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Forex Reversal

The Forex Reversal Indicator for MT4 detects bullish and bearish trend reversals. The indicator uses a combination of technical analysis tools such as moving averages, Fibonacci levels and Price Action patterns to identify pivot points to ensure successful trading.

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Description

The Forex Reversal Indicator for MT4 is a trend-following tool that detects the potential turning zones of the price. It identifies market reversal levels using historical price data, assisting Forex traders to make informed decisions.

The indicator generates reliable trend reversal signals, which can be used to identify buying and selling opportunities in the Forex market. It is a suitable Forex indicator for scalping and day/intraday trading. Besides, it is beginner-friendly.

Features of the Forex Reversal Indicator for MT4

  • Identification of Reversal Zones: The indicator paints signal dots at potential reversal zones of the price. The signal dot below/above the candlestick suggests a potential bullish/bearish trend reversal.
  • Beginner-Friendly: The indicator’s simplicity makes it a suitable tool for novice and experienced Forex traders.
  • Customizable Settings: The indicator allows traders to customize the inbuilt parameters based on their trading styles. Besides, traders may assign a unique color to the signal dots to depict bullish and bearish reversals.

Benefits of Using the Indicator

  • Timely Reversal Identification: The Forex Reversal indicator assists traders in identifying the beginning of a potential trend reversal zone, allowing traders to maximize profit and minimize loss. For instance, traders may look for a buy entry opportunity when the signal dot appears below a candlestick or exit a buy position when the dot appears above the candlestick.
  • Trading Confluence: The indicator’s signals may also be used as a confluence with price action or other Forex indicators to determine optimal trade entry or exit zones.

Indicator Parameters Settings

The indicator comes with the following customizable settings:

Period 1: Determines the period of the fast-moving average.

Period 2: Determines the period of the medium moving average.

Period 3: Determines the period of the fast-moving average.

Dev_Step_1, 2, and 3: Defines the deviation value for the corresponding periods.

Symbol_1, 2, and 3_Kod: Determines the instrument symbol for analysis.

Box_Alerts: Enables/Disables pop-up alerts.

Email_Alerts: Enables/Disables email alert notification.

Sound_Alerts: Enables/Disables sound alert notification.

Alert_Lv1, 2, and 3: Determines the levels to trigger alerts.

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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:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. 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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