MetaTrader 4 Price Action Scan Indicator Download | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

The Price Action Sweep indicator consists of six well-known candlestick patterns; these patterns include: two candlesticks with closing highs or lows , two candlesticks with the same highs or lows , wide range candlesticks , Reversal points , Bullish , bearish , and Pin Bars .

Price Action Scanner Indicator Specification Sheet

The table below outlines the key specifications of the Price Action Scanner indicator :

Uptrend Conditions

The chart below shows the price chart for this product USD/JPY paired on a 5 minute time frame. The colored blocks represent one of the formation candlestick patterns .

Based on the formation of bullish trends, entry points are provided for traders based on these patterns .

downtrend conditions

The image below shows the price chart of the Dow Jones Industrial Average (DJI) on a 1 hour time frame.

The tool detects colored blocks in a bearish trend and based on the specified candlestick pattern indicator

, provides entry zones and trend changes for traders.

Indicator Settings

All configurable options for Price Action Scanner Indicators are listed in the table below:

• Chart theme: Chart theme;
• Lookback: number of indicator candlesticks;
• Show overlap: show overlap;
• Rectangle fill: Fill rectangle.

DBHLC and DBLHC sections

• Display pattern DB: displays DBHLC and DBLLHC patterns;
• Tolerance DB: identifies the fault tolerance percentage of these patterns;
• Color DBHLC: The color of the DBHLC pattern;
• Color DBLLHC: The color of the DBLLHC pattern.

TBH and TBL sections

• Display pattern_TB: Display TBH and TBL patterns;
• Tolerance TB: Tolerance percentage for identifying these patterns;
• Color TB: Color of TBH and TBL patterns.

RAIL'S Section

• Display rails: display rail patterns;
• Body great percent: The candle body size percentage used to identify the track;
• Body to Height Percent: The ratio of the body of a candle to its total height used to identify an orbit;
• Color bull rail: The color of the bullish rail;
• Color bear rail: The color of the bear rail.

OVB Section

• Display ovb: display external vertical pattern;
• Color bullish ovb: The color of the bullish OVB bar;
• Color bearish ovb: The color of the bearish OVB bar.

PPR Section

• Display_ppr: Enable or disable PPR pattern display;
• Color_bullish_ppr: Bullish PPR color;
• Color_bearish_ppr: Bearish PPR color.

Pin Bar Section

• Display pinbar: Display Pin Bar;
• Close tohigh low: Set the closing price close to the high or low of the candle;
• Shadow to body: the ratio of shadow line to candle body in pattern recognition;
• Percent Outside Nose: The percentage of shadow prominence outside the candlestick range used to confirm the pattern;
• Color Bullish pinbar: The color of the bullish pinbar;
• Color Bearish Pinbar: The color of the Bearish Pin Bar.

Wide range of bar sections

• Display wrb: Enable or disable wide range display;
• Body ratio: The candle body size ratio used to identify WRB;
• High low clearance: The distance between the highest and lowest candle prices confirmed by WRB;
• Color bullish wrb: The color of the bullish WRB candle;
• Color bearish wrb: The color of the bearish WRB candle.

Conclusion

The price action sweep indicator supports six candlestick patterns. This tool is a technical analysis indicator that can identify and confirm reversal points , support and resistance levels , and trend continuation or starting points in MetaTrader 4 indicators .

The indicator automatically detects price action such as double highs and lows , reversal points , and wide range candlesticks to help traders make more accurate decisions.