The Reversal Stop Signal forex indicator for MT4 searches and displays possible trend reversal points in the currency trend.
It’s a great indicator used to find short-term trading opportunities. Scalpers and intraday traders can benefit from this indicator.
The Reversal Stop Signal forex indicator draws green and red bullets on the chart.
A green bullet suggests the short-term trend reverses from bearish to bullish.
On the contrary, a red bullet suggests the short-term trend reverses from bullish to bearish.
For more reliable scalping and intraday signals, use this Metatrader 4 indicator in agreement with a longer-term trend following indicator and trade in the direction of the underlying trend.
For instance, use together with 100 period exponential moving average.
Price above the 100 period exponential moving average? Trade the green bullets and ignore the red bullets.
Price below the 100 period exponential moving average? Trade the red bullets and ignore the green bullets.
The USD/JPY 5-Minute chart below displays the Reversal Stop Signal Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Reversal Stop Signal MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open short-term buy trade when the Reversal Stop Signal draws a green bullet on the chart. Confirm the overall bullish trend with a trend following indicator.
Sell Signal: Open short-term sell trade when the Reversal Stop Signal draws a red bullet on the chart. Confirm the overall bearish trend with a trend following indicator.
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 (Time frame, Bands period, Bands deviation, Bands average type, 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 bb-stops-v2-indicator.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)