The 3 Shade Forex Trend Reversal indicator for Metatrader 4 identifies possible trend reversal area’s on the activity chart.
The 3 Shade Forex reversal indicator is based on pure price action analysis. No lag, no repaint.
The yellow colored background color can be easily changed by editing the indicator’s inputs.
For the best results, apply the indicator on the M15 charts and above.
Free Download
Download the “3shadeopen.mq4” indicator for MT4
Indicator Example Chart (EUR/USD H1)
How to trade with it (example) ?
Open a buy position whenever price breaks above the yellow colored background and the overall currency trend is upwards.
Open a sell position whenever price breaks below the yellow colored background and the overall currency trend is downwards.
Exit the trade when an opposite trading signal occurs on the chart or for a fixed profit target, for instance, take +50 pips on the H1 chart.
Feel free to use your own favorite trading method to open and close trades with the 3 Shade Forex Trend Reversal indicator .
Indicator Specifications
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Shade color, color settings & style
Indicator type: Reversal
Repaint? Does not repaint the colored price reversal spots.
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Download the “3shadeopen.mq4” indicator for Metatrader 4
Installation:
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the 3shadeopen.mq4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.