Good day, traders! Today, I’ll show you three price action indicators; key indicators for identifying the most powerful and well-known price action patterns, including an inner bar, an outside bar (engulfing model), and a pin bar.
Even if he is still an intraday trader, a trader can easily miss a good pattern because it is difficult to watch many currency pairs at the same time, let alone on different timeframes. Don’t know how to install an Indicator? Click here to learn
In this case, price action indicators are useful because they save time and ensure that you do not miss a signal.
When indicators are installed on a chart, they suggest patterns concurrently in all traditional periods, with the exception of the minute (M1) and monthly (MN) timeframes.
In addition to denoting patterns on the chart with arrows and dashes, the indicators include a visual signal panel (scoreboard) in which a green square lights up above the corresponding timeframe where the setup was established
Price Action Indicators
The indicator archive can be downloaded from the URL at the bottom of the article; it contains four files, three of which are indicators:
MTF IB SCAN: defines the inside bar.
MTF OB SCAN: determines the outside bar.
The MTF PB SCAN: determines the pin bar.
The fourth file is a template for quickly installing all three indicators on the chart.
Parameters of the Price Action Indicator
Take a peek at its settings:
Below is a list of all of the parameters that may be found in indicators.
- barsback (default 500) – the number of last candles that should be used to reflect the pattern;
- c_ range – the distance between engulfed and engulfed candlesticks;
- nose – minimum nose size (50 = 5 points with a five-digit quote);
- body – to identify the pin bar, what percentage of the body should be relative to the tail. When the value is set to 4, it means 40%, 30%, and so on.
- arrows – toggle the display of arrows above the setup on and off.
- arrowsize – is the size of the arrow.
- color of the arrow – the color of the arrow
- bullarrow – the color of a bullish arrow;
- beararrow – the color of a bearish arrow;
- paintbar ( paint) – on / off painting patterns;
- barthickness – the degree of transparency of colored candles;
- bullishcol – is the color associated with bullish signals.
- bearishcol – bearish signal color;
- alarm – when a pattern appears, enable or disable a sound signal;
- sound – the alarm parameter’s sound file. It can be found in the mt4 terminal’s sounds folder. You can put your own there with the.wav extension and name it here;
- alert – whether or not a notification window appears when a pattern is formed;
- m5, m15, m30, and m60 – these timeframes can have pattern detection enabled or disabled.
- dist – the distance between the panel’s signal squares;
- ishX, ishY – offsets along the signal panel’s X and Y axes (in pixels).
Of course, indicators do not always precisely discern trends, and not all of them may be regarded, but you have a head on your shoulders, so compare and analyze.
We looked at pattern-detection indicators and how to use the Price Action technique to enter the market. You will need a good MetaTrader4 broker – Create an MT4 account with Libertex
That’s it for today. I hope the price action indicators were helpful. Join Doughvest Telegram channel for market updates. Best of luck with your auction! Goodbye.
