By default, MetaTrader 4 (MT4) does not include indicators designed for Price Action chart analysis. Traders who rely on pure market price to make decisions often face a gap in MT4’s native toolset. The Price Action Scaner indicator addresses this limitation by automatically identifying and plotting key candlestick patterns on any chart, helping traders recognize potential trading setups without relying on standard technical indicators.
Price Action analysis focuses solely on market prices to identify trends, reversals, and potential breakout points. Unlike traditional technical indicators or Expert Advisors (EA), which process price and volume data to generate signals, Price Action prioritizes candlestick formations.
Using Price Action Scaner allows traders to:
Detect key bullish and bearish patterns automatically.
Enhance decision-making without cluttering charts with multiple indicators.
Adapt analysis to multiple trading styles, including scalping, swing, and intraday trading.
This approach is particularly useful for Forex trading, where understanding market psychology and price behavior is critical for consistent results.
The Price Action Scaner is a free MT4 indicator that highlights important candlestick patterns on all timeframes. By analyzing market price directly, it plots setups that indicate potential trend continuations or reversals. Key features include:
Multi-Timeframe Support: Works on all MT4 timeframes; higher timeframes reduce market noise for more reliable signals.
7 Price Action Patterns: The indicator detects seven essential formations commonly used by traders:
(Double Bar Lows Higher Close & Double Bar Highs Lower Close) – Formed by two candlesticks with equal lows/highs and a higher/lower closing price on the second bar. These patterns indicate bullish or bearish continuation in strong trends.
(Two Bars High & Two Bars Low) – Occurs when two candlesticks share the same high or low. Often signals trend shifts or trend exhaustion at price extremes.
Signals strong trend continuation or potential trend completion, depending on candlestick positions. Long candlesticks with short shadows indicate high market activity, enhancing signal reliability.
Consists of two bars where the second candlestick fully engulfs the first (ignoring shadows). Bullish or bearish setups suggest strong reversal or continuation opportunities.
Formed by three candlesticks and indicates potential trend reversal points rather than continuation. Useful for spotting early trend changes.
Characterized by a long shadow with opening and closing prices close together. Pin bars are widely recognized as reliable trend reversal signals.
Highlights two significant bullish or bearish candlesticks, signaling retracement completion and resumption of the major trend.
To get the most out of Price Action Scaner:
Combine it with other indicators or trading systems to confirm signals.
Customize the indicator parameters when using it for the first time to suit your trading style.
Focus on higher timeframes for cleaner, more reliable signals and lower false positives.
The indicator is suitable for swing trading, scalping, intraday, or long-term trading, making it versatile for almost any trader.
The Price Action Scaner MT4 indicator is an invaluable tool for traders who want to incorporate price action analysis without manually spotting candlestick patterns. By automatically highlighting key formations across all timeframes, it simplifies chart analysis and increases the likelihood of profitable trades. This free indicator can complement any Forex trading strategy, making it a must-have for both beginner and experienced traders.
Visit IndicatorForest.com to download the Price Action Scaner and enhance your MT4 trading system today.
Published:
Nov 27, 2025 00:35 AM
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