Introduction to the Forex Reversal Indicator
The Forex Reversal Indicator is an oscillator, but it’s based on a filtered moving average. Its role is to provide whether the trend direction is bullish, bearish or flat.
The Forex Reversal Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
Closer look on the Forex Reversal Indicator
The Forex Reversal Indicator displays on the charts reversal dots (suns). Look for buy trade opportunities when a dot has closed below candlesticks. Look for sell trade opportunities when a dot has closed above candlesticks. These signals should be confirmed with additional filter indicators.
Check charts of the Forex Reversal Indicator in action.
Combining it with other technical indicator
Let’s take a look at the chart when using Forex Reversal Indicator in conjunction with the Xmaster Formula Indicator. When a yellow dot by Forex Reversal occurs, then a trader should wait for a corresponding buy/sell arrow by Xmaster Formula to arrive.
Another idea is to use Forex Reversal with QQE Indicator. When a yellow dot by Forex Reversal happens, then a trader should wait for a corresponding crossover by the QQE indicator.
These are available settings.
How to set up the Forex Reversal indicator in MT4?
Download the Forex Reversal.rar archive at the bottom of this post, unpack it, then copy and paste the Forex Reversal.ex4 or Forex Reversal.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.
The Forex Reversal indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
Download Free MT4 Forex Reversal Indicator
To download the Forex Reversal Indicator for Metatrader 4 (MT4) for free just click the button below: