My Price Action Indicator MT4

If you rely on Price Action Trading but find it overwhelming to manually spot valid Candlestick Patterns, the My Price Action Indicator for MT4 is designed to simplify this task. It highlights key candles where significant price changes may occur, making it easier to identify potential trading opportunities.

What is the My Price Action Indicator?

• A custom MT4 indicator that marks important candlesticks with arrows.
• Arrow colors indicate potential buying or selling pressure.
• Not a standalone buy/sell signal—requires interpretation and confirmation with other analysis tools.
• Based on candle shadows (wicks) to visualize market pressure:
  • Long lower shadow → Indicates rising buying pressure (potential long opportunity)
  • Long upper shadow → Indicates rising selling pressure (potential short opportunity)

How to Use the Indicator

The indicator focuses on high and low shadows of candles, making it easy to detect potential reversals or continuation setups.

Buy Setup

1. Use a 4-hour timeframe.
2. Set:
   • hightwick1 = 50
   • hightwick2 = 25
   • lowtwick1 = 50
   • lowtwick2 = 25
3. Identify price consolidation areas.
4. Look for a pink arrow below the candle labeled NLB.
5. Enter long position:
   • Stop-loss below the candle shadow
   • Close the position when a green arrow above the candle labeled NLS appears

Sell Setup

1. Use a 4-hour timeframe.
2. Set:
   • hightwick1 = 50
   • hightwick2 = 25
   • lowtwick1 = 50
   • lowtwick2 = 25
3. Identify price consolidation areas.
4. Look for a green arrow above the candle labeled NLS.
5. Enter short position:
   • Stop-loss above the candle shadow
   • Close the trade when a pink arrow below the candle labeled NLB appears

Benefits of Using My Price Action Indicator

✅ Highlights key candlesticks automatically, saving manual effort.
✅ Visual cues make it easier to spot buying and selling pressure.
✅ Can be integrated into price action strategies.
✅ Works well on H4 timeframe for swing setups.

Limitations

❌ Not a standalone trading signal—you must confirm with:

• Support/resistance levels
• Trendlines or channels
• Other technical indicators (RSI, MACD, etc.)

❌ Requires backtesting before applying to live accounts.

Conclusion

The My Price Action Indicator for MT4 is a practical tool for price action traders, helping identify potential turning points with arrows and labels. It reduces the effort to manually scan charts for key candlesticks, but traders should always use confirmation and proper risk management.

Tip: Combine with multi-timeframe analysis and price action patterns for higher probability setups.