Simply
drop the indicator on a chart, and you will always know when candlesticks form one of the Price
Action patterns!
The
indicator automatically analyzes recently closed candles,
and notifies if they form any of the Price Action
patterns. The following classical patterns are analyzed:
- Pin bar
- Outer bar
- Pivot Point Reversal
- Double base
- Closing price reversal
- Force bar
- Mirror bars
- Move-congestion-move
For each pattern,
the indicator also shows trade direction in accordance with the classical
Price Action theory. If you don’t need any of the patterns, you can disable it. Additionally, you
can choose the time frame the indicator will operate on. For
example, while using the H1 chart, you can see Price Action patterns on H4. You
can also specify the position of the indicator table on the chart, as well as font
color.
Please contact
the author if you have any suggestions for improving the indicator.
Notes:
- The indicator
handles actual prices taken from your broker’s server. There might be
discrepancies between these prices and bars that are displayed on the chart
with your terminal - Price
Action patterns are indicative and should be used in combination with other
tools in order to make final decision about opening a transaction