The Price Action Pattern Scanner Forex indicator for MT4 identifies 7 price action patterns on the trading chart and works on any time frame.
It scans the market for: double bar higher and lower close pattern, two bars high and low pattern, rail strong trend pattern, bullish & bearish OVB pattern, reversal pivot point pattern, pin bars and wide range bar patterns.
All trading patterns found appear on the main chart as colored rectangles.
Please explore the indicator’s inputs for full explanation and color scheme.
Key Features
- Price action
- No lag indicator
- Beginner friendly
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as a simple buy/sell entry confirmation tool.
Free Download
Download the “PriceAction_Scaner.ex4” MT4 indicator
Trading Chart
The EUR/USD 1-hour chart below shows the Price Action Pattern Scanner indicator in action.
Basic Trading Signals
Signals from the Price Action Pattern Scanner Forex indicator for Metatrader 4 are easy to interpret and go as follows:
BUY:
- Open a long trade when a bullish price action pattern rectangle, appears on the chart and the overall trend is upward.
- Place stop loss below the previous swing low level.
- Exit the buy trade at a fixed take profit target or wait for a bearish price action pattern.
SELL:
- Open a short trade when a bearish price action pattern rectangle, appears on the chart and the overall trend is downward.
- Place stop loss above the previous swing high level.
- Exit the sell trade at a fixed take profit target or wait for a bullish price action pattern.
Download Now
Download the “PriceAction_Scaner.ex4” MT4 indicator
Price Action Pattern + ATR Strategy for Smart Entries
The Price Action Pattern Scanner Indicator MT4 identifies powerful candlestick patterns across multiple charts and timeframes.
By combining this with the Average True Range (ATR), you can build a rule-based trading strategy that adapts to market volatility and provides more dynamic trade management.
Chart Setup
- Indicator 1: Price Action Pattern Scanner Indicator MT4
- Indicator 2: ATR (14) – for setting stop loss and take profit
- Timeframe: 1-hour (H1) or 4-hour (H4)
- Pairs: Major currency pairs with consistent volatility
Buy Setup
- A bullish price action pattern is detected by the scanner (e.g., pin bar, engulfing, morning star).
- Price is above the 50-period EMA (optional trend confirmation).
- Enter a buy position at the close of the confirmation candle.
Sell Setup
- A bearish price action pattern is detected by the scanner (e.g., shooting star, bearish engulfing, evening star).
- Price is below the 50-period EMA (optional trend confirmation).
- Enter a sell position at the close of the confirmation candle.
Stop Loss and Take Profit (Using ATR)
- Stop Loss: 1.5 × ATR(14) from the entry price in the opposite direction of the trade.
- Take Profit: 2.5 × ATR(14) or next significant support/resistance level.
Additional Trading Tips
- Avoid trading during major economic news releases—use a news indicator to filter such periods.
- Look for patterns forming at key price levels such as previous highs/lows or round numbers.
- Use multiple time frame analysis—confirm that the higher timeframe supports your trade direction.
Adjustable Parameters & Settings
Number of history bars, fill rectangle color, line thickness, display DB patterns, display TB patterns, display rails pattern, display OVB pattern, display PPR pattern, display pin bar, display WRB pattern
Feel free to explore the indicator’s different parameters and settings to create your personalized indicator setup.
More Info About This Indicator
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: works on any time frame
Indicator Type: Price action
How to install the Price Action Pattern Scanner indicator in Metatrader 4?
- Copy and paste the PriceAction_Scaner.ex4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
