The Simple Bars Forex Scalping developed for Metatrader 5 is a reliable tool for scalpers and day traders and delivers robust candle based trading signals.
The indicator is displayed as a series of colored green/red candles in the price chart.
To execute trades using the Simple Bars scalper, follow these guidelines:
- A green colored candle generates a potential buy trade opportunity.
- A red colored candle creates a potential sell trade opportunity.
This scalping indicator offers flexibility through customizable inputs and parameters.
You can adjust settings such as the indicator period and choose whether to use the close price for calculations.
We highly recommend becoming familiar with this technical indicator and conducting extensive testing on a demo account for an extended period.
The Simple Bars Forex Scalping indicator can be effectively combined with any trading strategy to validate short-term trends.
Alternatively, it can be used as a powerful standalone tool for scalping purposes.
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The image below illustrates what the Simple Bars Forex Scalping indicator looks like when applied to the MT5 chart.
How To Buy And Sell Trading Instruments With The Simple Bars Forex Scalping Indicator?
Find a simple trading example below:
- The first green colored candle provides the actual buy trade entry.
- Open a buy market order and set a stop loss slightly below short-term support.
- Exit the buy trade for a 8-25 pips profit target, depending on your chosen time frame.
- Optional: await a sell signal prior to closing the buy trade.
- The first red colored candle provides the actual sell trade entry (see chart example above).
- Open a short market order and set a stop loss slightly above short-term resistance.
- Exit the sell trade for a 8-25 pips profit target, depending on your chosen time frame.
- Optional: await a buy signal prior to closing the sell trade.
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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 SimpleBars.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