The Scalper Signal Metatrader 4 forex indicator is a true scalping indicator.
It works good if you are looking to capture 5-15 pips/trade.
The Scalper Signal indicator displays buy and sell arrows on the main chart.
Green arrows to buy the currency pair and red arrows to sell the pair.
Use it on the shorter timeframe’s, for example the 5 minute and 15 minute chart would fit.
It’s strongly recommended to use together with a trend following forex indicator.
For instance, the 50 EMA or 75 SMA would fit in this case.
Price above the 50 EMA or 75 SMA (bullish trend)? Only trade the green arrows and avoid the red arrows.
Price below the 50 EMA or 75 SMA (bearish trend)? Only trade the red arrows and avoid the green arrows.
The EUR/USD M15 chart below displays the Scalper Signal forex indicator in action.
Basic Trading Signals
Signals from the Scalper Signal forex MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy scalping position at first green arrow.
Sell Signal: Open sell scalping position at first red arrow.
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (countbars, Filter, Sensitivity) 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 scalper-signal.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)