Among the many trend reversal indicators for MT4, there are some that are not worth writing about, while others are good. For example, the Forex Reversal indicator.
Its indicator is one of the most reliable reversal indicators. It shows up on your chart as yellow dots wrapped in blue and red rings. The yellow dot on the red ring appears near the high of the market and indicates the end of a downtrend. A blue ring around a yellow dot indicates a reversal of an uptrend.
How to use Forex reversal indicator in trading
The initial thought of many traders in the Forex market may be to stay away from this indicator, as it is known as a redrawn signal. However, there are other ways to use this indicator without problems in case of its redraw.
Signals of Forex Reversal Indicator
This is one of the riskier ways of using this indicator, as it recolors its signals. One way to avoid this is to use signals combined with those generated by other instruments for analyzing technical data. The tools of technical analysis can be as simple as support and resistance levels or indicators that indicate that the price movement of the indicator is even more. Indicators are more reliable when the other tools used for analysis validate the signals of the Forex Reversal Indicator.
Who is the Forex Reversal Indicator best suited for?
The indicator is ideal for experienced or intermediate traders. They may have experience in using various strategies and tools to get trading signals. In addition traders, including those trading in position and swing markets, trading over longer time frames may be able to find more reliable trend reversal signals with this indicator. Scalping traders should stay away from this indicator.