Forex Reversal Indicator, Ultimate Edge in Market Timing
The indicator is appropriate for intraday trading and is among the top ten that display trend reversals.
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Description
Some of the MT4 community’s innumerable trend reversal indicators are not particularly noteworthy, while others are respectable. The Forex Reversal Indicator is classified as a decent indicator.
One of the most trustworthy reversal indicators is its indicator. It shows up on your charts as yellow dots with rings of red and blue. At market peaks, the yellow dot in red circles indicates a reversal of downward trends. A reversal of the upward trend is indicated by blue rings surrounding yellow dots.
How to use Forex Reversal Indicator in your trading
Due to its propensity to repaint signals, many forex traders may first be tempted to steer clear of this trend reversal indicator. When the indicator repaints, there are ways to use it without much difficulty.
Using our signal in conjunction with additional trend trading indicators
As an example, let us consider the FXSSI Trix Crossover indicator as our alternative trend trading indicator. Open it with your MT4’s trend reversal indicator. After that, all you have to do is trade in the trend’s direction. Use the Trix Crossover to execute all uptrend trades as long as the trend is still there if our reversal signal indicates that the market has turned back to an upward trend. Additionally, when the indicator shifts to a downtrend, look for downtrend entries only using the Trix Crossover.
Trading the signals of the forex reversal indicator
Because this indicator repaints its signals, using it in this way is hazardous. Using the signals exclusively in conjunction with signals from other technical analysis tools is one approach to get around this. Simple resistance and support levels, indications, price activity, and more could be used as technical analysis tools. The forex reversal indicator’s signals gain credibility when they are validated by additional technical analysis tools.
Who is The Forex Reversal Indicator Best For?
The indicator works best for intermediate and experienced forex traders. It’s possible that these traders have some prior experience mixing various tools and tactics to obtain trading indications. Additionally, this trend reversal indicator may provide more trustworthy signals for traders that trade on longer periods, such as swing and position traders. This indicator should be avoided by scalpers.
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The forex reversal indicator allows traders a great deal of flexibility. The indicator’s settings menu contains a number of choices, many of which affect the signals it produces. The choices are as follows:
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Period 1, Period 2, Period 3: Define the ZigZag periods for fast, medium, and slow signals. Longer periods generate fewer signals.
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Dev_Step_1, Dev_Step_2, Dev_Step_3: Control the appearance of red and blue rings that highlight minor highs and lows within broader market trends. Lower values result in more frequent rings.
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Symbol_1_kod, Symbol_2_kod, Symbol_3_kod: Set the colors for rings (blue, yellow, red) representing tops and bottoms.
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Box_Alerts: Enables a pop-up alert when a new signal is generated.
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Email_Alerts: Sends an email notification whenever a new signal appears.
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Sound_Alerts: Plays a sound when a new signal is triggered.
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Alert_Lv1, Alert_Lv2, Alert_Lv3: Set alerts for fast, medium, and slow ZigZag signals.
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