The Neuro Scalper MT4 indicator is an excellent tool for scalpers to scalp the currency market multiple times a day for profit.
It’s an oscillator type indicator built for scalping purposes.
The indicator works on the overbought and oversold principle.
It’s recommended to use Neuro Scalper on the M5 and M15 trading charts during the London and New York trading sessions.
For better profits, use on low spread currency pairs only.
The EUR/USD M5 chart below displays the Neuro Scalper Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the Neuro Scalper MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a scalp buy trade when the Neuro Scalper indicator turns above the 30 value from below. Aim for 10 – 15 pips profit/ buy trade.
Place a stop loss below short-term support or use your own preferred SL method.
Sell Signal: Open a scalp sell trade when the Neuro Scalper falls below the 70 value from above. Aim for 10 – 15 pips profit/ sell trade.
Place a stop loss above short-term resistance or use your own preferred SL method.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (length, smooth, mode MA)Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Copy and paste the NeuroScalperV1.ex4 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)