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    Thread: Price Action Indicator, Easy Way to Recognize Candle Signals

    1. #1
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      Default Price Action Indicator, Easy Way to Recognize Candle Signals

      Price action analysis is interesting, but have you ever wondered; can it be done with the help of an indicator? If embraced the original theory, then the answer is clearly negative. Price action analyzes the candle formation, so there are no technical indicators that need to be used, because the price itself is the indicator.

      But in fact, it actually brings its own difficulties for traders who are not used to reading candle signals by naked eye. Especially if you are a beginner trader, it would be difficult to identify certain candle patterns from the price chart as a whole. Things like that can indeed be trained, but while you learn to recognize the candle pattern, the help of the price action marker indicator will certainly make it easier for your observations.

      One custom indicator with the function is the Price Action Indicator developed by Peter Eskander, one of the hosts of the MQL5 forum. The appearance is not much different from the detector doji we've discussed before. The difference, signal Price Action Indicators can display more colorful stems because it not only indicates a candle pattern only.

      Indicator Description
      The Price Action indicator displays the bars that appear in the sub-window, parallel to the appearance of certain candle patterns. Basically, this indicator displays signals for patterns:
      • Pin Bar (Up & Down)
      • Inside Bar (Up & Down)
      • Engulfing Bar (Up & Down)
      To distinguish signals from the candle patterns that appear, you can recognize them through the color of the stem. Here's an example of how it looks on the chart:


      Stem color description:
      • Bright green: Pin bar up
      • Red: Pin bar down
      • Blue: Inside the bar up
      • Orange: Inside the bar down
      • Dark Green: Engulfing up
      • Pink: Engulfing down
      If you look further, it appears that the stems that appear not the same length. According to the developer, the length of the signal signifies the strength of the price action, where the longer the bar looks, the more valid the signal is also a candle pattern. There is no provision for a specific time frame or pair for this indicator. Like the characteristics of price action analysis in general, this custom indicator can also be used on any time frame and pair.

      priceaction.mq4


    2. The following 5 users say Thank You to sentosa for this useful post.

      Beautiful Quynh (03-01-2018), PhantomTrader79 (01-26-2018), PongsakornFX (01-26-2018), Unregistered (2)

    3. #2
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      Quote Originally Posted by sentosa     
      Price action analysis is interesting, but have you ever wondered; can it be done with the help of an indicator? If embraced the original theory, then the answer is clearly negative. Price action analyzes the candle formation, so there are no technical indicators that need to be used, because the price itself is the indicator.

      But in fact, it actually brings its own difficulties for traders who are not used to reading candle signals by naked eye. Especially if you are a beginner trader, it would be difficult to identify certain candle patterns from the price chart as a whole. Things like that can indeed be trained, but while you learn to recognize the candle pattern, the help of the price action marker indicator will certainly make it easier for your observations.

      One custom indicator with the function is the Price Action Indicator developed by Peter Eskander, one of the hosts of the MQL5 forum. The appearance is not much different from the detector doji we've discussed before. The difference, signal Price Action Indicators can display more colorful stems because it not only indicates a candle pattern only.

      Indicator Description
      The Price Action indicator displays the bars that appear in the sub-window, parallel to the appearance of certain candle patterns. Basically, this indicator displays signals for patterns:
      • Pin Bar (Up & Down)
      • Inside Bar (Up & Down)
      • Engulfing Bar (Up & Down)
      To distinguish signals from the candle patterns that appear, you can recognize them through the color of the stem. Here's an example of how it looks on the chart:


      Stem color description:
      • Bright green: Pin bar up
      • Red: Pin bar down
      • Blue: Inside the bar up
      • Orange: Inside the bar down
      • Dark Green: Engulfing up
      • Pink: Engulfing down
      If you look further, it appears that the stems that appear not the same length. According to the developer, the length of the signal signifies the strength of the price action, where the longer the bar looks, the more valid the signal is also a candle pattern. There is no provision for a specific time frame or pair for this indicator. Like the characteristics of price action analysis in general, this custom indicator can also be used on any time frame and pair.

