Lucky Reversal indicator for MT4 is an excellent trading tool to identify forex trend reversal trading signals. It combines ZigZag with other technical calculations for this purpose. Additionally, these technical levels act as support and resistance or stop loss.
Features of the Lucky Reversal MT4 Indicator
The indicator provides bullish and bearish forex trading signals with an arrow. Furthermore, the indicator lines extend to the right and provide a dynamic support or resistance. Another exciting feature of this indicator is the pretty white box. This indicates an upcoming trend reversal signal, once the signal is confirmed the white box turns into a bullish or bearish trading signal.
Traders can enter the market with a buy trade if a blue bullish arrow appears. Similarly, for a sell position traders should look for the red arrow.
It is important to note that, this indicator re calculates the trading signals based on market movement. So, traders should be ready to adjust their trading strategy accordingly. Moreover, the indicator does not provide the reversal arrows exactly at the swing high or low so traders should be ready to sacrifice some pips at the beginning of trend.
Benefits of Lucky Reversal Indicator
The indicator is effective and beneficial for forex trend traders. Moreover, the easy identification and arrows help new forex traders to visually identify potential reversal areas. Since traders are able to enter the market as early as possible, the trades result in good risk reward ratio.
Traders can use the wavy lines to exit the trade as it defines the cancellation of the trading signal and triggers the stop loss. Alternately, traders can ride the trend and book profits at an opposite trading signal. So, traders benefit the identification of trend direction, entry point, and stop loss and profit target.
Indicator Settings Description
SRZZ: Input values lower than 60 increases the number of trading signals, while higher than 60 generates less forex trading signals.
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