The Super Trend MTF Scalper indicator for MT4 delivers trend following signals that works great for scalping off the M1 or M5 trading chart.
The MTF system monitors the trend on 4 different timeframes (see example chart below).
A valid trade entry occurs when the signals (red or blue) across all time frames trade in agreement.
- A valid buy signal occurs when all signals are colored blue.
- A valid sell signal occurs when all signals are colored red.
- Don’t trade when signals are mixed (red and blue). This indicates a flat or range-bound forex market.
The EUR/USD 5-Minute chart below displays the Super Trend MTF Scalper Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Super Trend MTF Scalper MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy scalping trade when all dots are colored blue on the M15, M30, H1 and H4. This is a bullish trend. Place a stop-loss 1-3 pips below the most recent swing low price.
Sell Signal: Open sell scalping trade when all dots are colored red on the M15, M30, H1 and H4. This is a bearish trend. Place a stop-loss 1-3 pips above the most recent swing high price.
Trade Exit : Close the open trade when any of the dots changes color. For a buy trade from blue to red. For a sell trade from red to blue, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (period 1, period 2, period 3, period 4, gap) 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 supertrend-bar-mtf.mq4 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)