Forex Reversal Indicator
Platform: MT4 Type: Reversal Last update: December 14, 2024The goal of the Forex Reversal Indicator for MT4 is to provide points where price basically makes an u-turn. In other words, it defines high and low points in certain time period, that are useful both for entries and understanding short-term price direction. This strategy can be applied in a pullback and trend resume approach, as well as in full-blown market reversal.
Example chart
How is the forex reversal mt4 indicator working?
Behind the scenes, it operates as an oscillator, which additonally incorporates a filtered moving average. On the activity chart it displays yellow sun-shaped dots. Long trade opportunities occur when a dot is placed below candlesticks, and similarly, short setup forms when the dot is plotted above candles. It’s recommended to support or confirm these signals with other indicators.
Combining it with other technical indicators
Xmaster Formula
One of the suggestions is to use it in conjunction with the xmaster formula mt4 indicator. When a yellow sun is displayed, then a forex trader should wait for a corresponding buy/sell arrow to arrive before opening a trade.
QQE
Another idea is to take the readings of the qqe indicator and confirm provided reversal signals with the crossovers of that qqe. When both are in agreement, traders can considered these opportunities with reduced risk.
Settings
These are available settings.
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