**Price Action Scanner Forex Indicator**

**Functionality and Purpose of the Price Action Scanner Indicator** The Price Action Scanner is a free MT4 indicator designed to analyze the chart of a selected asset and automatically plot specific price patterns (setups) on it.

The indicator includes a total of seven Price Action patterns:

**DBHLC & DBLHC Patterns** These stand for Double Bar Lows Higher Close and Double Bar Highs Lower Close, representing bullish and bearish setups. Typically, these setups occur during a strong trend and signal its continuation.

**TBH & TBL Patterns** This pattern, known as Two Bars High and Two Bars Low, occurs when two candlesticks with the same highs or lows appear on the chart. It is often seen at price extremes, indicating a potential trend change. This pattern suggests that buyers may lack the strength to further increase their activity.

**RAIL'S Pattern** This pattern typically provides signals during a strong trend. Depending on its position on the chart, it can act as either a trend continuation or completion pattern. The candlesticks should be long with short shadows, indicating high market participant activity. In such cases, trading signals are often more reliable.

**OVB Pattern (Bullish and Bearish Engulfing)** This pattern consists of two candlesticks, where the second candlestick opens lower and closes higher (for a Buy trend; the opposite is true for a Sell trend) than the first one. It is called "engulfing" because the body of the second candlestick completely engulfs that of the first one, excluding the shadows.

**PPR (Reversal Pivot Point) Pattern** This formation involves three candlesticks and usually indicates potential trend reversal points rather than continuation. In this pattern, the third candlestick does not close below the low or above the high of the second candlestick but instead reaches a new extreme.

**Pin-Bar Pattern** A pin bar resembles a candlestick with a long shadow, where the opening and closing prices are close to each other. This pattern often acts as a trend reversal signal and is popular among Forex market participants due to its ease of use and efficiency.

**WRB (Wide Range Bar) Pattern** The WRB pattern highlights two bullish or bearish candlesticks simultaneously. It often forms when a retracement move has been completed and signals the resumption of the major trend.

When using the indicator for the first time, you will need to spend some time customizing its parameters.

**Conclusion** The Price Action Scanner indicator can be a valuable addition to your Forex trading system. It draws formations on all timeframes, making it versatile for various trading approaches, whether you practice swing trading, scalping, intraday trading, or long-term trading. The chart will consistently display trading situations with profit potential.