Definition
My Price Action indicator MT4 is a custom indicator that indicates important candlesticks where potentially a significant price change is expected. The indicator provides various indications. To begin, it denotes arrows above and below the candlesticks. The color of the arrows also indicates price action.
The arrow indications, however, cannot be used as a stand-alone signal for buying or selling. As a result, you may need to learn about the various indicators and how to interpret them before using them in your trading.
| Indicator Title | My Price Action |
| Indicator Size | 27.0 KB |
| Trading Platform | Metatrader 4 |
| Indicator Type | Informational, Signal |
How does the My Price Action Indicator work?
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.
Trading with My price indicator MT4
Buy Trade
- Set a 4-hour time limit.
- Enter 50 for the hightwick1 value and 25 for the hightwick2 value.
- Set the lowtwick1 and lowtwick2 values to 50 and 25, respectively.
- Keep an eye out for price consolidation zones.
- Look for a candle with the pink arrow and the label NLB.
- Place a stop-loss below the shadow and exit the long position when you see a green arrow on the top of the candle with the label NLS.
Sell setup
- Set a 4-hour time limit.
- Enter 50 for the hightwick1 value and 25 for the hightwick2 value
- Set the lowtwick1 and lowtwick2 values to 50 and 25, respectively.
- Keep an eye out for price consolidation zones.
- Look for a candle with the label NLS and a green arrow above it.
- Place a stop-loss above the shadow and exit the short position when you see a pink arrow below the candle with the label NLS.
Conclusion
My Price Action indicator MT4 can help you identify buying or selling pressure. It, like any technical indicator, reduces your efforts to manually find patterns, but you cannot rely on it solely. Before using a live account, you may need to use confirmatory tools or back test the tool.
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