Candlestick Patterns Indicator
The Price Action Indicator for MT4 gives traders price action insight on all currency pairs in different timeframes.
Keeping watch of all the market currency pairs all the time can be a challenging task. It is even more challenging when traders need to keep watch of multiple pairs in different timeframes. This difficulty can be eliminated by using the Candlestick Patterns Indicator.
The foundation
The Candlestick Patterns Indicator for MT4 helps traders to scan all currency pairs in all the time frames. This indicator looks for a strong reversal pattern that can signal for trade entry or exit.
The diagram below shows the Price Action Indicator on the MT4 chart.
From the EUR/USD H4 chart above, the Candlestick Patterns Scanner Indicator displayed the symbol, timeframe, direction, patterns, age, completion and the chart icon.
The symbol icon shows all the currency pairs that are being scanned by this indicator. The timeframe icon, on the other hand, shows the currency pairs’ timeframe being scanned by this indicator. Furthermore, the Direction icon shows the current direction of the currency pair.
The pattern icon displays recent Japanese candlestick patterns form in specific currency pairs. The patterns displayed by this indicator are the Double Bar High Lower close, Double Bar Low Higher close, Pin Bar, Vertical Bar and Horizontal Bar.
Finally, the age and completion icon shows the time and the price the candle closes respectively.
The Price Action Indicator helps traders view all the important price action on all currency pairs in all time frames at a glance. This, this eliminates the stress of switching over one currency pair and time-frames to another.
This indicator works in all time frames and for all currency pairs. Scalpers and intraday traders will particularly find this indicator very useful. This is because they need to keep watch of the market every time to make quick entry and exit. Also, it works in all market conditions and can be used to spot likely entry and exits.
Finally, this indicator can be used solely but will give best results when used with market structure and analysis along with some signal indicators.
Conclusion
The Price Action Indicator for MT4 gives traders price action insight on all currency pairs in different timeframes. This is done by scanning all currency pairs to check for any strong reversal patterns
The Indicator works in all timeframes. This Indicator is particularly useful to scalpers and intraday traders who watch the market to look for accurate signals to enter a buy or sell trade. For best result, this indicator should be used together with market analysis and structure.
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