The Key Reversal MT5 Indicator is an indicator that identifies potential trend reversal in the market using the bullish and bearish key reversal price patterns. A bullish key reversal pattern is formed when a bullish bar closes above the highs of the preceding two bearish bars. Conversely, a bearish key reversal pattern is when a bearish candlestick closes lower than the low of two preceding bullish candlesticks.
Therefore, the indicator provides traders with excellent trend-reversal zones to buy and sell in the financial markets. This price action trading indicator works on different financial instruments and is suitable for scalpers and day traders.
Features of the Key Reversal MT5 Indicator
The indicator analyzes the market for key reversal patterns and paints blue and red signal arrows, depicting bullish and bearish reversals, which double as buy or sell entry signals. Besides, the indicator has alerts and notification features to inform traders of reversal signals, enabling timely decision-making.
Furthermore, the indicator’s parameters are customizable, allowing traders to adjust the parameter settings to suit their trading preferences.
Benefits of Using the Indicator
- Early Identification of Reversal Zones: The indicator spots potential trend reversal zones early, which enables Forex traders to catch the beginning of an emerging trend.
- Confirmation Tool: Traders can use the indicator as a confluence with price action/other technical indicators to confirm potential trend reversals, enhancing trading efficiency.
- Risk Management: The indicator can be a valuable trading asset to implement risk management, such as setting stop-loss and take-profit orders.
Indicator Settings Description
The indicator comes with the following customizable settings:
Trend detection period: Determines the number of bars preceding the third candlestick.
Use trend detection filter: Enables/Disables trend analysis using key reversal patterns.
Show alerts: Enables/Disables the display of alerts on the chart.
Send mails: Enables/Disables signal alerts via emails.
Send push notification: Enables/Disables signal alerts via push notification.