Price Action Scanner Indicator for MetaTrader 5 Download - [TradingFinder]

The Price Action Scanner Indicator is a technical analysis tool that utilizes six well-known candlestick patterns. These patterns include, Two candlesticks with close highs or lows, Two candlesticks with equal highs or lows, Candlesticks with long bodies, Reversal points, Bullish and bearish patterns, Pin Bar patterns.

Price Action Scanner Specifications Table

Table below provides a comprehensive overview of the main specifications of the Price Action Scanner indicator:

Uptrend Conditions

The image below shows the price chart of the GBP/USD currency pair on a 5 minute timeframe. The colored blocks represent the formation of one of the candlestick patterns.

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

Downtrend Conditions

The image below shows the price chart of Gold (XAU/USD) against the US dollar on a 30-minute timeframe.

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

Indicator Settings

The table below displays all configurable settings of the Price Action Scanner indicator:

• Chart theme: Chart theme;
• Indicator settings: Indicator settings;
• Lookback: Number of indicator candles;
• Display overlapping Boxes: Display overlapping;
• Fill Rectangles: Fill rectangle.

DBHLC & DBLHC Section

• Display DBHLC & DBLHC: Show DBHLC and DBLLHC patterns;
• Tolerance (Points): Error tolerance percentage for identifying these patterns;
• DBHLC Color: Color for DBHLC pattern;
• DBLHC Color: Color for DBLLHC pattern.

TBH & TBL Section

• Display TBH & TBL: Show TBH and TBL patterns;
• Tolerance (Points): Error tolerance percentage for identifying these patterns;
• TB Color: Color for TBH and TBL patterns.

RAIL’S Section

• Display rails: Show Rail patterns;
• Max Body Difference (Percent): Candle body size percentage for Rail identification;
• Min Body Ratio (Percent): Ratio of body to the total candle height;
• Bullish Rail’s Color: Color for bullish Rail;
• Bearish Rail’s Color: Color for bearish Rail.

OVB Section

• Display ovb: Show Outside Vertical pattern;
• Bullish OVB Color: Color for bullish OVB bar;
• Bearish OVB Color: Color for bearish OVB bar.

PPR Section

• Display ppr: Enable or disable PPR pattern display;
• Bullish PPR Color: Color for bullish PPR;
• Bearish PPR Color: Color for bearish PPR.

Pin Bar Section

• Display pin bar: Show Pin Bar;
• Close to high/low: Set the proximity of the closing price to the high or low of the candle;
• Shadow to body: Ratio of shadow to body for pattern identification;
• Shadow Outside Previous Bar (Percent): Shadow protrusion percentage outside the candle range for pattern confirmation;
• Bullish Pin Bar Color: Color for bullish Pin Bars;
• Bearish Pin Bar Color: Color for bearish Pin Bars.

Wide Range Bar Section

• Display wrb: Show Wide Range Bars (WRB);
• Ratio of Body: Body size ratio for WRB identification;
• Clearance: Distance between the high and low price for WRB confirmation;
• Bullish WRB Color: Color for bullish WRB candles;
• Bearish WRB Color: Color for bearish WRB candles.

Conclusion

The Price Action Scanner Indicator uses six well-known candlestick patterns. This tool is part of technical analysis indicators that can identify support, resistance, and confirm reversal points and trend initiation or continuation levels.

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