Find out what the market reversal alerts indicator and dashboard does and how it can help you identify potential reversal points and shifts in market structure trading forex, crypto, metals or indices.
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!
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Video Transcript
So let’s take a look at what the indicator actually does and how the dashboard works. So as you can see on the screen here we’ve got a normal price action chart this is the New Zealand dollar yen the m15 chart and as you can see on the screen what we have is some orange blocks or orange rectangles drawn on the on the chart so these are the reversal alerts that the indicator gives you so you can see here we’ve got various orange blocks drawn and this is where price has changed direction. And you can see here we’ve got a small arrow, red arrow. This is what we call a retest alert, which we’ll go into in a moment. But basically what the indicator is doing is as price is making new highs and new lows in the market, it’s drawing in rectangles, as you can see here, and these rectangles support price as it moves in its current direction.
When price is about to change direction and we have a shift in market structure and a reversal in price or a pullback in price starting, what will happen is a candle will close above the rectangle and the rectangle will turn orange when that candle closes and signal an alert to you. And that’s what the market reversal alert indicator is basically doing. It’s showing you when price is starting to shift in direction so that you can go and analyse your chart and have a look at whether or not there’s a good trade set up and we’ll look at all those strategies later on which will give you good indications as to whether or not the signal the indicator is giving you is a valid one or is just a waste of time you shouldn’t be trading it. So the way the indicator works is it will draw a rectangle on the last up candle when a new low is formed in the market.
What this does is it acts as a sort of support for price as it continues to move in its current market structure direction. When price breaks back above that rectangle, it will turn into a reversal alert and signal us to come and have a look at the charts. Now, often after you’ve had a market reversal alert, you will get a retest of that area. And what this is, is price moving back into that zone, the previous area it’s been trading at, to see if it can continue in the original direction. If there’s more selling pressure in this case, as it’s a bearish market reversal alert that we received, you will get a retest arrow drawn and these are basically stronger signals as the price has already tried to move in the opposite direction, has been rejected and is now continuing back in the way of the initial alert that you got. So these basically are better signals.
They’re just stronger signals because they’ve been confirmed. So if you wanted to monitor every single pair and every single timeframe that you trade, it’s gonna be very difficult to do because what you’ll have to do in your MT4 is open up an individual chart for every pair and then for every timeframe that you want to monitor. So what we’ve got is the market reversal alerts dashboard and this basically does the job for you.
So the idea of the dashboard is you just stick this on any chart and put it in the background in your mt4 and let it just churn away monitoring all the pairs that you want to trade and it will monitor all the time frames that you want to monitor. So everything from m5 all the way up to daily. You can select individually which alerts you want to receive. So you can receive individual timeframes. So you could say, I only want to receive M15 and four hourlies and you can individually set whether or not you want to receive initial market reverse alerts or you want to receive the retests or both. So basically the dashboard will sit there and just alert you when potential shifts in market structure are happening so that you can just open up a chart go and have a look and then see if there is a trade opportunity there for you.
