Reversal
This professional-grade solution for MetaTrader 5 helps traders achieve greater efficiency in their daily workflow. 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 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
The indicator shows position opening signals based on the 'Reversal' trading system.
Description of the System
The system works best on the H6 timeframe. The idea of the system is as follows: it analyzes a specified number of closed candlesticks starting with the previous one, in order to find a local high or low, after which a candlestick closed with a trend reversal. For example, a candlestick shows the maximum value in the specified interval, and then closes as a bearish one. A Sell operation should be performed at the opening of the next candlestick. A buy signal is formed similarly: a candlestick shows a local low and then closes as a bullish one. A buy operation should be performed at the opening of the next candlestick.
Parameters
Interval
- the number of bars to search for a local high or low.
Example of the indicator operation:
