Best Price Action Indicators for MT4 and MT5
Why do we need Price Action indicators? What are the indicators of Price Action patterns? Where can I download Price Action indicators for free? The answers to these questions you get in this article.
Good day! In the last article we wrote that Price Action is a non-indicator trading system and trading It is conducted on the bare graph. Therefore, you may have a reasonable question: what indicators can be in Price Action? Everything is simple here, if you have already mastered this trading system and easily find the Price Action patterns on the chart, then you do not need these indicators. And if you only get acquainted with this method of trading on Forex, and it is difficult for you to identify candlestick patterns on the chart, then Price Action indicators can be very useful for you in the first pairs. Today you will learn what the Price Action patterns are, and you can download them for free.
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MTF group indicators - only high-quality signals
MTF indicators help identify Price Action patterns on a chart. They work on any timeframes and currency pairs. To install them in the MT4 trading terminal, you need to download MTF indicators, unpack the archive and load the MQL4 folder through the File - Open data catalog in the trading terminal.
Then you need to restart the trading terminal and, through Insert - Indicators - Custom, find the indicator of your interest and run it on the currency pair chart.
There are three indicators in the MTF group:
- MTF_PB_SCAN - Pin-bar pattern detection on the chart;
- MTF_OB_SCAN — determination on the Graph of the Absorption Model;
- MTF_IB_SCAN - definition of the Internal bar pattern on the chart.
Despite the fact that of all the variety of Price Action patterns, only three candlestick pattern recognition is used here, the MTF indicators work very well. They highlight Price Action patterns using arrows, and also display timeframes with currently relevant signals on the information panel in the left corner of the screen. So you do not have to install a large number of indicators on different timeframes. All signals MTF indicators will be in front of you.
For all three MTF indicators, similar settings apply:
- barsback - the number of last bars to determine Price Action patterns;
- arrows - enable / disable arrows when Price Action signals appear;
- arrowsize - the size of the arrows;
- beararrow and bullarrow - color for bear and bull arrows;
- paintbar - enable / disable backlight for Price Action patterns;
- barthickness - the level of transparency when highlighting patterns;
- bearishcol and bullishcol - the color of candle lighting for bear and bull patterns;
- alarm - turn on / off the sound notification when a signal appears;
- sound - an audio file for playing a sound alert when a signal appears. The sound file should be uploaded to the Sounds folder in MT4, and in the settings you should specify its name and extension, for example, Track.mp3;
- alert - enable / disable text alert when a signal appears;
- m1, m5, m15, etc. — disables the search for patterns for specified timeframes;
- dist - the distance between the squares in the information panel;
- oX, oY - indents for the information panel.
Free download MTF indicators for MT4
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CPI indicator - more than 30 candlestick patterns
Candlestick Pattern Indicator is more suitable for defining classical candlestick patterns than for Price Action patterns . However, if we take into account the fact that many of the Price Action patterns appeared due to traditional candlestick patterns, the CPI indicator is quite suitable for its own purposes. For example, the Shooting Star is nothing but a bearish Pin Bar. In the archive with the CPI indicator you will also find a PDF file with a description of more than 30 candlestick patterns used in this indicator. The Candlestick Pattern Indicator is installed in the same way as the MTF, see above.
The CPI indicator displays the names of candlestick patterns in Russian and indicates the direction of the transaction. If the model is trading in both directions, then it will indicate both arrows - up and down. You should remember that the CPI indicator does not take trading decisions for you, but helps you determine which model the candle combinations belong to. Also, do not forget about the support / resistance levels . Without reliance on the level candlestick models lose their power. The CPI indicator does not redraw and can be used on any timeframes.
Candlestick Pattern Indicator has the following settings:
- ShowStrongReversalPatterns - enable / disable strong reversal patterns;
- ShowWeakReversalPatterns - enable / disable weak reversal patterns. They are best used in combination with other signals on timeframes above H1;
- ShowContinuationPatterns - enable / disable trend continuation patterns;
- ShowUnclassified - enable / disable minor patterns;
- View-Bars - the number of recent bars to determine candlestick patterns. For H1, the default is 350;
- SellColor - the color of the arrows for the bearish trend (red by default);
- BuyColor - the color of the arrows for the bull trend (the default is green);
- TextColor - the color of the label with the name of the pattern;
- Sound-or-Email-Alert - a sound signal when a pattern appears.
