The Squeak Stochastic oscillator Scalper MT4 forex indicator is a short-term buy sell histogram indicator, just perfect for scalping purposes.
If you like to scalp for 5-15 pips per trade, this indicator is for you.
Green Stochastic Scalper bars above the 0.00 level indicate the trend is short-term bullish and scalpers look for buy trades.
Red Stochastic Scalper bars below the 0.00 level indicate the trend is short-term bearish and scalpers look for sell trades.
Best trading sessions to use this indicators are the London and U.S sessions (better volatility).
Use together with a trend following forex indicator such as the 50 SMA or 50 EMA.
Scalp in the underlying direction of the trend as indicated by the 50 SMA or 50 EMA.
Price above the 50 SMA or 50 EMA? Only scalp buy trades and ignore the sell trades.
Price below the 50 SMA or 50 EMA? Only scalp sell trades and ignore the buy trades.
The EUR/USD M15 chart below displays the Squeak Stochastic Scalper oscillator forex indicator in action.
Basic Trading Signals
Signals from the Squeak Stochastic Scalper oscillator forex MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy position when the scalper indicator draws a green histogram bar.
Sell Signal: Open sell position when the scalper indicator draws a red histogram bar.
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 (Kperiod, Dperiod, Slowing, Method, Mode) 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 squeak-stochastic.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)