The Repulse Metatrader 5 forex trading indicator gauges and displays the bullish or bearish pressure that is linked with each price bar in the form of a curve.
The indicator offers just a single adjustable parameter: the repulse period, with a default value of 15.
Internally, the Repulse MT5 indicator uses all four prices in computing its values, hence it is impossible to alter price within its calculation.
The indicator line oscillates around the zero mark and has the tendency to change between maroon and lime.
The Lime color usually forms above the zero center line, while the maroon filled line is seen below the zero center line.
The recommended usage for the Repulse trading indicator is such that when the line crosses above the zero line (as it turns lime), price is said to be bullish, while when the Repulse indicator line crosses below the zero line (as it turns maroon), price is said to be bearish.
Reducing the value of the adjustable “Repulse Period” makes it react too often to price, and could lead to false positives.
This means that a 5-period Repulse indicator will react more quickly to price than a 15-period Repulse indicator.
The Repulse indicator does not fare well as a standalone technical study, as such we recommend that you combine other trend/momentum indicator alongside when building a profitable trading strategy.
Short and long term traders can make use of the Repulse indicator as a viable tool for having a clear medium and long term market outlook.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Repulse period), Colors, width & Style.
Time frames: 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the Repulse.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)