reversal
Info
The reversal is a Indicator for MetaTrader 5 that the indicator shows position opening signals based on the 'reversal' trading system. description of the system the system works best on the h6 timeframe.
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 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
the indicator shows position opening signals based on the 'reversal' trading system.
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.
the indicator shows position opening signals based on the 'reversal' trading system.
Also recommended: Bands Stoch RSI Extreme Reversal Signals - similar indicator with strong performance on MetaTrader 5.
description of the systemthe 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:
You may also like: institutional market reversal - the smart money concepts way - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property version "1.00"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_plots 2
#property indicator_type1 draw_arrow
#property indicator_width1 3
#property indicator_color1 0x0000ff
#property indicator_label1 "sell".......
⚠ 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.