Key Reversal
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup 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.
Description & Settings
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.
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.
