Free MT5 Price Action Indicators

Reading the market from raw bars alone is what traders call price action: where each candle opened and closed, how far its wicks reach and which swings formed. On MetaTrader 5, these indicators leave the candles untouched and add labels, boxes and lines on the price chart, where an oscillator would turn the bars into a value in a subwindow.

Three kinds of free MT5 tools sit here. Candle scanners spot pin bars, engulfing pairs, inside and outside bars, dojis and morning or evening stars. Pattern finders draw double and triple tops and bottoms, head and shoulders, triangles, pennants and wedges. Structure readers join swing points into rising or falling steps and show the bar whose close breaks the last swing high or low.

The readings carry most weight on H4 and daily charts during active sessions; in thin hours and after news, wicks stretch and breakouts fail. Read straight from closed bars, they lead rather than lag, though a swing is fixed only after the candles to its right close. Built in MQL5 as .ex5 files, each documented by a full installation guide, they serve scalpers and swing traders on currencies, metals, stocks and crypto. MT5 adds H2, H3, H6, H8 and H12 for multi-timeframe reading, and its Strategy Tester can replay real ticks.