Free MT4 and MT5 Price Action Indicators
Price Action indicators read the candles directly on both MT4 and MT5, marking the patterns, swings and breakouts that traders otherwise spot by eye on a naked chart. Every mark comes from the open, high, low and close alone, the raw material of Japanese candlestick reading and of classical technical analysis.
Candlestick scanners label single and multi-bar patterns: pin bars, hammers and shooting stars, bullish and bearish engulfing, inside and outside bars, harami, dojis and the morning and evening star. Chart pattern tools trace triple and double tops and bottoms, the head-and-shoulders top with its inverse, rising and falling wedges, flags, pennants, rectangles and the cup and handle, usually with the neckline or breakout level drawn in. Swing tools join fractals or ZigZag points into a sequence of higher or lower highs and lows, and breakout tools mark the candle that closes beyond a range or a trendline, then the retest that follows.
A pattern carries more weight at a level that matters, after a clear move into it and on a timeframe from H1 upwards; the same shape inside a choppy range is mostly noise. Confirmation comes from the close: a pin bar counts once its candle has finished, a double bottom once price settles above the neckline. Both terminals offer bar, candlestick and line charts, and these tools work on any of them because they read the prices underneath. Each free tool ships in two builds, an .ex4 file compiled in MQL4 for MT4 and an .ex5 file compiled in MQL5 for MT5, with the full install guide on its page. Swing traders on daily and four-hour charts see the cleanest shapes, while M5 scalpers keep only the patterns that form at the session's high or low.
