The WPR Scalper indicator for Metatrader 4 is an excellent choice for scalping and day trading currency pairs.
WPR Scalper provides short-term trend following buy and sell arrow signals.
- A short-term buy signal occurs when a blue arrow appears on the chart.
- A short-term sell signal occurs when a red arrow appears on the chart.
Moreover, WPR has a built-in trail function.
- For buy signals, trail your stop up 1-2 pips below the orange stop sign symbol.
- For sell signals, trail your stop down 1-2 pips above the magenta stop sign symbol.
For better performance, deploy the forex indicator on the M15 charts and higher.
Use on low spread forex pairs (EUR/USD, USD/JPY, GBP/JPY,..).
The EUR/USD 1-hour chart below displays the WPR Scalper Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the WPR Scalper MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Initiate a short-term buy trade when a blue arrow appears on the chart. Place a stop-loss below short-term support and trail it up just below the orange stop sign symbol.
Sell Signal: Initiate a short-term sell trade when a red arrow appears on the chart. Place a stop-loss above short-term resistance and trail it down just above the magenta stop sign symbol.
Trade Exit : Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (P, PMA, Risk, period WPR) 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 hlcrosssig-for-wpr.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)