What is the Price Action Scanner Indicator for MT4?

The Price Action Scanner Indicator (PAS) is a technical indicator that can identify the signals of changes in trends and prices. Brian Kelly developed it using moving averages, volume indicators, and other oscillators to identify short-term price movements.

Price Action Scanner Indicator

Download the Free Price Action Scanner Indicator

How to use the Price Action Scanner Indicator for MT4?

To use the PAS, first create a chart with MT4. Next, set up your indicators as you want them to look. For example, You might choose to have two Moving Averages (MA), one for the buy side of the market and one for the sell side; Volume Bars on both MAs/Sides, AND an Oscillator on Weekly Exponential Weighted Average Value (WEAV). The PAS will automatically calculate values based on these settings and color code them accordingly – Green if positive momentum exists, Yellow if caution is advised due to elevated volatility levels, etc…

Once all your settings are configured how you want them, click ‘Scan’ at the top left corner of your screen. This will open up a window that displays all active stocks and their corresponding PAS values – this information can also be filtered according to whatever criteria you specify! Clicking any store will load its related prices into charts so that you can better see how it has been behaving over time…and whether or not there are any potential signals present!

Price Action Scanner Indicator MT4 trading settings

To start, open your MT4 trading platform and click “Indicators.” Then, select the FPAI from the list of indicators and set its parameters as follows:

-Use a period length of 10 candles. Each candle will be used to update the indicator’s values.

-Select candlestick chart type as a horizontal bar chart. This will show all available data points for each day/candle time frame on a single graph line instead of multiple lines per timeframe, like with other chart types (such as Bollinger Bands).

Your final Forex Price Action Scanner indicator configuration should look like this: Next, we will need to add a buy-side of the market (BSM) and one for the sell-side (SSM). In this example, I am using two separate charts so that you can see both sides’ respective prices at any given moment. Go to “Charts” on your MT4 platform and select “Scrolling Charts.” Next, drag a new chart from the bottom bar onto your screen by clicking “+ New Chart.”

This will create a second chart showing all active currencies and their corresponding price action values. You can now choose which money you want to work with, and its related buy/sell prices will automatically be loaded into your chart.

Remember: The goal of the Price Action Scanner is not to predict future price movements but to identify any potential signals (such as overbought or oversold conditions) that may exist and make informed trading decisions accordingly!

Price Action Scanner Indicator Advantages


Some of the advantages of using this tool include the following:

-It can help you identify trends in the market and assess which assets or needs are most likely to experience positive or negative movements.

-Allows you to stay ahead of your competitors by capitalizing on favorable conditions before they materialize into successful trades.

-It provides valuable information about support, resistance levels, and other necessary techninecessaryators.

Price Action Scanner Indicator Disadvantages

Here is a look at four of the most common scanner indicators and their drawbacks:

-The MACD indicator has been known to be inaccurate in both short-term and long-term trading.

RSI oscillator often overreacts to changes in the market, which can lead to premature investment decisions.

-The ADX indicator may produce false signals if misused or on charts with low liquidity.

-Finally, the EMASI indicator is generally only useful for technical analysis purposes rather than day trading or investing strategies.

PAS Indicator installation on MT4

To install the Price Action Scanner Indicator on the MetaTrader 4 (MT4) platform, you will need to follow these steps:

  1. Download the Price Action Scanner Indicator file in the “.mq4” or “.ex4” format.
  2. Open the MT4 platform and click “File” in the top menu, then select “Open Data Folder.”
  3. Navigate to the “MQL4” folder and then to the “Indicators” folder.
  4. Copy the Price Action Scanner Indicator file into the “Indicators” folder.
  5. Close the MT4 platform and then reopen it.
  6. Click on “Navigator” in the bottom left corner of the MT4 platform and then select “Custom Indicators.”
  7. Locate the Price Action Scanner Indicator in the list, and then drag it onto a chart.

Once you’ve completed these steps, the Price Action Scanner Indicator will be installed and ready to use on your MT4 platform. This indicator is designed to scan the market for potential price action patterns, such as pin bars, inside bars, and outside bars, and alert you when they occur.

You can customize the settings and input parameters per your requirement, such as the number of bars to display and the color scheme.

Price Action Scanner Indicator mt4

Price Action Scanner Indicator mt4 free download


The Price Action Scanner Indicator is a valuable tool for technical analysis and can help you identify potential price action patterns in the market.

Author: Dominic Walsh

I am a highly regarded trader, author & coach with over 16 years of experience trading financial markets. Today I am recognized by many as a forex strategy developer. After starting blogging in 2014, I became one of the world's most widely followed forex trading coaches, with a monthly readership of more than 40,000 traders! Make sure to follow me on social media: Instagram | Facebook | Linkedin | Youtube| Twitter | Pinterest | Medium | Telegram Channel | Quora | Reddit

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