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)