A turn is more believable when several things point at it together. The reversal arrow indicator checks three: price touching a Bollinger band, RSI at an extreme, and a candle that turns. A single sensitivity dial then decides how many of those three have to agree before a mark prints.
This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.
| Platforms | MT4 (.ex4) + MT5 (.ex5) |
|---|---|
| Chart window | Main price chart |
| Plots | 4: Buy, Sell, BB Upper, BB Lower |
| Alerts | popup, push notification, email, sound |
| Inputs | 13 |
What the build actually draws
Two band lines and two marks on price.
`BB Upper` and `BB Lower` trace dodger blue.
`Buy` prints lime at width 2 with arrow 233.
`Sell` prints red at width 2 with arrow 234.
A status line reports the current settings.
`ArrowOffsetPoints` `12` sets the mark gap.
- Buy: arrow, lime, width 2, arrow code 233
- Sell: arrow, red, width 2, arrow code 234
- BB Upper: line, dodger blue, width 1
- BB Lower: line, dodger blue, width 1
What the file computes
The band pillar
`BB_Period` `20` and `BB_Deviation` `2.0` draw the envelope. A low or close reaching the lower band counts toward a buy.
The momentum pillar
`RSI_Period` `14` supplies the reading. Low sensitivity wants it at 25 or below; High accepts 40, and Medium sits between.
The candle pillar
The bar itself must turn. `Sensitivity` `SENS_MED` needs two pillars with the candle mandatory; Low needs all three; High takes any two.
What each colour means
More pillars in agreement means a firmer mark.
Low sensitivity prints rarely and carefully.
High sensitivity prints often and loosely.
`ConfirmBars` `1` blocks a mark right after an opposite one.
`NonRepaintMode` `true` waits for the close.
Warm-up needs about twenty-two bars.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
A scored turn is what reports. `EnableAlerts` is the master control; the popup and the speaker playing `SoundFile` ship on, while push and email wait.
Every Reversal Arrow Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
Sensitivity |
Rule sensitivity. How many pillars must agree, `SENS_MED`. | SENS_MED |
BB_Period |
Bollinger Bands period. Band window, `20`. | 20 |
BB_Deviation |
Bollinger Bands deviation. Band width in deviations, `2.0`. | 2.0 |
RSI_Period |
RSI period. Momentum window, `14`. | 14 |
ConfirmBars |
Confirmation bars. Bars an opposite turn blocks, `1`. | 1 |
NonRepaintMode |
Confirm on bar close only. Judge closed bars only, `true`. | on |
Display settings
| Setting | What it does | Default |
|---|---|---|
ArrowOffsetPoints |
Arrow offset (points). Gap between mark and bar, `12`. | 12 |
Alert settings
| Setting | What it does | Default |
|---|---|---|
EnableAlerts |
Master control over turn notices, `true`. | on |
EnablePopup |
Popup notice, `true`. | on |
EnablePushNotify |
(see inputs panel) | off |
EnableEmail |
(see inputs panel) | off |
EnableSound |
Speaker notice, ships on, `true`. | on |
SoundFile |
(see inputs panel) | alert.wav |
Best home for this one
Band and RSI extremes arrive regularly on liquid hourly charts. EURUSD H1 is the reference chart and gives a few marks a week on Medium. On M5 High sensitivity floods the chart. On H4 Low sensitivity leaves only standout turns.
The downsides
Three agreeing pillars still describe a closed bar.
Strong trends ride a band for days.
RSI extremes can stretch further than expected.
The speaker route ships on.
Copy the compiled Reversal Arrow Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.
Download the Reversal Arrow Indicator for MT4 and MT5
The zip holds the compiled Reversal Arrow Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.
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FAQ
What does Sensitivity SENS_MED require?
Two of the three pillars, with the turning candle always one of them. A band touch plus a turning candle is enough, as is an RSI extreme plus a turning candle.
How does Sensitivity SENS_LOW differ from SENS_HIGH?
Low needs all three pillars and an RSI of 25 or less for a buy, so it prints rarely. High accepts any two pillars and an RSI of 40, so it prints far more often.
Does BB Lower need a close below it?
No. Either the low or the close reaching the lower band counts as the touch. A wick into the band is enough for that pillar.
What does ConfirmBars 1 guard against?
Back-to-back opposite marks. A new buy is skipped if a sell turned up in the previous bar, which trims the flicker you get when price chops at a band.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Reversal Arrow Indicator as one input. Always backtest before trading live.
Category: this is part of our Signal and Forecast collection. Browse more Signal and Forecast for MetaTrader, or explore every MT4 indicator and MT5 indicator on the site.
External references
- The core method is documented in Alternative display facility on Wikipedia.
- Additional market context is at Dow Jones Us Indices at StockCharts ChartSchool.
About the author
Written by Dominic Walsh, a Forex trader and MT4/MT5 indicator, Expert Advisor and script developer. Every tool on forexmt4systems.com is tested on live charts before release and ships with ready-to-use compiled MT4 (.ex4) and MT5 (.ex5) files. Learn more about the trader and developer behind this site.
How we build, test and correct every tool: Editorial & Testing Policy. Trading carries risk; see the disclaimer.