The Chimp Scalper Oscillator for Metatrader 4 is a great trading tool for both forex scalpers and intraday traders.
The Chimp scalper fluctuates above and below the zero (0.00) level.
The signals from this scalper indicator are very clear and easy to read.
The indicator paints green and red bars above and below the zero level in a separate trading window.
- Green bars are aligned above the zero level suggest the scalpers trend is bullish
- Red bars are aligned below the zero level suggest the scalpers trend is bearish
Indicator readings above the zero level suggest the scalp trend is bullish and traders look to buy the currency pair.
Indicator readings below the zero level suggest the scalp trend is bearish and traders look to sell the currency pair.
For best practices, use this scalping oscillator together with a trend following indicator and trade in the direction of the underlying trend.
For example, combine this indicator with an 50 SMA or 75 EMA trend indicator.
Price action above the trend following indicator indicates the overall trend is bullish and we look for buy trade scalp opportunities (trade the green Chimp bars).
Conversely, price action below the trend following indicator indicates the overall trend is bearish and we look for sell trade scalp opportunities (trade the red Chimp bars).
The EUR/USD 5-Minute chart below displays the Chimp Scalper Oscillator Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Chimp Scalper Oscillator Metatrader 4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy scalp trade when the Chimp Scalper Oscillator crosses back above the zero level from below (trading the green bars). Typically, we’re looking for 10-15 pips profit.
Sell Signal: Open sell scalp trade when the Chimp Scalper Oscillator crosses back below the zero level from above (trading the red bars). Typically, we’re looking for 10-15 pips profit.
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 (Weight DM, Weight DI, Weight DX, Weight Out) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes
Copy and paste the chimp-scalper.mq4 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)