      Attachment 73778
      Wow this indicator is the complete pack for the technical indicator traders because it can show good signal.
      I think pinbar, inside bar and engulfing bar are iportant for the trader to see what is happen in the market.
      When those signals happen then better to watch the markekt because maybe there will good pips from the market.


    4. The Following User Says Thank You to PongsakornFX For This Useful Post:

      PhantomTrader79 (01-26-2018)

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      Quote Originally Posted by sentosa     
      Price action analysis is interesting, but have you ever wondered; can it be done with the help of an indicator? If embraced the original theory, then the answer is clearly negative. Price action analyzes the candle formation, so there are no technical indicators that need to be used, because the price itself is the indicator.

      But in fact, it actually brings its own difficulties for traders who are not used to reading candle signals by naked eye. Especially if you are a beginner trader, it would be difficult to identify certain candle patterns from the price chart as a whole. Things like that can indeed be trained, but while you learn to recognize the candle pattern, the help of the price action marker indicator will certainly make it easier for your observations.

      One custom indicator with the function is the Price Action Indicator developed by Peter Eskander, one of the hosts of the MQL5 forum. The appearance is not much different from the detector doji we've discussed before. The difference, signal Price Action Indicators can display more colorful stems because it not only indicates a candle pattern only.

      Indicator Description
      The Price Action indicator displays the bars that appear in the sub-window, parallel to the appearance of certain candle patterns. Basically, this indicator displays signals for patterns:
      • Pin Bar (Up & Down)
      • Inside Bar (Up & Down)
      • Engulfing Bar (Up & Down)
      To distinguish signals from the candle patterns that appear, you can recognize them through the color of the stem. Here's an example of how it looks on the chart:


      Stem color description:
      • Bright green: Pin bar up
      • Red: Pin bar down
      • Blue: Inside the bar up
      • Orange: Inside the bar down
      • Dark Green: Engulfing up
      • Pink: Engulfing down
      If you look further, it appears that the stems that appear not the same length. According to the developer, the length of the signal signifies the strength of the price action, where the longer the bar looks, the more valid the signal is also a candle pattern. There is no provision for a specific time frame or pair for this indicator. Like the characteristics of price action analysis in general, this custom indicator can also be used on any time frame and pair.

      Attachment 73778
      Good idea. Normally trader would have to use 2 indicators the inside/outside bar indicator and pinbar indicator. I happen to have both indicators from long ago.
      But using both indicator at the same time is not good so this indicator is the masterpiece as both indicators are combined into one.


    6. The Following User Says Thank You to PhantomTrader79 For This Useful Post:

      PongsakornFX (01-29-2018)

    7. #4
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      Quote Originally Posted by Pongsakorn**     
      Wow this indicator is the complete pack for the technical indicator traders because it can show good signal.
      I think pinbar, inside bar and engulfing bar are iportant for the trader to see what is happen in the market.
      When those signals happen then better to watch the markekt because maybe there will good pips from the market.
      Quote Originally Posted by PhAnToMtRaDeR79     
      Good idea. Normally trader would have to use 2 indicators the inside/outside bar indicator and pinbar indicator. I happen to have both indicators from long ago.
      But using both indicator at the same time is not good so this indicator is the masterpiece as both indicators are combined into one.
      yes I see this is nice to find it, I share it here may be useful for forum members


    8. The Following User Says Thank You to sentosa For This Useful Post:

      PongsakornFX (01-29-2018)

    9. #5
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      Quote Originally Posted by sentosa     
      Price action analysis is interesting, but have you ever wondered; can it be done with the help of an indicator? If embraced the original theory, then the answer is clearly negative. Price action analyzes the candle formation, so there are no technical indicators that need to be used, because the price itself is the indicator.

      But in fact, it actually brings its own difficulties for traders who are not used to reading candle signals by naked eye. Especially if you are a beginner trader, it would be difficult to identify certain candle patterns from the price chart as a whole. Things like that can indeed be trained, but while you learn to recognize the candle pattern, the help of the price action marker indicator will certainly make it easier for your observations.

