The Bar Reversal Indicator is a useful and popular Forex indicator for MT4 that is completely free. This indicator is designed to provide traders with an easy way to identify potential reversals in the price of a currency pair. The indicator uses a combination of price action and volume to help traders spot potential reversals. It is based on the idea that a strong move in the opposite direction of the current trend can indicate a potential reversal in the trend. The Bar Reversal Indicator works by looking for specific patterns in the price action of a currency pair. When these patterns are identified, the indicator will produce an alert to let the trader know that there may be a potential reversal in the trend. The indicator also uses volume data to help confirm these potential reversals. When the volume is unusually high or low, this can be a sign of a potential reversal in the trend. It is best used in combination with other indicators and tools to help traders make better trading decisions.
MT4
Bar Reversal
The Bar Reversal Indicator is a useful tool for Forex traders who use the MT4 platform. It displays a bar in the chart window when the RSI is above or below a certain level and the two moving averages cross. It is a great tool for any trader looking to make consistent profits in the Forex market.
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How to Install
How install MT4/5 indicator in the terminal?
To install an MT4/5 indicator in the terminal, follow these steps:
Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.
Open the MT4/5 terminal and click on “File” in the top left corner.
Select “Open Data Folder” from the dropdown menu.
In the window that opens, double-click on the “MQL4/5” folder.
Double-click on the “Indicators” folder.
Drag and drop the indicator file from your computer into the “Indicators” folder.
Close the data folder window and restart the MT4/5 terminal.
The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.
Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.
And if asks to confirm DLL?
If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.
DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.
If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.
It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.
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