The BOLA Price Action indicator for mt4 (Metatrader 4) works on pure price action and can be used for both trade entries and exits.
The indicator appears in a separate MT4 chart window as colored price action signal bars.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “Price action.mq4” indicator for MT4
Indicator Chart (EUR/USD H1)
The picture below shows the BOLA 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 BOLA 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.
BOLA + Non-Lag AMA Forex Scalping Strategy
This MT4 scalping strategy merges the fast, bar-based signals from the BOLA Price Action Indicator with trend confirmation via the Non-Lag AMA Indicator.
The idea is simple: only take bar signals that agree with the underlying trend line.
This helps filter false signals and improves hit rate for short intraday moves.
This method works best on low timeframes, such as M5 and M15, and on liquid pairs like EUR/USD, GBP/USD, and USD/JPY.
It’s beneficial for traders who prefer quick in-and-out trades without holding overnight.
Buy Entry Rules
- Wait for the BOLA bar to turn green (buy signal).
- Confirm that the Non-Lag AMA line is blue (indicating an uptrend).
- Enter long at the close of the bar that turned green (if the AMA line is already blue).
- Set your stop loss below the recent swing low, or use a fixed pip stop (for example, 10–15 pips depending on pair and volatility).
- Take profit at a resistance level or target a risk-reward of at least 1:1.5 (for example, 15 pips if stop is 10 pips) or trail stop once price moves in your favor.
Sell Entry Rules
- Wait for the BOLA bar to turn red (sell signal).
- Confirm that the Non-Lag AMA line is red (indicating a downtrend).
- Enter short at the close of the bar that turned red (if the AMA line is already red).
- Set your stop loss above the recent swing high, or use a fixed pip stop (for example, 10–15 pips).
- Take profit at a support level or aim for a risk-reward of at least 1:1.5, or trail your stop as the price moves in your favor.
Advantages
- Simple and fast signals: green/red bars are easy to read.
- Trend filter via the AMA line helps avoid fading strong moves.
- Suitable for scalping during active market hours.
- Works across multiple currency pairs.
- Flexible: you can use fixed targets or trailing stops depending on your style.
Drawbacks
- In ranging markets, signals may be whipsawed.
- Sometimes the bar may change color late, reducing reward potential.
- Requires good risk control — a few bad trades can hurt in scalping.
- Spread and slippage may eat into profits on very small targets.
Example Case Study 1
On EUR/USD (M5), at 10:15, a BOLA bar turned green.
At that moment, the Non-Lag AMA was already blue (confirming uptrend).
The trader entered a buy at 1.2050, placed SL at 1.2038 (12 pips) and target at 1.2068 (18 pips).
The price moved upward and hit the target within 20 minutes for +18 pips.
Example Case Study 2
On GBP/USD (M15), at 14:30, a BOLA bar switched red.
The Non-Lag AMA line had already flipped red.
A short entry was taken at 1.3950 with SL at 1.3965 (15 pips) and TP at 1.3928 (22 pips).
The pair dropped steadily, and the trade closed in profit after about 30 minutes.
Strategy Tips
- Open a buy position as soon as you see the first green BOLA bar and the AMA line is blue (confirming trend).
- Open a sell position as soon as you see the first red BOLA bar and the AMA line is red.
- Focus your trading during high liquidity hours (London and New York sessions) for stronger moves.
- Avoid trading right around major news releases, as volatility spikes may break the rules.
- Use a small trailing stop when the trade has moved in your favor by half your target to protect profit.
- Always backtest this strategy on several pairs and sessions to learn the behavior and refine your stop/target levels.
By combining the immediate bar signal from BOLA with the trend confirmation from Non-Lag AMA, you create a more selective scalping method.
The key is waiting for both conditions to align before entering.
With discipline and proper risk management, this strategy can help you capture many small, consistent profits throughout the trading day.
