My Price Action is a free mt4 (Metatrader 4) price action Forex indicator that provides powerful candlestick trading information on the chart.
It analyzes the high and low wicks for all candlesticks and then plots the information above or below the actual candlestick.
The indicator appears in the main MT4 chart window and is very reliable, lightweight, and will not slow down your trading platform.
The indicator works equally well on all currency pairs (majors, minors, and exotic) and shows promising results if used correctly.
Free Download
Download the “MY PRICE ACTION.mq4” indicator for MT4
Indicator Chart (EUR/USD H1)
The picture below shows the My Price Action indicator in action on the trading chart.
After you have downloaded and installed the indicator (mq4 or ex4 format) to the trading platform, it should look like the image as shown above.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the My Price Action Forex indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Indicator type: Trend analysis
Repaint? No.
Price Action + Tether Line Indicator Forex Trading Strategy (M1 to H1)
This strategy combines the My Price Action Forex Indicator for MT4 with the Tether Line Forex Signals Indicator for MT4.
The first indicator scans candle wicks and plots signals above or below candlesticks based on high/low wick behavior.
The second draws a red line to indicate buy conditions and a blue line to indicate sell conditions.
Together, they can help you scalp from M1 up to H1 by focusing on reversal opportunities backed by wick action and trend pressure.
Why This Strategy Works
Wicks often reveal rejection of price levels: long upper wicks suggest selling pressure, long lower wicks hint at buying interest.
The My Price Action indicator highlights these rejections visually.
Meanwhile, the Tether Line gives a directional bias via its red (buy) and blue (sell) lines.
When both agree, you get a high-probability trade: a wick signal confirming a rejection, plus trend bias from Tether Line.
Buy Entry Rules
- On your chosen timeframe (M1, M5, M15, M30, H1), wait for a lower wick signal from My Price Action.
- It should plot below a candlestick, indicating that the price was rejected downward.
- Check that the Tether Line indicator is showing a red line (buy bias) at or just before that moment.
- Enter a buy trade at the open of the next candle after both signals align.
- Set stop loss a few pips below the bottom of the wick or recent swing low.
- Take profit when either a blue line appears on the Tether Line (sell signal)
- Or when the price reaches a nearby resistance level (e.g., prior high) or a risk-reward target (1:1 or 1:2).
Sell Entry Rules
- Wait for an upper wick signal from My Price Action: it plots above a candlestick, indicating rejection above.
- Confirm that the Tether Line is showing a blue line (sell bias) around that moment.
- Enter a sell trade on the open of the next candle after both signals match.
- Set stop loss a few pips above the wick top or recent swing high.
- Take profit when a red line (buy) appears on the Tether Line
- Or price reaches a nearby support (prior low) or your target (1:1, 1:2, etc.).
Advantages
- Combines price rejection (wicks) with trend bias (Tether Line) for stronger setups.
- Flexible across fast timeframes (M1) up to H1, depending on your speed and style.
- Helps to avoid chasing — you trade only when both indicators align.
- Easy visual signals reduce hesitation and overthinking.
- Scalable: use tighter stops/smaller targets on M1/M5, and wider ones on M30/H1.
Drawbacks
- During strong trends, wick rejections can be weak or misleading.
- Lots of “signal noise” on very low timeframes — false rejections may trigger poor trades.
- Requires quick decision-making and strict discipline, especially on M1/M5.
- Spread and slippage can eat profits on short moves in fast pairs.
Case Study 1: EURUSD M5
On the EURUSD in a 5-minute chart, the price fell and created a long lower wick at a support cluster.
The My Price Action indicator plotted a rejection signal below that candle.
At the same time, the Tether Line indicator had a red line (buy bias) already in place.
We entered a buy at the next candle’s open with a stop loss just below the wick’s low.
Price rallied swiftly upward.
We banked profit when a blue line (sell) appeared on the Tether Line, capturing around +12 pips in under 10 minutes.
The confluence of wick rejection + buy bias gave a clean, low-risk entry.
Case Study 2: GBPUSD H1
On the GBPUSD hourly chart during range conditions, the price approached resistance and formed an upper wick rejection.
The My Price Action indicator marked that rejection above the candle.
Right before that, Tether Line turned to blue (sell bias).
We entered a sell at the next candle open, placing a stop above the wick high.
The market retraced downwards over several hours.
The trade was closed when a red line (buy) appeared on the Tether Line.
The move captured about 35 pips, showing how the method can also work on higher scalping ranges when momentum cooperates.
Strategy Tips
- Start with higher timeframes (M5 or M15) until you are confident with M1 conditions.
- Prefer trades where the wick touches a recent support/resistance level — those rejections carry more weight.
- Avoid trading just when major economic news is released — wick signals may get false spikes.
- Use a risk-reward ratio of at least 1:1, preferably 1:1.5 or 1:2 on stronger setups.
- Consider scaling out partially — take some profit at the first sign of reversal, and let the rest run until Tether flips.
- Backtest this on various pairs to find which ones respond best (often majors with tight spreads).
- Be disciplined: skip weak rejections or signals that are far from structural levels — only the sharpest wicks count.
Download Now
Download the “MY PRICE ACTION.mq4” indicator for Metatrader 4
