price action indicator download

price action indicator download

Are you a trader who uses price action but find it difficult to find reliable price patterns? You are not alone, because MT4’s Price Action Indicator can solve this problem for you.

What is My Price Action indicator?
Price Action is a custom indicator that highlights important candlesticks that may indicate a possible significant price change. The indicator shows different indicators. It starts by marking the arrows above or below the candlestick. The color of the arrows indicates certain price actions.

However, the arrows are not an independent sell or buy signal. Therefore, before you can use them in trading, you need to understand the different indicators and what they mean.

How do you use it?
The principle behind the indicator is the shadow cast by the candle. This point is reached when the shadow of the candle is above or below. This makes it easier for you to identify selling or buying tension at a given time.

For example, you may notice a shadow that extends to the downside. This indicates that buying pressure is rising. In this case, it is possible to find long-term opportunities.

price action indicator download

Setting up purchases
Using a four-hour time frame.
Set the hightwick1 value to 50 and then the hightwick2 value to 25.
The value of lowtwick1 should be 50 and the value of lowtwick2 should be 25.
Look for areas of price consolidation.
Find a candle with a pink arrow below it. It will be marked as NLB.
Use a stop below the shadow line to establish a long position. When you find a green arrow in the upper part of the candle with the word NLS on it, you can take profit and close the position.

Sell Setup
Use the 4-hour time frame.
Set the hightwick1 value to 50, then set the hightwick2 value to 25.
Set lowtwick1 value to 50 and lowtwick2 value to 25.
Look for areas of price consolidation.
Look for a candle with a green arrow and the word NLS on it.
Use a stop loss above the shadow line to make a short trade. When you see a pink arrow with the word NLS underneath the candle, take profit and close the position.

This price action indicator can help you identify selling or buying pressure. Similar to other technical indicators.

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