Envelopes Reversal Signal Metatrader 4 Forex Indicator

The Envelopes Reversal Signal forex Mt4 indicator draws buy and sell arrow reversal signals on the trading chart.

Signals are based on the Envelopes technical indicator.

A green red arrow represents a buy signal while a red arrow a sell signal.

Play a little bit around with the Envelopes period setting to suit your needs.

I prefer to set the period to at least 25 or higher.

This tends to give less false buy and sell signals.

It’s recommended to use the reversal indicator alongside a trend following indicator.

Only consider to trade the signal arrows in the direction of the overall trend and avoid trading against the trend.

Free Download

Download the envelope-reverse.mq4” MT4 indicator

Example Chart

The EUR/USD 4-Hour chart below displays the Envelopes Reversal Signal Metatrader 4 Forex indicator in action.

Basic Trading Signals

Signals from the Envelopes Reversal Signal MT4 forex indicator are easy to interpret and goes as follows:

Buy Signal: Go long when the Envelopes Reversal indicator draws a green arrow on the MT4 chart. Confirm the buy trade with other technical indicators or analysis tools. Place a protective stop-loss below the previous swing low price.

Sell Signal: Go short when the Envelopes Reversal indicator draws a red arrow on the MT4 chart. Confirm the sell trade with other technical indicators or analysis tools. Place a protective stop-loss above the previous swing high price.

Trade Exit : Use your own method of trade exit.

Download

Download the envelope-reverse.mq4” Metatrader 4 indicator

MT4 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: Chart pattern indicator

Customization options: Variable (Envelopes period) Colors, width & Style.

Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

Type: reversal

Installation

Copy and paste the envelope-reverse.mq4 into the MQL4 indicators folder of the Metatrader 4 trading platform.

You can access this folder from the top menu as follows:

File > Open Data Folder > MQL4 > Indicators (paste here)

 

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