Explosive 5 Bar Reversal Forex Indicator For Metatrader 4
The Explosive 5 Bar Reversal Metatrader 4 forex Indicator finds and displays the profitable 5-bar trend reversal pattern on the chart in the form of buy/sell arrows.
It is basically a short-term trend reversal indicator that performs really well for intraday trading, as well as for scalping purposes.
The indicator has an easy visualization scheme that makes it quite easy for just about anyone to spot its market reversal signals.
5 Bar trend reversal signals
- A yellow upward pointing arrowaligned below the candlestick depicting the start of an uptrend.
- A red downward pointing arrowaligned above the candlestick depicting the start of an downtrend.
Tip: Trading the Awesome Oscillator MT4 indicator together with the 5 Bar Reversal Indicator creates a secure trading system.
In this case:
- A buy trend takes place when the green and red histograms of the Awesome Oscillator align above the zero-horizontal level, while the yellow upward arrow/arrows of the 5 Bar Reversal Indicator pops up below price bars.
- A sell trend takes place when the green and red histograms of the Awesome Oscillator align below the zero-horizontal level, while the red downward arrow/arrows of the 5 Bar Reversal Indicator pops up above price bars.
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Explosive 5 Bar Reversal Forex Indicator Chart
Below is an example of how the indicator should appear when added onto the Metatrader 4 chart.
Traders are free to adapt this indicator on a cross section of forex pairs and time frames of their preference.
Finding Buy and Sell Triggers With The Explosive 5 Bar Reversal Forex Indicator
Below is an example of how to buy and sell forex pairs with this technical indicator:
Buy Trigger: Go long (buy) when the yellow upward pointing arrow/arrows aligns somewhat below the price bars.
Place stop loss below short-term support level, or use your own stop loss placement method.
Close the buy trade at the instance the red downward pointing arrow pops up somewhat above the candlesticks on the activity chart (bearish trend reversal signal).
Alternatively, exit the buy trade for a fixed take profit target, for example, 20 pips on the 5-minute day trading chart.
Sell Trigger: Open sell trade order when the red downward pointing arrow/arrows stays aligns somewhat above the price bars.
Place stop loss above short-term resistance level, or use your own stop loss placement method.
Close the sell trade at the instance the yellow upward pointing arrow pops up somewhat below the candlesticks on the activity chart (bullish trend reversal signal).
Alternatively, exit the sell trade for a fixed take profit target, for example, 14 pips on the 1-minute scalping chart.
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Colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (Awesome Oscillator, Stochastic Oscillator, Relative Strength Index,….)
- Trend indicators (Envelopes, Parabolic SAR, EMA,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: trend reversal
Copy and paste the indicator in the MT4 indicators data folder (click on ‘File > Open Data Folder’).
Right click within the MT4 terminal Navigator window to refresh or restart the terminal and add the indicator to any chart.