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5 Bar Reversal Signal Metatrader 4 Forex Indicator
The 5 Bar Reversal Signal MT4 forex indicator is a short-term trend reversal indicator which works well for scalping and intraday trading currency pairs.
A short-term bullish reversal signal occurs when the indicator paints a blue arrow (short-term bullish).
A short-term bearish reversal signal occurs when the indicator paints a red arrow (short-term bearish).
This technical tool can be used as a standalone indicator or in conjunction with other analysis tools or forex technical indicators.
For instance, use it together with Bollinger Bands or the 200 simple moving average and trade in the direction of the longer-term trend.
Use it on low spread currency pairs such as EUR/USD, GBP/USD and USD/JPY.
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