As the name suggests, the Reversal Forex Indicator is a trend-reversal trading strategy.
It consists of three indicators:
- Buy-sell dots placed directly on the chart
- A trend filter below the main chart
- An informational dashboard in the top left corner
This forex indicator fits all kinds of timeframes and currency pairs.
How does it work? How to apply in trading?
Trading Rules Explanation
Buy Entry: Look for long trade after the blue dot appears on the chart. At the same time trend filter should be blue. Place your SL(Stop Loss) a few pips below the chart last swing low.
Sell Entry: Look for a short trade after the red dot appears on the chart. At the same time trend filter should be red. Place your SL(Stop Loss) a few pips above the chart last swing high.
Exit Trade / Take Profit: Close your open position when the trend filter stops colorizing bars, or use your preferred method of trade exit.
As always, to achieve best results, remember about proper money management.
How to set up the Reversal Forex Indicator in MT4?
- Reversal Forex Indicator. tpl
Copy and paste indicator files into the MQL4 folder of the MetaTrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Similarly, copy and paste the template file to the Templates folder.
Now, right-click on the chart, and hover over Templates. You will have displayed a list of available systems; left-click the template name you want to run.
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The Reversal Forex Indicator is worth adding to your forex trading collection but remembers to have realistic expectations. However, just like any other technical forex analysis tool, it cannot provide accurate forex signals 100% of the time. It will give false chart signals occasionally. In addition, its performance will differ significantly depending on market conditions.
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