Free Price Action (EA) Download

If you are looking for a free price action EA, then you have come to the right place! I have developed an all-in-one candlestick pattern EA that has a good selection of built-in candlestick patterns and other useful features to help you trade price action strategies.

First, I will talk a little bit about what price action analysis is and how it can be utilised in your daily trading strategies. I will then cover the price action robot, including the settings, how it works and of course, a free download link follows.

What is price action analysis?

Price action trading is the art of analysing candlestick patterns to try and spot buy and sell signals in the forex market. There are hundreds of types of candlestick patterns that you can learn to spot. Some price action patterns are considered more reliable than others. The most popular chart patterns include:

There are bearish candlestick patterns which suggest that price may start to fall. On the other hand, bullish candlestick patterns can be a sign that price is going to rise. Price action can also be categorised into reversal patterns and continuation patterns.

It can be a good idea to look for candlestick formations in line with the overall trend by using a complimentary technical indicator such as the moving average. This can help to avoid false signals and ensure you are trading in the direction of the overall trend.

Many professional forex traders like to use candlestick patterns as they believe that they can tell you exactly what the current market conditions are whereas some other forms of analysis can only tell you what has happened historically. However, price action analysis combined with technical analysis, fundamental analysis and sentiment analysis, can give trading strategies an edge.

What is the free price action EA?

If you are a fan of candlestick formations and don’t want to constantly be sifting through multiple charts and timeframes looking for price action patterns, then this free candlestick pattern EA can be a great solution.

It will analyse all of the charts that you attach it to in the MetaTrader 4 (MT4) platform for buy or sell signals which can save you plenty of time and allow you to simultaneously follow lots of currency pairs or other financial instruments.

Price Action EA - Engulfing Candlestick Pattern
Price Action EA – Engulfing Candlestick Pattern

How does the free candlestick pattern EA work?

When the candlestick pattern robot finds a valid trading signal according to its built-in algorithm, it will send you a signal alert via SMS, email or a platform pop-up. You can choose the alerts that you wish to receive from the price action EA settings.

Not only can it send you alerts for manual trading, but you can set it to actually place trades on your behalf in case you are not around to do it yourself. It includes customisable settings and money management features such as stop loss, take profit, break even and a trailing stop.

Price action EA trading strategy

I have built this free price action robot for MT4 (MQL4) so that you can use it to generate signals and automatically trade based on the candlestick patterns that it includes. I have left the price action expert advisor settings available as external inputs for you to adjust depending on your preferred trading style. This means that you can choose the candlestick formations that you want the robot to look for, depending on your preferred trading style.

Price Action EA - Hammer Candlestick Patterns
Price Action EA – Hammer Candlestick Patterns

Candlestick Pattern EA Features

  • All of the Price Action EA settings are customisable
  • The Price Action robot can send signals and trade automatically
  • Keep full control over your money management
  • The Price Action EA MQL4 is developed for the MT4 platform
  • The Price Action MT4 EA can be used on any MT4 forex broker
  • The Price Action EA is free to use without any restrictions at all
  • Includes easy to understand setup instructions

Candlestick Pattern EA Settings

  • Expert Name
  • Pop Up Alerts
  • Email Alerts
  • SMS Alerts
  • Days Filters
  • Hours Filter
  • Magic Number Buy
  • Magic Number Sell
  • Maximum Spread
  • Maximum Slippage
  • Open Orders Limit
  • Lots
  • Use Risk
  • Risk Percent
  • Stop Loss
  • Take Profit
  • Close Opposite Signal
  • Use Break Even
  • Break Even Point
  • Use Trailing Stop
  • Trailing Gap
  • Close Percent
  • Minimum Lot Close
  • Engulfing Bar
  • Harami Pattern
  • Hanging Man or Inverted Hammer
  • Shooting Star or Hammer
  • Spinning Top
  • Three Inside Up Down
  • Evening Morning Star
  • Falling Rising 3
  • Three Crows Soldiers
  • Three Outside
Price Action EA Settings
Price Action EA Settings

Conclusion: Is this free price action EA for me?

If you are looking to get automated price action signals in MT4 then yes, this can do the job. It can send you buy or sell signal alerts and place trades without you needing to do anything. As with any automated or manual forex strategy, there is no guarantee at all on the results that you will get.

This price action robot has not been optimized so it does not include set files. You will need to choose your own settings. However, you do have unlimited access so you can test it as much as you want on all of your favourite currency pairs and chart timeframes.

If you manage to come up with some interesting settings that show good historical performance, please feel free to share them with me.

You might also want to check out my other free forex EA’s that you can download:

If you are looking for a forex robot that combines multiple technical indicators along with price action analysis, please feel free to take a look at my free forex robot. Otherwise, you can download the free price action EA.

Free Forex Robot