key reversal
Info
The key reversal is a Indicator for MetaTrader 5 that key reversal pattern is similar to engulfing price action pattern and consists of three bars. two of them are trend-following and the third (key) one should absorb the previous (second) one.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use key reversal
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
key reversal pattern is similar to engulfing price action pattern and consists of three bars.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Stochastic Reversal Signal Indicator - another powerful indicator for MetaTrader 5 traders.
key reversal pattern is similar to engulfing price action pattern and consists of three bars. two of them are trend-following and the third (key) one should absorb the previous (second) one.
Also recommended: Bands Stoch RSI Extreme Reversal Signals - similar indicator with strong performance on MetaTrader 5.
the indicator implements a simplified pattern structure:bullish key reversal - two bearish bars and one bullish bar (the third one). the third bar's close price exceeds high of the previous (second) bar.
bearish key reversal - two bullish bars and one bearish bar (the third one). the third bar's close price is lower than low of the previous (second) bar.
there are five inputs:
trend detection period
- number of bars preceding the key one
use trend detection filter
- consider bars before the key one (yes/no)
show alerts
(yes/no)
send push-notifications
- send push notifications to a mobile device (yes/no)
if
use trend detection filter
is disabled, the pattern applies the key bar only.
You may also like: institutional market reversal - the smart money concepts way - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.