My Price Action forex indicator MT4 is a custom forex indicator that indicates important candlesticks where a significant price change is potentially expected. The indicator provides various chart indications. To begin, it denotes color arrows above and below the chart candlesticks. The color of the arrows also shows price action.

The color arrow indications, however, cannot be used as a stand-alone entry signal for buying or selling. You may need to learn well about the various indicators and how to use them before using them in your trading.

How does the My Price Action forex Indicator work?

The key principle of the forex indicator is based on the shadow of the candles. You get the point when a chart candle has a shadow below or above. It makes finding the selling or buying pressure at a particular instance easier.

For example, you see a long shadow on the chart’s downside. It means buying pressure is increasing. You can look for a long entry opportunity in such a scenario.

Trading with My price forex indicator MT4

Buy Trade

• Set a 4-hour chart time limit.
• Enter 25 for the hightwick2 value and 50 for the hightwick1 value.
• Set the lowtwick2 and lowtwick1 values to 25 and 50, respectively.
• Keep an eye out for chart price consolidation zones.
• Look for a chart candle with the pink color arrow and the label NLB.
• Place a stop-loss(SL) below the shadow and exit the long entry position when you see a green color arrow on the top of the chart candle with the label NLS.

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Sell setup

• Set a 4-hour time limit.
• Enter 25 for the hightwick2 value and 50 for the hightwick1 value
• Set the lowtwick1 and lowtwick2 values to 50 and 25, respectively.
• Keep an eye out for chart price consolidation zones.
• Look for a chart candle with the label NLS and a green color arrow above it.
• Place a stop-loss(SL) above the shadow and exit the short entry position when you see a pink color arrow below the candle with the label NLS.

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Conclusion

My Price Action forex indicator MT4 can help you identify selling or buying pressure. Like any technical indicator, it reduces your efforts to find patterns manually, but you cannot rely solely on it. Before using a live trading account, you may need to use confirmatory tools or back-test the tool.

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