The 60 Seconds Scalper Signals MT4 indicator is an awesome trading tool built for scalpers.
It’s composed of the ADX forex indicator with default period set at 14.
The ADX period can be modified from the indicator’s input tab to whatever period you need.
The 60 Seconds Scalper Signals plots colored dots on the activity chart.
A green dot is a signal to buy scalp for 5-10 pips.
A red dot is a signal to sell scalp for 5-10 pips.
It’s vital to use this scalping indicator together with a trend following indicator.
For example, add a 50 simple moving average (50 SMA) to the chart and then scalp in the direction of the trend.
Price above the 50 SMA (up trend)? Trade the green buy dots and ignore the red dots.
Price below the 50 SMA (down trend)? Trade the red dots and ignore the green dots.
Use the indicator on the 5 minute or 15 minute trading chart and trade during the London and U.S trading sessions.
The USD/JPY M5 chart below displays the 60 Seconds Scalper Signals forex indicator in action.
Basic Trading Signals
Signals from the 60 Seconds Scalper Signals MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Initiate a buy scalp trade when the indicator draws a green dot on the chart.
Sell Signal: Initiate a sell scalp trade when the indicator draws a red dot on the chart.
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (ADXbars, CountBars) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the 60-second-trading-signals.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)