar highs/lows with higher/lower closes (bullish/bearish setup)

TBH & TBL – Two bars with identical high or low

RAIL pattern – Trend continuation setup

OVB – Bullish and bearish engulfing patterns

PPR (Point of Reversal) – Pivot point pattern

Pin Bar – Key reversal candlestick

WRB (Wide Range Bar) – Widening bar pattern indicating volatility

Automatic plotting: Patterns are drawn directly on the chart for instant analysis

Timeframe prioritization: Higher timeframes reduce market noise, increasing reliability of signals

How to Use the Price Action Scanner

Install the Indicator in your MT5 terminal

Select the asset chart and timeframe

Observe patterns highlighted by the indicator

Combine detected patterns with other technical tools or your main trading system for higher probability trades

Adjust the parameters initially to suit your trading style and risk tolerance

Using the Price Action Scanner ensures that traders never miss potential setups, whether they are scalping, day trading, swing trading, or investing long-term.

Benefits of the Price Action Scanner

Universal for all timeframes and trading styles

Detects high-probability price action patterns automatically

Reduces time spent analyzing charts manually

Works seamlessly with other indicators for confirmation trades

Free and easy to set up for MT5 users

This makes it a valuable addition to any Forex trader’s toolkit, especially for those focusing on price-based strategies rather than indicator-heavy systems.

Conclusion

The Price Action Scanner MT5 is a free, versatile indicator that enhances any trading strategy by automatically identifying key price action patterns. By analyzing charts across multiple timeframes, it helps traders make informed trading decisions and spot profitable opportunities. Whether you are scalping, swing trading, or investing long-term, this indicator is a practical addition to your MT5 setup.

For more Forex tools and indicators, visit IndicatorForest.com to download the Price Action Scanner and elevate your trading strategy today.