The ReverseMinMax Metatrader 5 custom forex indicator depicts within the activity chart the lowest top and the highest bottom over the last N periods.
Using the ReverseMinMax MT5 Forex custom indicator to display the highest top and the lowest bottom is one task the indicator carries out quite well.
There are three input parameters that are available on the ReverseMinMax MT5 forex indicator:
Reverse period – defines the period for calculating the highest bottom and the lowest top;
Show Min/Max lines – defines the switch to display levels Min/Max (Yes/No);
Min/Max period – defines the period for calculating the Min/Max of the highest bottom and the lowest top.
The formula that represents the ReverseMinMax Metatrader 5 indicator is as follows:
ReverseMin[i] = Low[HL]
ReverseMax[i] = High[LH]
Min[i] = Low[LL]
Max[i] = High[HH]
- HL – the highest bottom index over the Reverse period;
- LH – the lowest top index over the период Reverse period;
- HH – the highest top index over the Min/Max period;
- LL – the lowest bottom index over the Min/Max period.
The EUR/CAD H4 chart below displays the ReverseMinMax Metatrader 5 forex indicator in action
Basic Trading Signals
Buy Signal: Go long when the price bars are seen to be trading somewhat above the red line of the ReverseMinMax MT5 forex indicator.
Sell Signal: Go short when the price bars are seen to be trading somewhat below the green line of the ReverseMinMax Metatrader 5 custom forex indicator.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, price jumps within the channel of the ReverseMinMax MT5 forex indicator.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, price jumps within the channel of the ReverseMinMax MT5 forex indicator.
Tips: Day traders should deploy the ReverseMinMax Metatrader 5 forex indicator to improve their profitability.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Reverse period, Show Min/Max lines, Min/Max period), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the ReverseMinMax.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)