Price Action Info Panel - Your Market Control
Hello ladies and gentlemen, Forex traders!
As everyone is well aware, automation is an engine of progress, but it also accelerates analysis, which can take a lot of time in forex trading. Automation also helps get rid of fortune-telling in the decision-making process. When you clearly follow the program signals, you stop looking for setups on the chart where they really are not. And today we’ll talk about such an interesting tool as the Price Action info panel. What the authors of this tool did was to choose 3 strong patterns and automate their determination. We can only check the support / resistance levels, determine the trend and decide whether to enter the deal.
Currency pairs: any
Timeframe: preferably from H1 and higher (best of all D1)
Trading time: around the clock
Indicator Type: Information
Recommended DC: Alpari, RoboForex
Installation and setup
The indicator is installed in a completely standard way. Detailed instructions for installing indicators in MT4 are on our website. To start, simply drag the indicator from the navigator window onto any chart. For convenience, you can select a separate chart for the information panel, and analyze on others. Or you can switch to the desired graphs directly from the info panel.
The first thing we need to indicate is the characters. By default, setups are searched on three pairs:
- Symbols - EURUSD, GBPUSD, USDJPY
You can add any other symbols, but not necessarily currencies (raw materials, stocks). After that there are timeframe on / off buttons. By default, M1, M5, M15 and MN are disabled. As we recall, searching for Price Action setups on low timeframes (up to H1) is rather difficult and ineffective. Below you can choose the default sorting method and table type.
Next are the settings for the Pin-bar - one of the setups defined by the panel.
- Max Body Tail Ratio - maximum body to tail ratio.
Most of the settings relate exclusively to the appearance of the panel and the methods of alerts.
Next are the settings for the “Double Bar” pattern, which on our website is listed as Double High / Double Low. Basically, all settings relate to the interface.
Finally, there are settings for the vertical bar, or the absorption model.
Click “OK”, after which the table of setups is displayed on the chart. The columns are displayed from left to right:
- Directions (bullish / bearish);
- The names of the pattern;
- Age (how many bars ago a setup was formed);
- Prices of completion of the setup;
- Graphic arts.
The values in the table can be sorted by clicking on the column name.
By clicking on the name of the chart, you will go directly to the setup. By clicking on the current chart, the symbol and timeframe will change, and the setup itself will be indicated by a smiley.
As soon as a new pattern appears on one of the charts, you receive an alert in the terminal.
So, in total, the indicator recognizes three patterns - this is the Pin-bar, Absorption Model and Double High / Double Low - setup, presented in the indicator as Double bar. This pattern is formed when the neighboring candles have almost the same high or low. We have information on how to trade each of these models on our website.
First, we are waiting for a signal to enter the market. Having received the input signal, we check the presence of levels. Next, consider whether the price has support, that is, how close is the price to the level of support. If on the way there is a resistance level that is too close to the opening price, it may be worthwhile to wait for the level to break through and come back later.
Otherwise, you can set a small goal for the transaction, or carefully monitor the breakout level. Also, in this example, it is worth taking into account the established bearish trend, which does not correspond to the direction of the input signal.
Total, we get a signal, check for levels and the presence of a concomitant trend. It will not be superfluous to look at the timeframe above to find out what is happening there. The rules for setting up stop orders are described in the corresponding articles on our website.
As a result, we have a good process automation with a convenient interface. For beginners, the indicator is suitable in that it restricts the use of various patterns. In fact, there is a practice of using only one pattern at all, for example, a Pin-bar. This is necessary in order not to scatter attention, trying to see the setups where they are not, and not trying to trade more complex patterns, such as the inner bar, where this is not worth it. So this tool will definitely be useful for beginners and not only.