Want to trade price action strategies without the hard work? My Free Price Action Expert Advisor (EA) for MT4 & MT5 does all the analysis for you—reading candlestick patterns, spotting key support and resistance levels, and identifying breakout and reversal setups with precision. Instead of manually studying every bar and second-guessing your entries, let this EA automate the process so you can trade smarter and with more confidence.
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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:
- Hammers
- Inverted hammers
- Engulfing bars
- Dojis
- Shooting stars
- Piercing pattern
- Spinning tops
- Morning Star
- Evening Star
- Three White Soldiers
- Marubozu
- Three Inside Up
- Tweezer Bottom
- Tweezer Top
- Neck Pattern
- Hanging Man
- Dark Cloud Cover
- The Three Black Crows
- Falling Three
- Rising Three
- Upside Tasuki Gap
- Mathold Pattern
- Falling Window
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 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.
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 EA for MT4 & MT5 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.
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 is developed for the MetaTrader platform
- The Price Action EA can be used on any 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
Conclusion: Is this free price action EA for me?
If you are looking to get automated price action signals 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.
Make sure to check out the best forex robots for the latest real verified results of the best forex expert advisors which you can start using today.
I’m a self-confessed Forex geek who spends countless hours researching, testing, and reviewing everything related to trading. With many years of experience in the Forex industry—and thousands of robots, brokers, strategies, and courses put to the test—I’ve seen what works and what doesn’t. My goal is simple: to share that knowledge with you for free, so you can navigate the exciting (and sometimes crazy) world of Forex trading with more confidence.
