About the Signal Price Action Forex Indicator
The Signal Price Action indicator for MT4 delivers non-repaint, price action-based buy and sell signal arrows on the chart with high accuracy.
The signals appear on the main MT4 chart window in the form of blue and red colored signal arrows, making it easy to identify trade opportunities at a glance.
The Signal Price Action indicator can be used for both trade entry and exit or as an additional trend filter to enhance your existing strategy.
Free Download
Download the “Signal Price Action Forex Indicator (MT4).mq4” indicator for MT4
Key Features
- It provides non-repaint visual signals that stay fixed once a candle has closed.
- The indicator utilizes price action logic rather than lagging mathematical formulas.
- The tool is compatible with all MT4 assets, including forex, indices, and gold.
- It serves as an excellent filter for identifying the start of new intraday trends.
- The lightweight code ensures fast performance during busy London and New York sessions.
Indicator Chart
The Signal Price Action indicator chart displays price candles with specific colored arrows placed above or below the price bars.
A blue arrow appearing below a candle signifies a bullish reversal or trend continuation, while a red arrow above a candle signals bearish pressure.
By watching where these arrows form relative to recent highs and lows, a trader can easily distinguish between a minor pullback and a major trend change.
Guide to Trade with Signal Price Action Forex Indicator
Trading with this tool involves following the colored arrows while considering the broader market context for the best results.
Buy Rules
- Monitor the chart for a bullish momentum shift from a support zone.
- Open a buy position when the blue arrow gets printed on the chart.
- Wait for the candle to close to ensure the signal is fully confirmed.
- Verify that the price is not currently trading directly into a major resistance level.
Sell Rules
- Watch for a transition where the market begins to show bearish rejection at a peak.
- Open a sell position when the red arrow gets printed on the chart.
- Confirm the signal by ensuring the arrow remains on the chart after the candle closes.
- Check that there is enough room for the price to drop toward the next support zone.
Stop Loss
- Secure your buy entry by placing the stop loss a few pips below the signal arrow or the recent low.
- Protect your sell trade by positioning the stop loss slightly above the signal arrow or the recent high.
- Maintain a fixed risk-to-reward ratio to ensure long-term account growth.
- Adjust your stop placement based on the current volatility of the chosen currency pair.
Take Profit
- Exit the trade when an opposite signal arrow appears on the chart.
- Lock in gains at a 1:2 risk-to-reward ratio for a consistent trading edge.
- Consider closing the position near major horizontal support or resistance levels.
- You can also trail your stop loss to capture more profit if the trend remains strong.
Scalping Strategy for MT4: Signal Price Action + FX Prime Trend Indicator
This scalping strategy combines the Signal Price Action Forex Indicator MT4 with the FX Prime Trend Indicator MT4 to capture quick intraday moves with high probability.
The Signal Price Action indicator shows precise entry arrows on the chart: blue for buy signals and red for sell signals.
The FX Prime Trend indicator confirms the underlying trend with its colored line: green for bullish trends and red for bearish trends.
This setup is ideal for scalpers trading lower time frames like M1,
Buy Entry Rules
- Check that the FX Prime Trend line is green, indicating a bullish trend.
- Wait for a blue arrow to appear on the Signal Price Action indicator.
- Enter a buy trade at the close of the candle with the blue arrow.
- Place a stop loss below the recent swing low or below a recent support level.
- Take profit between 7–15 pips, or trail the stop as the trend continues upward.
Sell Entry Rules
- Ensure the FX Prime Trend line is red, indicating a bearish trend.
- Wait for a red arrow to appear on the Signal Price Action indicator.
- Enter a sell trade at the close of the candle with the red arrow.
- Place a stop loss above the recent swing high or a nearby resistance level.
- Take profit between 7–15 pips, or trail the stop as the trend continues downward.
Advantages
- Combines precise arrow-based entries with trend confirmation for higher accuracy.
- Easy to follow visually, ideal for fast-paced scalping trades.
- Works on multiple currency pairs with tight spreads and high liquidity.
- Helps traders stay aligned with the underlying trend while capturing small intraday moves.
- It can be applied to M1, M5, and M15 charts, making it flexible for different trading styles.
Drawbacks
- Spread and slippage can impact small scalp profits on very short time frames.
- False arrows may occur if the trend line changes direction rapidly.
Case Study 1: EURUSD M5 – London Session
During the London session, EURUSD displayed a green FX Prime Trend line, confirming an uptrend.
A blue arrow appeared on the Signal Price Action indicator at 1.0980.
A buy trade was entered with a 10-pip stop loss.
Within 10–15 minutes, the price reached the target of 1.0992, yielding a 12-pip profit.
Case Study 2: GBPUSD M1 – New York Session
GBPUSD on the M1 chart showed a red FX Prime Trend line, indicating a bearish trend.
A red arrow appeared at 1.2792.
A sell trade was executed with a 12-pip stop loss.
Price dropped to 1.2780 within 10 minutes, yielding a 12-pip profit.
The alignment of the arrow signal with the trend line produced a high-probability scalp.
Strategy Tips
- Trade primarily during high-volume sessions to increase the likelihood of strong moves.
- Only take trades when the arrow signal aligns with the FX Prime Trend line.
- Use trailing stops to lock in profits while allowing the trade to follow strong intraday trends.
- Focus on capturing small, consistent pips rather than holding for large moves, since the target is 7–15 pips per trade.
Download Now
Download the “Signal Price Action Forex Indicator (MT4).mq4” indicator for Metatrader 4
FAQ
Does this indicator repaint its signals after the candle closes?
No, the Signal Price Action indicator is designed to be non-repainting.
Once a candle finishes its period and the arrow is printed, that signal stays in that exact position.
This is critical for building trust in the system and allows you to conduct accurate backtests to see how the signals performed under previous market conditions.
Can I use this indicator for scalping on the 5-minute chart?
Yes, this tool is highly effective for scalping on the M5 and M15 timeframes.
It helps identify quick momentum bursts that are common during the London and New York session overlaps.
To increase your success rate, try to only take signals that align with the trend on a higher timeframe, such as the 1-hour chart.
Is it better to use the arrows for entries or as a filter?
The indicator is versatile enough to do both. While many traders use the arrows for direct entries, others use them as a “bias filter.”
For example, you might only look for buy setups on your other indicators if the most recent arrow from the Signal Price Action tool was blue.
This helps keep you on the right side of the current market flow.
Summary
The Signal Price Action for mt4 is an effective technical tool that assists in determining the appropriate timing for market entries.
By offering a simplified way to view momentum shifts, it helps you stay focused on execution rather than guessing.
This tool helps traders maintain a disciplined routine by highlighting levels where the market is statistically likely to move. Using this indicator allows you to filter high-risk trades and focus on high-conviction signals.
