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Market Reversal Alerts EA
The Market Reversal EA is powered by the indicator of the same name (available here: https://www.mql5.com/en/market/product/46295 and trades based on market structure shifts.
The EA will by default take a trade every time a market reversal alert is sent by the indicator and will trade those alerts based on the conditions and filters you set in the EA settings.
The EA draws support rectangles as price moves in it's current trend direction and trades when price reverses sharply and signals a market structure shift or a re-test of the reversal. For more information take a look at the indicator page.
There is a full PDF instruction manual covering all settings available to download here.
There are numerous filters available to fine tune the EA including the following:
- Trade signals only at if specific RSI levels on your entry time frame OR a higher time frame of your choice have been exceeded. Signals a strong possibility of a pullback or reversal.
- Trade signals only when above or below a moving average on your entry time frame or a higher time frame of your choice. Perfect for filtering out false alerts and giving a trend bias.
- Trade only between set hours so you can trade just the most liquid sessions each day.
- Take trades only when price has hit it's normal ADR (average daily range) and is most likely to reverse.
- Use the last market reversal signal on a higher timeframe for directional trend bias.
- Exit on opposite signal.
- OR ANY COMINATION OF THE ABOVE!
You have different money management strategies included in the indicator also which are listed below:
- Use your account balance or equity to place trades at a percentage risk.
- Use a fixed lot size for each position.
- Use basket/grid trading techniques to enter multiple positions on each signal received.
- Have a fixed target for TP or SL based on your entire basket or individual orders.
- Set stops at the most recent high/low and use a risk:reward ratio for profit.
- Set stops at an ADR (average daily range) level and set TPs in the same way.
- Ability to turn off stops or take profits individually to manually trade with the EA and use it for entries (great for basket traders).
- Set an overall TP and SL figure in pips or money for your individual trades or baskets of trades.
- Use breakeven stops after a certain amount of pips in profit.
- Use trailing stops which will start at a set amount of pips and will trail at a level of your choice.
There are also settings to fine tune the EA using the Market Structure Alerts indicator it is based on which include:
- Take trades on initial reversal alerts or re-tests of the initial alerts (confirmation trades).
- Use wicks to the left of the support rectangle candle to fine tune entries.
- Aggressive mode - faster support rectangles and more entry signals, great for lower time frame scalping.
- Adjust the number of candles before a re-test signal is received and traded.
The EA can be used fully automated or as an entry tool to ensure you never miss a potential trade idea and you can then manually manage the trade yourself.