An overview of all the settings for the market reversal alerts indicator.

You can download the market structure reversal indicator here: https://www.mql5.com/en/market/product/46295

Download the dashboard to alert to all time frames and pairs here: https://www.mql5.com/en/market/product/62751/
NOTE: DOES NOT REQUIRE THE INDICATOR ABOVE TO POWER IT!

Here is the ADR Reversal Alert Indicator: https://www.mql5.com/en/market/product/62757

And it’s dashboard too: https://www.mql5.com/en/market/product/62756

👉 Market Reversal Alerts EA To Automate Your Trading: https://www.mql5.com/en/market/product/65383

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Video Transcript

In this video we’re going to go through the market reversal alerts indicator, all the settings, how to install it, how to set it up, configure it, and lots of different ways that you can use the indicator. So we’ll start off by having a look at how you add the indicator onto your chart. So once you’ve purchased it from the MQL5 marketplace, it will be in your navigator under the market tab, and you’ll see it there, the market reversal alerts indicator. So just drag that onto your chart and hit the OK button and there you can see that the indicator is now working on the chart. So there’s lots of different settings for the indicator which I’m going to go through now just so that you get a full understanding of what each of the settings does and how it affects the indicator. So if you right click on your chart and then just go to the indicator list and double click on the indicator I’ll run through the settings one by one and we’ll have a look at some examples with these settings if necessary as we go through them.

So to start off with the first setting we’ve got is the reversal alerts to see setting. This defaults to long and short. You can also set this to long only and short only and what this will do is when you put the indicator onto a chart if you for example only wanted to get alerts when there are long market reversal alerts you would set this to long only and then you’ll see that the short ones will disappear so only alert when you get long market reversals happening on the chart. Number of reversal alerts to show you can set this to more than one and that will show you previous alerts that have held and so that you can see previous areas on your chart that you might want to trade from. Use Wicks to the left of the candle this setting is defaulted to true. What this does is it will use highs of wicks to the left of the candle that is used to draw the reversal set this to false what you tend to get is tighter reversals. So you’ll see here that let’s zoom in and have a look at this particular candle here you can see that this is the candle that is being used so it’s the last up candle before this low was formed but what quite often you will find is that price will actually respect any highs just to the left of the candle that the alert indicator draws onto.

So you have the option of setting it to you also use this wick at the top of this candle as well. And you’ll find that sometimes this is useful and sometimes it isn’t. So it’s just a setting that you have to play with, but it’s there basically to give you slightly larger rectangles drawn onto the chart so that when you get the reversals it means that price has had to move a bit harder and faster to get through the block and give you the alert. So they tend to be a little bit more reliable but they don’t always appear on the chart so if you have this turned on as using Wix to the left quite often you’ll find that the block will be drawn exactly the same. So it is there as an option for you to use. Aggressive mode, what that will do is it will draw more reversal alerts onto the chart. So you can see that we’ve got two drawn on there. Let me just set this to three so we can have a look at more. So what you’ll see is that you’ll get more alerts drawn quicker. So what it does is it starts to draw the rectangles in faster as price moves. So what it’s basically doing is it’s not waiting too long before it starts to draw support in for you which may well get broken and obviously give you an alert. So if we turn that setting off now you’ll see that that one there will disappear probably. There we go. So I would advise to keep that setting set to false unless you’re going to be scalping low time frames. This was basically designed for scalping on the lower time frames really for M1 and a little bit M5 but mainly for really fast scalping where you want to be in and out the market really really quickly. The reversal alert color you can change the color of the blocks to anything that you like. Personally I just use dark orange for both but you could change it to reds and greens if you wanted to. The alert settings we’ve got here you can alert outside of weekly highs only so this is useful if you’re trading on higher time frames like the hourly or the four hourly and you want to have price pushed very far away from where it outside of the previous week’s highs or lows. So those are usually areas where price will tend to push to and then reverse from if we’re going to have a week where we’re going to put an inside bar on the on the weekly candles. So they’re quite good settings to use. You can trade this with the M15 time frame as well but basically all it will do is it will alert you only if a reversal alert appears when prices exceeded the previous week’s highs and lows. The same for the daily highs and lows so again price will often push up and it will take out the highs of the previous day before it starts to reverse. That setting will only alert if the reversal alert happens outside of the previous day’s highs and lows.

And that is on the candle that triggers the alert. So if we had yesterday’s high appearing here, for example, and we had this set to true, this candle is actually below yesterday’s high. So that would not trigger the alert. What happens is this candle has to be above yesterday’s high or below yesterday’s high for this to actually trigger an alert. You can draw the highs and lows of yesterday’s high and low automatically with the indicator as well. Pop-up alerts, the indicator will send three types of alerts. We’ve got pop-up alerts and email alerts and push alerts. These are all set as false as default. You can set it to true for pop-up alerts which is the way that most people tend to use it.

