MetaTrader 5 Tweezers Indicator Download - Free | Forex Indicator Download - MT4/MT5 Resources

The Tweezer Indicator is an analysis tool designed based on the following principles: Tweezer Pattern . This pattern forms at the end of a trend , where two consecutive candlesticks occur at the highest or lowest price .

This indicates that there is a strong support or resistance level that prevents the price from rising or falling further.

Tweezer indicator specifications

The specifications of this product MetaTrader 5 trading auxiliary indicators are summarized in the following table:

Indicator Overview

The Tweezer Indicator functions as follows:

If two consecutive candlesticks appear above both Moving Averages (fast and slow) , with a shadow to body ratio of 2 to 3 times , these areas appear as trend reversal points on the chart.

• Bullish reversals are shown with a green box .
• Bearish reversals are marked with a yellow box .

Indicators in a Bullish Trend

In the GBP/USD uptrend , two bullish candlesticks with a lower shadow longer than the real body and a shorter upper shadow are considered trend reversal signals .

The indicator detects these candlesticks and draws a green box , indicating a bullish trend reversal .

Indicators in a Bearish Trend

In the USD/CAD chart , after reaching a price peak , candlesticks and long shadows appear, indicating that buyers' power is weakening .

The Tweezer Indicator detects these bearish candlesticks and marks them with a yellow box , alerting traders to potential bearish trend reversals .

Tweezer indicator settings

The image below shows the settings panel for the Tweezer Indicator :

• Shadow/Body: Adjust the ratio of the shadow to the body of the candlestick
• Long Shadow/Small Shadow: Set the ratio of long shadow to short shadow
• Fast MA Period: Define the moving average period of fast MA
• Slow MA Period: Set the moving average period of slow MA
• Bearish Hammer Color: Set the color of the Bearish Hammer pattern
• Bullish Hammer Color: Set the color of the Bullish Hammer pattern

Conclusion

Emphasizing the shadow to body ratio of a candlestick increases the accuracy of trend reversals , making the Tweezer Indicator a powerful tool for identifying reversal zones . Traders can do this by using the buy/sell pressure indicator .

If the first candlestick has a larger real body and the second candlestick has a smaller real body , the trend reversal is more likely .