Looking for the best price action indicators to use in MT4 and MT5? You have come to the right place.
In this post we go through the best indicators you can use in MT4 and MT5 if you are a price action trader and want to quickly spot patterns and enter quality trades.
NOTE: Want a full list of some of the very best free MT4 and MT5 indicators you can use in your trading? You can get them below.
Price Action Indicators for MT4
Pin Bar Indicator MT4
This pin bar indicator is easy to operate and also free to download and use.
With this indicator you can find significant reversal points near support and resistance levels. It is a good indicator to use if you are a swing trader or use reversal trading strategies.
You have the ability to set the minimum pin bar size in pips and the indicator comes with a dashboard to show you some necessary values.
Read about and get the MT4 pin bar indicator here.
Engulfing Bar Indicator MT4
This is an engulfing bar alert indicator. When an engulfing bar / outside bar has formed on one of your charts you will get alert so you can assess the signal and choose whether you want to make the trade.
This indicator is free to download and use.
You can read more about it and get the MT4 engulfing bar indicator here.
Inside Bar Indicator MT4
This is a super handy MT4 indicator that shows you inside bars on your charts by marking the highs and lows.
This indicator does not redraw anything and only marks on closed candles.
With this inside bar indicator you have the ability to set a higher time period so you can then move to a smaller time frame and analyze the price action.
Read about and get the MT4 inside bar indicator here.
Support and Resistance Indicator MT4
Support and resistance is crucial when price action trading.
This MT4 support and resistance indicator uses an algorithm that will find and mark key support and resistance levels for you.
It does this by scanning candlesticks and then identifying where price has bounced or has been pausing.
This price action indicator comes with;
- Sensitivity configuration.
- Ability to find support and resistance on multiple time frames
- Alerts and notifications.
A very handy feature with this indicator is that you are able to configure it to send you notifications.
Read about and get the MT4 support and resistance indicator here.
Head and Shoulders Indicator MT4
This head and shoulders indicator gives you clear trading signals, showing entry, stop loss and take profit levels.
You are able to see performance statistics and it also comes with customizable Fibonacci retracement levels.
Note, this indicator is a premium indicator and is not free, however it does come with a free demo if you want to test it out before potentially buying it.
Read about and get the MT4 head and shoulders indicator here.
Double Top and Bottom Indicator MT4
This price action indicator is an indicator that will detect and find double tops and double bottoms on your charts for you.
Along with finding these patterns it will also give you high probability entry, stop loss and exit signals.
Read about and get the MT4 double top and bottom indicator here.
1,2,3 Pattern Indicator MT4
This 1,2,3 pattern indicator is used to find trend reversal and breakout trades.
The indicator uses two coloured lines on your charts, red and blue.
The red signals are a bearish breakout. The blue signals are a bullish breakout.
This is an easy to use indicator that is free to download and use.
Read about and get the MT4 1,2,3 pattern indicator here.
Price Action Indicators for MT5
Pin Bar Indicator MT5
This MT5 pin bar indicator will detect pin bars on your charts for you as well as give you entry and exit points you can use.
This indicator is easy to operate and also free to download and use.
Read about and get the MT5 pin bar indicator here.
Engulfing Bar Indicator MT5
This engulfing bar / outside bar indicator will alert you when an engulfing bar has been formed so you don’t miss any potential trades.
You can set your alerts so that they either popup in your MetaTrader terminal, email messages or text messages via MetaTrader SMS alerts.
This indicator can be downloaded and used with both MetaTrader 4 and MetaTrader 5.
Note, this is a premium indicator that costs $42.50.
Read about and get the MT5 engulfing bar indicator here.
Inside Bar Indicator MT5
This is a MT5 inside bar indicator that will search for inside bar on your charts.
When the indicator has found an inside bar it will create a pointer on your chart to let you know.
This indicator is free to download and use and comes with a bunch of parameters you can set to your own liking.
Read about and get the MT5 inside bar indicator here.
Support and Resistance Indicator MT5
The useful thing about this indicator is that it will draw the support and resistance levels on your charts that have not yet been touched. This is obviously very handy to know if you are looking to find the next key support or resistance level.
You can use this indicator in many different markets and any time frame you like. You can also use this indicator for multi time frame analysis which makes it very handy indeed.
Read about and get the MT5 support and resistance indicator here.
Head and Shoulders Indicator MT5
This is a head and shoulders pattern indicator built for MT5.
This is a premium indicator, but it does come with a free demo version if you want to test it out before potentially buying it.
This is very similar to the MT4 head and shoulders indicator. You get a large range of features including performance statistics and potential entry, stop loss and profit target levels.
Read about and get the MT5 head and shoulders indicator here.
Double Top and Bottom Indicator MT5
This is a free MT5 indicator that will detect and find double tops and double bottoms on your charts for you.
The other handy feature is that it will also detect and show you false breaks.
When using this indicator you will be given potential entry and exit signals and you can use it on any market or time frame you are looking to trade.
Read about and get the MT5 double top and bottom indicator here.
1,2,3 Pattern Indicator MT5
This is a free price action trading indicator that will show you 1,2,3 patterns as they form.
You can use this indicator on all time frames and it will give you potential places you can enter using the 1,2,3 pattern.
This indicator also gives you the option of using the inbuilt Fibonacci tool that will help you find potential profit target levels.
Read about and get the MT5 1,2,3 pattern indicator here.
Note: Don’t know how to install and use these indicators? Read How to Download, Install and Use MT4 and MT5 Indicators.