We will soon be offering our Price Action Pro MT4 indicator free of charge for a limited time via our public beta programme. All we ask in return is that you report any bugs that you may find, and perhaps suggest additional features you feel would enhance the software and/or benefit other users once the software is publicly released.
Here is a brief introduction to the software and what it does. A more in-depth tutorial will be released prior to the start of the public beta period, in order to make your testing experience as enjoyable as possible.
The indicator was written specifically for price action traders. It is capable of operating in any of four different trading modes (scalp/day/swing/position) to accommodate the needs of the scalper, day-trader, swing-trader or position-trader, respectively. Depending on the mode setting, the indicator will identify the market direction on five different time-frames, which for the day-trader would be 5M, 15M, 1H, 4H, & 1D. The trend indicator tells the trader the state of the current market (strong up-trend, consolidation in a strong up-trend, neutral up-trend, pull-back in a strong up-trend, strong down-trend, consolidation in a strong down-trend, neutral down-trend, or pull-back in a strong down-trend) for the five different time-frames specified by the selected mode.
The indicator performs an analysis of price action and helps identify key areas of supply and demand, either dynamically (based on historical levels) or statically (based on psychological numbers). Visualising these levels enables the trader to feel the movement and flow of the market, and see how price reacts to these key levels. This combined with other converging factors, such as hourly/daily/weekly/monthly pivots and previous day/week/month highs/lows – also displayed by the indicator, enable the trader to make trading decisions with confidence. The indicator also provides useful information related to geographically active sessions (e.g. Asia, Europe, United States) and associated ranges, as well as how the current daily range compares to a historical average (defined by the mode setting), all of which are key to the price action trader.
We have now reached our user participant limit, and are closing public beta registration. For those of you who showed interested in participating, thank you. You will soon be receiving an email with instructions.