PA Patterns Scanner indicator: search for Price Action patterns

PA Patterns Scanner indicator is designed to search for and display on the price chart of a currency pair Price Action candlestick patterns.

The PA Patterns Scanner recognizes the following patterns:

• Pin Bar
• OVB
• TBH(TBL)
• DBHLC (DBLHC)
• Rails
• PPR
• WRB

The indicator settings allow you to enable or disable the search for each of the patterns. Also in the external parameters are displayed such settings:

• Valid deviation of Hi/Lo to equal, point - The allowable deviation in points, at which the values of high or low bars are considered equal (for DB and TB patterns);
• Max. Candles Body Ratio, % - The maximum body superiority of one of the candles, in % (for the Rails pattern);
• Ratio of Candles Body to It Height, % - The minimum ratio of candles body to its height, in % (for the pattern Rails);
• Affinity Close Price to Candle Hi-Lo, point - Closing price proximity to the minimum or maximum, in points (for Pin Bar);
• Minimum of Shadow to Body Candle Ratio - The minimum ratio of the candle's shadow to its body (for Pin Bar);
• Minimum Part of Shadow Outsiding for Previous Bar, % - Minimum Part of Shadow Outsiding for Previous Bar, in % (for Pin Bar).

With "General Settings" you can:

• Set the depth of history from where the search for patterns will be made (0 - all available history) - "Number of History Bar to Display Patterns".
• Enable or disable overlapped patterns - "Is Display Overlapped Patterns?"
• Enable or disable color filling of the rectangle - "Fill Rectangle by Color".
• Select "Rectangle Line Style" if the fill is disabled.
• Select the thickness of the rectangle line - "Rectangle Line Thickness".

In order not to clutter the chart, and at the same time, to understand where and which pattern is displayed, it is enough to put the mouse pointer on the edge of the rectangle, and then a tooltip will appear, which will indicate the type of pattern (PPR, OVB, etc.), its direction (BULL_TYPE or BEAR_TYPE) and the time of its formation.

Download PA Patterns Scanner indicator

Other popular indicators for MetaTrader 4