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5 bar reversal indicator mq4

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Free download 5 bar reversal indicator mq4 for Metatrader 4 and Metatrader 5. This is one of many Forex indicator listed on AtoZ Forex indicators directory which is built for MT4 Forex traders. Like all of our other Forex Indicators this tool is also completely free of charge. All we ask is, just, after you use it please share your 5 bar reversal indicator review with us.

After you download 5 bar reversal indicator mq4 you need to understand the logic behind how this indicator works. Assuming that you have downloaded the file, here we go. The 5 bar reversal indicator is a counter trend strategy indicator. The system is looking for 5 or more consecutive bars to define overheating in the market. Once the system defines overheat, and there is a confirmation, the indicator gives a signal with an arrow up or an arrow down. However, I’ve tested the system, I believe you can get the best possible results if you combine it with a 20 and 100 SMA on H1 time frame.

Download 5 bar reversal indicator mq4 and then..

Now, you have the 5 bar reversal indicator mq4, just simply add it to your chart and also add additional 20 and 100 simple moving averages applied to median. Your chart should look like as the following:

download 5 bar reversal indicator mq4

Chart: Look of the strategy after you download 5 bar reversal indicator mq4

Since 5 bar reversal forex strategy initially was designed to scalp and trade against the trend, combining this strategy with the moving averages, we can reverse the system.

Of course the logic stays the same, we will look into red arrows to short and yellow arrows to long our instrument. But, to reduce the risk, we will make amendments. We will only be shorting it, if the 100 hour moving average is sloping downwards. Meanwhile, for long orders the system is just the opposite. We will long only if 100 moving average is sloping upwards.

AtoZ Forex 5 bar reversal indicator strategy

So here are the complete details of AtoZ Forex 5 bar reversal indicator strategy:

Condition 1: 100 SMA sloping upwards, you get a Red Bearish arrow. You will open a buy order when the price hits 100 SMA on hourly time frame. You will use stop loss below the previous support line. If you are having trouble with support and resistance levels you can use automated supply and demand indicator too.

Condition 2: 100 SMA sloping upwards, you get a yellow bullish arrow and the price is above the 20 SMA. You will open a buy order when the price hits 20 SMA on hourly time frame. Don’t forget to use SL.

Condition 3: 100 SMA sloping upwards, you get a yellow bullish arrow and the price is between the 20 and 100 SMAs. You will open a buy order when the price hits 100 SMA on hourly time frame.

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Condition 4:
100 SMA sloping downwards, you get a Red Bearish arrow and the price is below the 20 SMA. You will open a sell order when the price hits 20 SMA on hourly time frame.

Condition 5: 100 SMA sloping downwards, you get a Red Bearish arrow and the price is between the 20 and 100 SMAs. You will open a sell order when the price hits 100 SMA on hourly time frame.

Condition 6: 100 SMA sloping downwards, you get a yellow bullish arrow. You will open a sell order when the price hits 100 SMA on hourly time frame. You will use stop loss above the previous resistance line. Just like condition 1, if you are having trouble with support and resistance levels you can use automated supply and demand indicator too.

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