The Aroon Horn Scalper MT4 indicator is a great scalping oscillator indicator that works great for scalping currency pairs.
The Aroon Horn oscillates above and below its neutral zero line, this creates a short-term bullish or bearish trend.
Blue histogram bars aligned above the zero line are considered bullish while red bars below the zero line bearish.
It’s extremely important to use the Aroon Horn Scalper MT4 indicator in agreement with a trend trading indicator.
You’ll need to take scalp trades at the right side of the overall trend and ignore trading against the trend.
For instance, combine with a 75 period simple moving average or 50 period exponential moving average.
First, determine trend direction. This is a simple process and visible on the chart.
The overall trend is said to be bullish when price bars are positioned above the moving average.
Conversely, the overall trend is said to be bearish when price bars are positioned below the moving average.
Second, trade signals from the Aroon Horn Scalper in the direction of the overall trend (explained below under basic trading signals).
The EUR/USD 15-Minute chart below displays the Aroon Horn Scalper Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Aroon Horn Scalper MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Initiate a long scalp trade when the indicator draws the first blue bar above the zero level (short-term bullish).
Sell Signal: Initiate a short scalp trade when the indicator draws the first red bar below the zero level (short-term bearish).
Trade Exit : Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (Aroon period, filter, count bars) 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 custom-aroon-horn-oscillator.mq4 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)