But you can also set it to automatically send you emails and push alerts, assuming you’ve got that set up in your MT4 platform. You can change the text, the buy alert and the sell alert text that is given with the alerts. And you can also set the indicator up for reversal alerts as well. So the reversal alerts are these candles down here, or these arrows down here. So what a retest is is where price has pushed up pulled back into the reversal alert block there and then pushed away again. So this will basically trigger an alert once price has pulled back into the area and You can also set the number of candles here, number of bars before retest alerts.

So what that will do is it will pause a set number of bars before it triggers the alert. So for example, here we’ve got it set to ones. What will happen is once you get the initial reversal alert, it will wait one candle and then it will start to monitor for price pulling back and pushing back up higher again. So if you were to set this for example to 3, what would happen? Let me just set it to 3, you can see. You can see that it had to wait 1, 2, 3 candles before it started monitoring for a push back down and then a push back above. Obviously this candle didn’t do it but this one did so it triggered the reversal alert on this one because the wick of this candle pulled back down into this block and then pushed back up again. So that’s what that setting does. You can also change the retest arrow colors. They’re defaulted to red green. The arrow offset is the distance between the low or the high before the arrow is drawn.

So you can have the arrow being drawn further down or higher up. This is a useful setting if you’re using different timeframes. So on different timeframes, like the very low timeframes, you want the arrow fairly close. On higher timeframes, you might want it further apart. The arrow size, that’s just a numerical indicator. You can set it to different sizes so you can have bigger or smaller arrows drawn on your chart. Draw retest arrows true or false you can set this to false so it will basically turn off the retest arrows not really sure why you would want that turned off but it’s there as an option if you want it and then you can also change the text for the reversal retest alerts as well so these are all completely configurable for the alert system. The next setting is the higher time frame settings. So the indicator as default has the higher time frame analysis disabled.

You can turn that on here by selecting either to see reversal alerts or the support rectangles or both. The normal setting for this would be to set it to both. When you have this turned on, it’s advisable to just have the number of reverse alerts shown to set to one. Otherwise you will get lots and lots of previous higher timeframe reversal alerts drawn on your chart, which becomes incredibly messy. So if you just set it to one, it’s going to show you the most recent one that has happened. So what I’m going to do here is I’m going to use just four hour, okay?

You can also change the colors that are drawn which you’ll see in a second But I’m going to set it to four hours, and then I’m going to drop down to the m15 chart Okay, so this is basically the four hour Reversal alert the last four hour reversal alert that we’ve just had okay You can flip these on and off as well by clicking this up here to turn them on and off So if you’ve got other indicators on your chart and your chart’s getting a little bit messy basically what it will do is it’ll allow you just to flick that off so you can quickly do some analysis. You can also set these to extend to the right which is this setting here extend higher time frame to right and what that will do is it will extend the block right across to the hard right edge of the chart. This is particularly useful when you’re on lower time frames. Let me just quickly change the size of that arrow. This is too big. So this is useful for when you’re trading on a lower time frame. So we can see here that we’ve had a reversal alert on the four hour. Okay so this is this one here. So this candle has only just about done it hasn’t it but it’s just about triggered the reversal alert there as we can see here and so it’s very useful for when you’re trading on lower time frames if price is pushed down and then back up into the area just above where the initial reversal alert was on the higher time frame it’s really good opportunity to take shorts when that situation’s situations happened. So having this extended to the right shows you at the hardware edge exactly where the reversal alert was on your higher time frame. If we zoom out as well you can also see this green one was the last bullish reversal alert that we had on the 4-hour chart which you can see is this one here.

So this one was extended across on the lower time frame down there. So you can use these as support and resistance zones as well. So those are the settings for the higher time frame. You can change the appearance of the higher time frame button which appears up here as well and we also have higher time frame direction arrow settings as well. This is defaulted to off you can set this to true and what this will do is it will show you down in the bottom left hand corner of your chart the last reversal alert that we had on your higher time frame so in this instance we’re trading on m15 this is showing us that the last reversal alert on the higher time frame in this case h4 was bearish so this is particularly handy if you’re trading on lower timeframes and you just want to trade in the direction of the last alert that you had on a higher timeframe so you’re trying to stay in line with the higher timeframe trend or the higher timeframe market structure. This tells you instantly when you drag a new symbol onto your chart that you should be looking for bearish alerts, for example this one here.

So that’s all the settings on the Market Reversal Alerts Indicator. This is being developed, obviously, over and over again. So as we get new additional features added, I’ll do new additions to this video to tell you about the new features. But hopefully that’s been helpful, and you can now get a full understanding of what all of the indicator settings do. And good luck with the indicator.