My Price Action Indicator
My Price Action Indicator is a simple tool to analyze the buying or selling pressure in the market. You can use the tool to manage the opened trades or use it as a trading strategy.
CATEGORIES: MT4, SIGNAL, INFORMATIONAL
Updated on: 01.12.2023
Are you a price action trader but find it hectic to search for valid price action patterns? Your worries are over as the ‘My Price Action’ indicator for MT4 solves this for you. Let’s learn more about the indicator in this article.
What is My Price Action Indicator?
My Price Action is a custom indicator that indicates important candlesticks where potentially a significant price change is expected. The indicator has different indications. First, it marks arrows above or below the candlesticks. The color of arrows also indicates certain price action.
However, the arrow indications cannot be considered a standalone signal for buying or selling. Therefore, you may need to understand the different indications and their interpretation before using them in your trading.
How to use the indicator?
The key principle of the indicator is based on the shadow of the candles. You get the point when a candle has a shadow below or above. It makes it easier for you to find the buying or selling pressure at a certain instance.
For example, you find a long shadow on the downside. It means buying pressure is increasing. You can look for a long opportunity in such a scenario.
My Price Action indicator trading strategies
Now, let’s move to the trading strategy of the indicator.
Buy setup
Use a 4-hour timeframe.
Put the hightwick1 value as 50 and the hightwick2 value as 25.
Put the lowtwick1 value as 50 and lowtwick2 value as 25.
Look for price consolidation areas.
Look for a candle with the pink arrow below it with the label NLB.
Enter the long position with a stop-loss below the shadow and close the position in profit when you see a green arrow on the top of the candle with the label NLS.
Sell setup
Use a 4-hour timeframe.
Put the hightwick1 value as 50 and the hightwick2 value as 25.
Put the lowtwick1 value as 50 and lowtwick2 value as 25.
Look for price consolidation areas.
Look for a candle with a green arrow above it with the label NLS.
Enter the short position with a stop-loss above the shadow and close the position in profit when you see a pink arrow below the candle with the label NLS.
Conclusion for My Price Action indicator
My Price Action indicator helps you to find the buying or selling pressure. Like any technical indicator, it reduces your efforts to manually find the patterns, but you cannot blindly rely on the indicator. You may need to use confirmatory tools or backtest the tool before going with a live account.
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