The Reversal Bar Candle indicator developed for Metatrader 5 identifies simple candlestick patterns that may signal a bullish or bearish trend reversal.
For optimal trading results, the indicator should be used in agreement with the overall currency trend.
The indicator incorporates the following color scheme:
- A bullish reversal bar is colored blue.
- A bearish reversal bar is colored red.
- A neutral bar is colored gray.
Users can customize various settings and variables, including colors and style, according to their preferences.
Before applying the Reversal Bar Candle indicator in live trading, it is advisable to gain proficiency by practicing with it on a demo account.
Keep in mind that its trading performance may fluctuate based on market conditions, so it’s crucial to maintain realistic expectations.
Free Download
reversalbar.mq5 Indicator (MT5)
Chart Example
The picture below illustrates how the Reversal Bar Candle indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Reversal Bar Candle Indicator?
Find a simple trading strategy below:
Buy Signal
- Buy condition: the market trend must show a clear upward direction.
- A buy reversal signal is given when the blue colored candle gets shown on the chart.
- Initiate a buy order and place your stop loss below short-term support.
- Close the buy transaction for a fixed take profit target that suits your preference.
Sell Signal
- Sell condition: the market trend must show a clear downward direction.
- A sell reversal signal is given when the red colored candle gets displayed on the chart.
- Initiate a sell order and place your stop loss above short-term resistance.
- Exit the sell transaction for a fixed take profit target that suits your preference.
