Really good reversal bar!
Should be quit easy to program but you need to define mathematically your definition of an up/down trend. Might be quite interesting in coding this into an EA.
i feel that on a 5min the highs and lows are false, since a 5pip spread will mean if nothing moves you will have a high and low likely to meet your specifications, unlike a 1hour.
@toccata: In my opinion it is impossible to define the trend mathematically. I do it visually by looking at local highs and lows. But I would be really glad and happy if you could do this reversal-bar indicator. Maybe I get some more ideas to improve the usage during trading.
@trevman: Of course the reversal bars also work really good in higher timeframes. If you look at a H1-chart you see many good working reversals. But I don't like to have stops >20 pips. Therefore I prepare the 5 min and 15 min chart. The reversal bars are smaller then and my stop is also tighter.
is really nobody interested to make this small indicator? 
I already tested it... but unfortunately it doesn't contain what I need...
Reversal Bar Indicator
I programmed an indicator according to Marbo's description; however I don't know if I'm allowed to post attachments in this forum (I guess there is a minimum number of posts in order to be able to post attachments).
I will mail the indicator to Marbo and if it is what he had described; he can then post it for everyone.
Great Trading to you all !!!!
Reversal candle indicator...
Hi There Guy's...
I am lookingf for an indicator which indicates about reversal candles...Is there any indicator which indicates about reversal candles... ??? Or
or trend changing indicator?
thank's
WOW Thanks Bud 
It Look's very intresting... Thanks Again it really appreciated...
PipHacker
Hi, Buddy
Could you tell me why I changed the timeframe, The define of the indicator
disappear that I can't remember the P_L or HMR4 ....'s meaning.
Who can solved the problem? thanks.
Best regards
Franky
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Hi,
in the last time I noticed that one formation similar to a doji is very useful.
A long reversal bar:
- Low of the last bar must be lower than the lows of the last X bars (X should be tested. It seems to me that 4 is pretty good.)
- Close must be equal or higher than open
- High - Low < Y pips (y should also be tested)
The opposite for a short reversal bar:
- High of the last bar must be higher than the highs of the last X bars
- Close must be equal or lower then open
- High - Low < Y pips
The very important thing is that you use the long reversal bar ONLY in uptrends. If you have a correction/retracement you can very often find a long reversal bar at the low. Of course short reversal bars should only be used in a prevailing downtrend.
These reversal bars are really good to give you a great entry after a retracement.
Have a look at the chart where you can see some examples. I marked two of them.
I would be very thankful if somebody programmed this idea as an indicator. If the last bar is a long reversal bar the computer should e.g. play alert1.wav and if it a short reversal bar alert2.wav should be played. This is important because if you know that we are in a downtrend you should not trade a long reversal bar. Therefore it is nice to hear which bar occured so you needn't have to watch it.
Marbo
PS. I use it on GBPUSD 5 min and 15 min.