About the My Price Action Forex Indicator
My Price Action is a free MT4 (Metatrader 4) price action Forex indicator that highlights important candlestick wick behavior directly on your chart.
It analyzes the high and low wicks of each candlestick and plots this information above or below the price bars.
This helps traders interpret market strength, reversals, and rejection areas without manually measuring candles.
The indicator works by scanning completed candles, identifying significant wick extremes, and marking them visually.
Long upper wicks often signal selling pressure, while long lower wicks suggest buying pressure.
By displaying these wick signals in context, traders gain an edge in spotting potential entry or exit zones.
For price action traders who rely on candlestick structure, this indicator makes it easier to process key market behavior.
Free Download
Download the “MY PRICE ACTION.mq4” indicator for MT4
Key Features
- Analyzes high and low candlestick wicks for key market behavior.
- Plots wick data above or below price bars for easy interpretation.
- Lightweight and efficient on MT4.
Indicator Chart
The My Price Action indicator chart shows wick level markers placed above or below the candlesticks.
These markers reflect significant wick extremes that may signal rejection or continuation pressure.
Traders can visually assess whether price tested a zone aggressively and reacted.
This highlights potential buy pressure at lower wicks and sell pressure at upper wicks, assisting with timing decisions in real time.
Guide to Trade with My Price Action Forex Indicator
Buy Rules
- Identify a series of candles with prominent lower wick markings.
- Confirm overall bullish bias using trend or recent swing structure.
- Enter a buy trade when price shows rejection at the lower wick area.
- Ensure there is confirmation from price action (e.g., bullish close following wick signal).
Sell Rules
- Identify a series of candles with significant upper wick markings.
- Confirm bearish bias with trend or resistance context.
- Enter a sell trade when price shows rejection at the upper wick area.
- Avoid entries if price action does not follow through after the wick signal.
Stop Loss
- For buy trades, place a stop loss below the lowest wick signal.
- For sell trades, place a stop loss above the highest wick signal.
- Do not place stops too tightly to avoid normal wick noise.
Take Profit
- Use nearby support or resistance zones as take profit targets.
- Trail your stop if the price continues in your favor beyond the wick signals.
- Consider partial exits near major price levels or previous highs/lows.
- Close the trade when opposing wick patterns form against your direction.
Practical Tips
- Avoid taking signals in strongly choppy or flat markets.
- Combine with simple confirmations like closing price strength or volume spikes.
- Check multiple timeframes to validate signal quality before entry.
- Practice on a demo to calibrate wick significance to your style.
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
FAQ
How does this indicator improve price action analysis?
The indicator highlights meaningful wick behavior that is often overlooked during fast market conditions.
Plotting wick information directly on the chart helps traders quickly identify rejection and pressure zones.
Does the indicator work better in trending or ranging markets?
It performs well in both conditions.
In trends, wick signals help time pullback entries.
In ranges, they assist in spotting false breakouts and rejection near key levels.
Are wick signals generated on live candles?
The indicator evaluates completed candlesticks only.
This prevents misleading signals and ensures that plotted wick data remains stable once the candle closes.
Can this indicator help with trade exits?
Yes, opposing wick signals often appear near exhaustion zones.
These can be used as early warnings to secure profits or tighten stop losses.
Summary
The My Price Action Forex Indicator for MT4 is a practical tool for traders who rely on candlestick behavior.
Analyzing and displaying high and low wick data reveals where the price has faced strong rejection or pressure.
The indicator is easy to use, fast, and effective across different markets and timeframes.
With proper risk management and trend awareness, it enhances decision-making and helps traders react more confidently to real price behavior.
