Reflex MT4 Indicator is a simple trend-following forex trading indicator that effectively examines the current trend status of the market and signals for possible trend reversals. It demonstrates the trade signals in a very convenient way so that everybody can understand it. Because of its simplicity of use, this indicator is already admired by newbie trend-based traders.
Reflex MT4 Indicator is quite classic as a technical trading tool because it can be adjusted to all sorts of time frame charts and supports various trading styles. Moreover, you can apply this indicator to trade all kinds of forex currency pairs in the market.
Reflex MT4 Indicator Overview
Download the indicator and install it in your MT4 system. Once you’re done, your chart will appear like the following image:
Reflex MT4 Indicator Explanation
Reflex MT4 Indicator closely monitors the last 50-day candles, accumulates the price action data, and transforms them into a single slope indicator for providing trading solutions.
Mastering the Reflex indicator is quite easy. All you need to do is to keep an eye on the indicator slope and look for its changes in colors. It turns blue when the trend is bullish and turns red in case of a bearish market trend.
Once a trend is confirmed, your job is to pull the trigger according to the direction of the confirmed market trend. Besides, you may also add it to other trend-following strategies for better performance.
Also Read: Exness Broker Review
Reflex MT4: Buy Conditions
- The indicator turns into blue color
- The price candle closes as a bullish bar
- Buy triggers at the break of the respective bullish candle’s high
- Set stop loss below the current swing low of the market
- Exit long/take profit whenever the indicator turns red
Reflex MT4: Sell Conditions
- The indicator turns into red color
- The price candle closes as a bearish bar
- Sell triggers at the break of the respective bearish candle’s low
- Set stop loss above the current swing high of the market
- Exit short/take profit whenever the indicator turns blue
