Accurate, simple and powerful 5 bar reversal strategy and indicator

This is my 5 bar reversal indicator that shows buy/sell arrows. It works on the principle of 5 bar reversal which means that after 5 or more consecutive bull candlesticks, the price will drop, and after 5 consecutive bear candlesticks, the price will go up.

Simply BUY when an up arrow appears and SELL when a down arrow appears.

Take profit when the 5,3,3 stochastic is above 80 for a buy, and below 20 for a sell, or when the stochastic is reversing.

Use the 5M timeframe and above only, DO NOT use the 1M timeframe as it will give many false signals.

Recommended currency pair: USDCAD

Although accurate, this indicator can give some false signals, especially on currency pairs other than that recommended. It has not been tested on commodities.

Below are some screenshots


5_bar_reversal.zip (2.95 KB)

Hi, How long do you test this system?

Just for one day

Oh in this way, I think it should be tested much more. Anyway looks cool, will try it. Thank you

Hi, how does the upper arrow and down appear on my chart to initiate buy or sell on UsdAud. Thanks