Price Reversal Forex Box Indicator For Metatrader 4
The price reversal box Forex MT4 indicator marks interesting price reversal area’s on the chart.
It’s a great currency indicator to join the underlying trend with the best possible entry price and low risk stop loss.
The price reversal indicator draws two box types:
- A magenta box indicates a possible bearish price reversal area. Traders look to go short.
- A green box indicates a possible bullish price reversal area. Traders look to go long.
It’s recommended to use this indicator in agreement with the underlying trend.
Underlying trend up? Trade the green box bullish price reversals.
Underlying trend down? Trade the magenta box bearish price reversals.
Deploy the indicator for scalping and day trading on any price chart.
Feel free to experiment with the Price Reversal Box Forex indicator’s parameters to suit your needs.
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Price Reversal Box Forex Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
You can apply the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With Price Reversal Box Forex Technical Analysis Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a buy price box reversal trade when the underlying trend is up and price goes back above the high of the green box.
Place initial stop loss just below the low of the green box, or use your own stop loss placement method.
Close the buy trade for a reward to risk 1.5:1 ratio or better, or use your own favorite take profit method.
Alternatively, exit the buy trade for a fixed take profit target, for example, 25 pips on the 15-minute day trading chart.
Sell Trigger: Open a sell price box reversal trade when the underlying trend is down and price goes back below the low of the magenta box.
Place initial stop loss just above the high of the magenta box, or use your own stop loss placement method.
Close the sell trade for a reward to risk 1.5:1 ratio or better, or use your own favorite take profit method.
Alternatively, exit the sell trade for a fixed take profit target, for example, 50 pips on the 1-hour swing trading chart.
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Bars to check, search length, colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (MACD, Stochastic, RSI,…)
- Trend indicators (Moving Average, Bollinger Bands, ADMI,…)
- 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: reversal
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.