The CPI indicator has proven itself to trade on timeframes from M15 to H1 and higher. When choosing currency pairs, it is better to choose those assets that show few signals, ideally there should be at least 15-20 bars between signals.
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PA Oscillator Indicator - Confirmation of Price Action Patterns
The PA Oscillator indicator does not show patterns on the chart, but it can be used to filter Price Action signals. The oscillator consists of green (bullish trend) and red (bearish) columns. We are interested in the intersection of these columns with the zero line. If the Price Action pattern has been formed, which has a support in the form of a support level, and the first column of green color appeared on the PA Oscillator histogram, then the entry into the purchases can be considered. If the Price Action pattern has been formed, having a support in the form of a resistance level, and the first column of red color has appeared on the PA Oscillator histogram, then we can consider entry into sales.
This is what PA Oscillator looks like in combination with the CPI indicator:
The PA Oscillator indicator has the following settings:
- Email Alert - enable / disable email alerts;
- Sound Alert - enable / disable sound alerts;
- Number of bars - the number of bars in the history to display the PA Oscillator indicator.
The PA Oscillator indicator cannot filter all false signals, but it shows good results on the H4 and higher timeframes and can improve the trading results of your system.
Free download PA Oscillator indicator for MT4
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Price Action Dashboard Indicator - Three Strong PA Patterns
Price Action Dashboard is another interesting indicator for searching for Price Action patterns. As in the MTF indicator group, Price Action Dashboard also uses only the three strongest patterns:
- Pin Bar;
- Absorption model (Vertical bar);
- Double bar (DBHLC and DBLHC).
The setting for Price Action Dashboard is the same as for all indicators, see above.
The Price Action Dashboard indicator is notable for the fact that under the graph there is an information panel that displays all the signals of Price Action patterns for the currency pairs and timeframes selected in the settings. Therefore, there is no need to install the Price Action Dashboard indicator on all currency pairs. It is enough to install the indicator on a single instrument and, when a signal appears, with one click of the mouse move to the desired asset. In this case, the signal setup on the chart will be indicated by a smiley with the name of the pattern.
In the settings of the Price Action Dashboard indicator there are a lot of parameters that can be changed. Consider the most important of them:
- Symbols - a list of currency pairs for which Price Action patterns are searched. By default, there are only three currency pairs - EURUSD, GBPUSD and USDJPY. You can manually set up the tools that you will use in trading, and this can be not only currency pairs, but also gold, cryptocurrency , CFD contracts and other assets;
- M1 - MN Timeframe Enabled - enable / disable timeframes. If you do not want certain timeframes to be displayed in the information panel, you can disable them. By default, M1 - M15 and MN timeframes are disabled;
- Sort by and Sort Type are the sorting parameters in the table information panel.
Next come the settings for defining Price Action patterns. Changing them is not recommended unless you are an experienced trader.
When a new signal appears, you will receive a text and sound notification in the trading terminal.
In general, Price Action Dashboard is a good helper in PA trading with a user-friendly interface. He finds not so many patterns, but is quite suitable for starting a trade. Do not forget to filter trades using support / resistance levels, and then you will get a powerful trading tool.
Free download Price Action Dashboard for MT4
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MDZ Price Action - Level Indicator
MDZ Price Action indicator is no longer just an indicator, but a ready-made strategy of trading on release of horizontal levels and trend lines . Price Action patterns are also used here, but the main focus is on trading from levels. Even the MDZ indicator has no pattern settings, in the parameters you can turn off only unnecessary horizontal levels.
Let's take a closer look at what the MDZ Price Action indicator does:
- builds trend lines and horizontal levels on the chart, from which price reversals may occur;
- searches for Price Action patterns on a higher timeframe;
- displays information in the window about the state of the market on different timeframes.
The MDZ Price Action indicator can be used as an independent strategy, as well as an additional filter in combination with other Price Action indicators, which determine the location of patterns on the chart.
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Thus, Price Action indicators for MT4 are a success among novice traders. They will help you learn how to identify patterns on a chart. However, without your participation, profitable trading on the Price Action system is impossible. Do not take all the patterns in a row. It is necessary to choose only high-quality and beautiful Price Action patterns. And do not forget about the support / resistance levels , without them all your efforts will be reduced to zero. In addition, it should be remembered that the signals on timeframes from H4 and higher are more accurate and profitable.
Read also the article "The best Forex indicators for MT4" .