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

The Price Action Scan Indicator is a technical analysis tool utilizing six well-known candlestick patterns. These patterns include two candlesticks with close highs or lows , two candlesticks with an equal number of highs or lows , candlesticks with long bodies , Reversal points , bullish and bearish patterns , and Pin Bar patterns.

Price Action Scanner Spec Sheet

The table below provides a comprehensive overview of the key specifications of the Price Action Scanner indicator :

Uptrend Conditions

The image below shows the price chart for this product GBP/USD currency pair on the 5 minute time frame. The colored blocks represent the formation of one of the candlestick pattern indicators .

Based on the formation of these patterns uptrend , a buy zone is provided for traders.

downtrend conditions

The chart below shows the price chart of Gold (XAU/USD) against the US dollar in 30 minutes.

This tool identifies colored blocks during a downtrend and provides sell zones based on specific candlestick patterns .

Indicator Settings

The following table shows all configurable settings for the Price Action Scanner indicator :

• Chart theme: Chart theme;
• Indicator settings: Indicator settings;
• Lookback: the number of indicator candles;
• Show overlapping boxes: Show overlap;
• Fill Rectangles: Fill rectangle.

DBHLC and DBLHC sections

• Display DBHLC and DBLHC: Display DBHLC and DBLLHC mode;
• Tolerance (points): Percentage of error in identifying these patterns;
• DBHLC Color: The color of the DBHLC pattern;
• DBLHC Color: The color of the DBLLHC pattern.

TBH and TBL sections

• Display TBH and TBL: Display TBH and TBL patterns;
• Tolerance (points): Percentage of error in identifying these patterns;
• TB Color: Color of TBH and TBL patterns.

RAIL'S Section

• Display rails: Show Rail patterns;
• Maximum Body Difference (Percent): Percentage of candle body size used for track identification;
• Minimum body ratio (percentage): the ratio of the body to the total height of the candle;
• Bullish Rail Color: Bullish Rail Color;
• Bearish Rail Color: The color represents a bearish rail.

OVB Section

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

PPR Section

• Display ppr: Enable or disable PPR pattern display;
• Bullish PPR Color: Bullish PPR color;
• Bearish PPR Color: Bearish PPR color.

Pin Bar Section

• Display pin bar: Show Pin Bar;
• Close to high/low: Set the closeness of the closing price to the high or low of the candle;
• Shadow to body: Shadow to body ratio used for pattern recognition ;
• Shadow outside the previous bar (percentage): The percentage of shadow prominence outside the candlestick range is used to confirm the pattern;
• Bullish Pin Bar Color: Bullish Pin Bar color;
• Bearish Pin Bar Color: The color of the Bearish Pin Bar.

Wide range of bar sections

• Display wrb: Display wide range bar graph (WRB);
• Ratio of Body: Body ratio used for WRB recognition;
• Clearance: the distance between the highest price and the lowest price confirmed by WRB;
• Bullish WRB Color: The color of the bullish WRB candle;
• Bearish WRB Color: The color of bearish WRB candles.

Conclusion

The Price Action Scanner and Classic Pattern and Chart Indicators use six well-known candlestick patterns. This tool is part of a technology analysis indicators that can identify support , resistance levels , and confirm reversal points and trend initiation or persistence levels.

This indicator detects price action such as reversal patterns , long-body candles , and double highs and lows , helping traders make more accurate trading decisions.