      One custom indicator with the function is the Price Action Indicator developed by Peter Eskander, one of the hosts of the MQL5 forum. The appearance is not much different from the detector doji we've discussed before. The difference, signal Price Action Indicators can display more colorful stems because it not only indicates a candle pattern only.

      Indicator Description
      The Price Action indicator displays the bars that appear in the sub-window, parallel to the appearance of certain candle patterns. Basically, this indicator displays signals for patterns:
      • Pin Bar (Up & Down)
      • Inside Bar (Up & Down)
      • Engulfing Bar (Up & Down)
      To distinguish signals from the candle patterns that appear, you can recognize them through the color of the stem. Here's an example of how it looks on the chart:


      Stem color description:
      • Bright green: Pin bar up
      • Red: Pin bar down
      • Blue: Inside the bar up
      • Orange: Inside the bar down
      • Dark Green: Engulfing up
      • Pink: Engulfing down
      If you look further, it appears that the stems that appear not the same length. According to the developer, the length of the signal signifies the strength of the price action, where the longer the bar looks, the more valid the signal is also a candle pattern. There is no provision for a specific time frame or pair for this indicator. Like the characteristics of price action analysis in general, this custom indicator can also be used on any time frame and pair.

      Attachment 73778
      this indicator can learn the trader the different shapes of the candlesticks and so he will be able to know the effect of each candle by this indicator and he may master the candlesticks patterns with this indicator, and improve his trading and make better trades and make more and more money.


    10. #6
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      Quote Originally Posted by sentosa     
      Price action analysis is interesting, but have you ever wondered; can it be done with the help of an indicator? If embraced the original theory, then the answer is clearly negative. Price action analyzes the candle formation, so there are no technical indicators that need to be used, because the price itself is the indicator.

      But in fact, it actually brings its own difficulties for traders who are not used to reading candle signals by naked eye. Especially if you are a beginner trader, it would be difficult to identify certain candle patterns from the price chart as a whole. Things like that can indeed be trained, but while you learn to recognize the candle pattern, the help of the price action marker indicator will certainly make it easier for your observations.

      One custom indicator with the function is the Price Action Indicator developed by Peter Eskander, one of the hosts of the MQL5 forum. The appearance is not much different from the detector doji we've discussed before. The difference, signal Price Action Indicators can display more colorful stems because it not only indicates a candle pattern only.

      Indicator Description
      The Price Action indicator displays the bars that appear in the sub-window, parallel to the appearance of certain candle patterns. Basically, this indicator displays signals for patterns:
      • Pin Bar (Up & Down)
      • Inside Bar (Up & Down)
      • Engulfing Bar (Up & Down)
      To distinguish signals from the candle patterns that appear, you can recognize them through the color of the stem. Here's an example of how it looks on the chart:


      Stem color description:
      • Bright green: Pin bar up
      • Red: Pin bar down
      • Blue: Inside the bar up
      • Orange: Inside the bar down
      • Dark Green: Engulfing up
      • Pink: Engulfing down
      If you look further, it appears that the stems that appear not the same length. According to the developer, the length of the signal signifies the strength of the price action, where the longer the bar looks, the more valid the signal is also a candle pattern. There is no provision for a specific time frame or pair for this indicator. Like the characteristics of price action analysis in general, this custom indicator can also be used on any time frame and pair.

      Attachment 73778
      This indicator is very good for candlestick users because it is complete too. I think this is good for naked trading.
      But try not to rely too much on indicators so you can trade using mobile trading platform too.
      Traders don't know the future that is why traders need market scenarios.


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      trading strategies using price action indicators have not been mastered perfectly. I really want to trade like that so that I can always make it easy to make profits quickly. sometimes a variety of wrong analyzes have ever been done, but I just don't really know how to trade properly using the price action indicator. especially combined with candlestick signals like you do. surely if we are correct in analyzing we will get very good trading results.


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      Very thank you man i always search this type of indicator in my trading because i love to do ttading with price action because it is very very accurate as compared to other indicator price action is pure technical analysis with drawing certain trendlines and channels


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