The Matwo Scalper indicator for the Metatrader 4 platform scans for short-term scalp trade opportunities on any currency pair of your choice.
The Matwo Scalper oscillates above and below its zero level (0.00).
Above the zero level, scalpers look to open short-term buy trade opportunities.
Below the zero level, scalpers look to open short-term sell trade opportunities.
The indicator period setting can be changed directly from the indicator’s input tab.
Download the “matwo-indicator.mq4” MT4 indicator
The EUR/USD M5 chart below displays the Matwo Scalper forex indicator in action.
Basic Trading Signals
Signals from the Matwo Scalper indicator are easy to interpret and goes as follows:
Buy Signal: Open buy order when the grey histogram bar crosses and closes the zero line from below (bullish signal).
Sell Signal: Open sell order when the grey histogram bar crosses and closes the zero line from above (bearish signal).
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
Recommended usage: use together with a trend-following indicator such as the 100 EMA or 200 SMA and open trades in the overall direction of the trend indicated by the trend-following indicator.
Trend up? Only trade buy signals and ignore sell signals.
Trend down? Only trade sell signals and ignore buy signals.
Download the “matwo-indicator.mq4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (period) 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 matwo-indicator.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)