The Price Reversal Signal forex indicator delivers short-term buy and sell trend reversal signals on the activity chart.
It works well for scalpers and intraday traders looking to take advantage of short-term price reversals.
How it works?
A green signal dot suggests the short-term trend reverses from bearish to bullish while a red dot suggests the short-term trend reverses from bullish to bearish.
For best performance, trade the Price Reversal Signal Metatrader 4 indicator together with a longer-term trend following indicator.
For instance, the 75 period exponential moving average would fit.
In an up trending market, trade the green price reversal dots while in a down trending market the red dots.
Avoid to trade against the longer-term trend.
The EUR/USD 5-Minute chart below displays the Price Reversal Signal Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Price Reversal Signal MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Initiate buy trade position when a green price reversal dot appears on the chart and the overall trend is upward.
Sell Signal: Initiate sell trade position when a red price reversal dot appears on the chart and the overall trend is downward.
Trade Exit: Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (alerts) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend reversal
Copy and paste the closing-price-reversal.mq4 into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)