As the name implies, the 5-minute Forex Price Scalper indicator for MT4 tend to produce the best results on the 5-minute trading charts.
Naturally, you can attach the indicator to other time frames as well.
This Forex price scalper appears in the form of an histogram underneath the main activity chart.
It’s designed to open an close quick scalping trades for 8-20 pips profit per trade.
Buying and selling pairs with this scalper is very simple:
- Buy when the histogram bars turn back above the zero level.
- Sell when the histogram bars turn back below the zero level.
You can scalp multiple currency pairs at the same time. Just open a few M5 charts to monitor for new trades.
It’s recommended to trade with this scalping indicator during the most active trading sessions (London and U.S.).
Just load the 5-Minute Forex Price Scalper indicator onto the Metatrader 4 chart and start trading with it in minutes.
Key Takeaways
- Aim for 8-20 pips profit.
- Works great on the M5 charts.
- Does not repaint.
- Use on low spread pairs.
- Best results during the London and U.S. market sessions.
Feel free to explore the 5-Minute Forex Price Scalper indicator’s different parameters and settings to create your own personalized indicator setup.
Download This MT4 Forex Indicator Free
Download the “ftlm-histogram.ex4” Metatrader 4 indicator
Indicator Chart (EUR/USD M5 Chart Example)
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
Finding Buy and Sell Triggers With The 5-Minute Forex Price Scalper MT4 Indicator
Buy Signal: Open a buy trade whenever the histogram bars turn back above the zero level from below.
Set your stop loss below short-term support, or use your own favorite stop loss strategy.
Exit the buy trade for a fixed 8-20 pips profit target or wait until you get an opposite sell signal.
Sell Signal: Open a sell trade whenever the histogram bars turn back below the zero level from above.
Set your stop loss above short-term resistance, or use your own favorite stop loss strategy.
Exit the sell trade for a fixed 8-20 pips profit target or wait until you get an opposite buy signal.
Download This Forex Indicator Now
Download the “ftlm-histogram.ex4” MT4 indicator
Adjustable Parameters
Count bars, colors, width, style.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: scalper
Installation
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.
