The 1-2-3 Reversal Points Pattern Indicator MT4 (MetaTrader 4) is a powerful tool designed to detect optimal forex trend reversal points using the widely recognized 1-2-3 trading pattern. This user-friendly indicator conveniently places buy and sell arrows on the chart, marking the completion of bullish or bearish trend reversal patterns. Essentially, all you need to do is follow these buy and sell arrows to make informed trading decisions This forex MT4 indicator is available for free download.
1-2-3 Reversal Points Pattern Indicator MT4: Introduction
MT4 Indicator Overview
The download link of the 1-2-3 Reversal Points Pattern MT4 indicator is placed at the bottom of this post – once you’re done, your Metatrader 4 trading chart should look similar to the example below.
As previously stated, this indicator relies on the renowned 1-2-3 pattern. The tool proficiently examines the chart and identifies established 1-2-3 levels, clearly marking them with circles for easy visualization. Moreover, the signals it generates are straightforward to interpret and can be understood as follows:
Initiate a long trade upon the appearance of the blue arrow on the chart, indicating a bullish trend reversal. For risk management, set your stop loss just below the most recent swing low point. Aim for profit-taking at significant resistance levels.
Execute a short trade once the red arrow emerges on the chart, signaling a bearish trend reversal. To protect your position, place a stop loss just above the most recent swing high point. Target profits at essential support levels.
Explanation of the 1-2-3 Pattern Indicator (Bullish Example)
To use the gauge effectively, a trader should understand the 1-2-3 pattern. Each number in circle has specific meaning and it’s explained just below for a bullish case.
- Point 1: The lowest price level.
- Point 2: A higher high compared to the previous point 1.
- Point 3: The most recent low point, which is higher than point 1.
- Detects trend reversals efficiently.
- Utilizes the well-known 1-2-3 trading pattern
- Relies on price action analysis.
- Free from lagging, providing real-time insights.
MT4 Indicators: Download and Installation Instructions
Download the 1-2-3 Reversal Points Pattern Indicator MT4.rar archive at the bottom of this post, unpack it, then copy and paste the 123-reversal-points-pattern.ex4 or 123-reversal-points-pattern.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
Free Download Forex 1-2-3 Reversal Points Pattern MTF MT4 Indicator
To download the 1-2-3 Reversal Points Pattern Indicator for Metatrader 4 (MT4) for free just click the button below: