The Lucky Scalper indicator for Metatrader 5 is designed to provide quick buy and sell signals for Forex scalpers and intraday traders.
It is optimized to perform well across all time frames, including the 1-minute and 5-minute charts.
The indicator combines data from four different time frames using the RSI indicator, resulting in more accurate signals.
Our goal is to achieve a profit of 7-25 pips per trade.
Here’s how the indicator functions:
- Consecutive green colored dots represent a short-term buy trend.
- Consecutive magenta colored dots represent a short-term sell trend.
The indicator contains the following inputs and parameters: period 1, period 2, period 3, period 4, overbought level (62), oversold level (38), and vertical distance.
Gain confidence in utilizing the Gold indicator and test it first on a demo account for an extended period.
To enhance your Forex scalping results, consider the following trading tips:
- Utilize the Lucky Scalper indicator on currency pairs with lower spreads.
- Focus on trading during the London and New York trading sessions.
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The picture below illustrates how the Lucky Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Using The Lucky Scalper Indicator?
Find a simple trading strategy below:
- A buy signal occurs when the green Lucky scalper dot gets shown on the price chart (see chart example above).
- Initiate a buy market order and place your stop below short-term support.
- Close the buy transaction for 7-25 pips profit.
- Optional: reverse the buy trade when a sell signal gets displayed on the trading chart.
- A sell signal occurs when the magenta Lucky scalper dot gets shown on the price chart.
- Initiate a sell market order and place your stop above short-term resistance.
- Close the sell transaction for 7-25 pips profit.
- Optional: reverse the sell trade when a buy signal gets displayed on the trading chart.
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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 x4period_rsi_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