Lucky Reversal Indicator, Harness Explosive Turning Points
On the main chart, the Lucky Reversal Indicator for MT4 shows distinct buy and sell arrow signs in red and blue, along with wavy horizontal lines that delineate the trend direction. Additionally, it has a white square that indicates possible reversals before they are verified.
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Description
The Lucky Reversal Indicator is one such instrument that, because of its special characteristics, stands out among the many reversal indicators that are accessible. Reversals in forex trends are a normal occurrence in the market; if there is a trend, a reversal is probably imminent. This basic fact is the foundation of many trading tools and strategies. Using the appropriate tools to recognize these reversals and capitalize on the trends is essential for success.
What Is the Lucky Reversal Indicator?
The Lucky Reversal Indicator, as its name implies, assists you in identifying when a trend is changing, whether it is going from an upward to a downward trajectory or the other way around. It uses red and blue arrows to indicate these changes, each followed by wavy horizontal lines. An uptrend is shown by a blue arrow, and a decline is indicated by a red arrow.
Another subtle element that you might not see at first is a white square that shows up when the indication points to a possible or temporary reversal.
The Major Flaw of the Lucky Indicator
The Lucky Reversal Indicator is a lagging tool in contrast to many other trend reversal indicators. This implies that attempting to spot the start of a reversal breakout is not very helpful.
When trying to use it in this manner, many traders have been frustrated. The bullish and bearish signals frequently appear near the lowest or highest pivot points of notable trend reversals, as can be shown if you backtest the indicator. The price may appear to revert as soon as the arrow appears.
The bullish or bearish indications, however, only appear after the market has finished a reversal when you test the indicator in a live market. The indicator’s lagging character is highlighted by the reversal arrow, which only shows up on the chart when the reversal is confirmed.
The Major Strength of the Lucky Indicator
The Lucky Reversal Indicator is strong because of the same factor that makes it weak. It’s not the best for spotting reversals because it lags, but it’s great for verifying trades in a recently formed trend. For instance, once the market completes its reversal from a downturn, you can trade with confidence in the subsequent rally.
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There is only one setting for the Lucky reversal indication. The SRZZ is it.
The trend reversal indicator’s signal frequency is determined by the SRZZ. 60 is the default setting. You would receive signals more frequently if the number was less than 60. Additionally, you will receive fewer signals if the number is greater than 60.
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