The Simple Arrow Scalper MT4 forex indicator is a buy sell arrows based indicator that can be used to execute short-term trades in the direction of the underlying trend.
The indicator can be applied to any currency pair and timeframe of your choice.
- DodgerBlue colored arrows tells you the trend is short-term bullish
- Magenta colored arrows tells you the trend is short-term bearish
Trading of the shorter-term timeframe’s (M1, M5, M15) with the Simple Arrow Scalper – the best trading sessions to trade are the London and U.S sessions (better volatility).
It is recommended to use the indicator together with a trend following forex indicator such as the 100 SMA or 100 EMA.
Scalp in the underlying direction of the trend as indicated by the 100 SMA or 100 EMA.
Price action above the 100 SMA or 100 EMA? Only trade buy arrows and ignore the sell arrows.
Price action below the 100 SMA or 100 EMA? Only trade sell arrows and ignore the buy arrows.
The EUR/USD M15 chart below displays the Simple Arrow Scalper forex indicator in action.
Basic Trading Signals
Signals from the Simple Arrow Scalper forex MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy position when the indicator draws a DodgerBlue arrow on the chart.
Sell Signal: Open sell position when the indicator draws a Magenta arrow on the chart.
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 (TimeFrame, StepSize, Mean, PdfMaLength, arrowSize) 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 stepma-signale.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)