The Gold Forex scalper indicator for Metatrader 5 is a non-repaint scalping tool that works great on the M1, M5, and M15 trading charts.
The indicator gets loaded in the price chart as a series of salmon and sea-green colored dots.
The signals react quickly to trend changes and fit both scalpers and day traders looking for 8-20 pips profit per transaction.
You can expect multiple trading signals daily, for each traded currency pair, maximizing your opportunities in the market.
How do you trade with it?
- The sea-green colored dot represents a buy signal.
- The salmon colored dot represents a sell signal.
The indicator contains the following inputs and parameters: period 1, period 2, period 3, period 4, volume, overbought level, oversold level, and vertical distance.
Gain confidence in utilizing the Gold indicator and test it first on a demo account for an extended time.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
Download Indicator 🆓
The picture below shows how the Gold Forex Scalper looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Utilizing The Gold Forex Scalper Indicator?
Find a simple trading example below:
- A buy signal is given when the sea-green colored dot appears on the chart (see chart example above).
- Open a buy trade and set a stop loss slightly below the most recent support level.
- Close the buy trade for 8-20 pips profit.
- Optional: hold and reverse the buy trade when the salmon colored sell dot gets shown on the chart.
- A sell signal is given when the salmon colored dot appears on the chart.
- Open a sell trade and set a stop loss slightly above the most recent resistance level.
- Exit the sell trade for 8-20 pips profit.
- Optional: hold and reverse the sell trade when the sea-green colored buy dot gets shown on the chart.
Download Now 🆓
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 x4period_mfi_arrows.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