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.
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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.
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reversalbar.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the reversalbar.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration