The FX Core Scalper indicator designed for Metatrader 5 is an arrow based trading tool that delivers signals to scalpers and day traders.
The indicator gets displayed as colored tomato and violet arrows in the main price chart window
The buy and sell trading rules are really simple, follow the guidelines below:
- A violet colored arrow is a buy signal.
- A tomato colored arrow is a sell signal.
The indicator contains the following inputs and parameters: arrow color buy, arrow color sell.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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The picture below shows how the FX Core Scalper looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The FX Core Scalper Indicator?
Find a simple trading example below:
- A buy signal is triggered when the violet colored FX Core arrow appears on the chart.
- Open a buy trade and place a stop loss order below immediate support.
- Depending on your chosen time frame, exit the buy trade for 10-35 pips profit.
- A sell signal is triggered when the tomato colored FX Core arrow appears on the chart.
- Open a sell trade and place a stop loss order above immediate resistance.
- Depending on your chosen time frame, exit the sell trade for 10-35 pips profit.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the dm.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration