ASC Forex Scalper Colored Bars Indicator For MT4
The ASC Forex scalper with colored bars is an awesome buy/sell trend scalper indicator that works great on any pair.
It works similar to the default ASC trend scalper indicator.
Deploy the indicator for scalping purposes on any time frame.
However, many Forex scalpers use it on the lower time frames to capture fast daily pips on any currency pair.
The ASC colored bars Metatrader 4 scalper indicator is easy to follow and it needs to be interpreted like this:
- The scalper trend is considered up when the ASC bars indicator displays aqua colored bars on the chart.
- The scalper trend is considered down when the ASC bars indicator displays magenta colored bars on the chart.
Use the ASC bar scalper indicator as a standalone scalping tool or combine with price action.
Feel free to experiment with the indicator’s different settings and parameters to suit your preference.
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ASC Forex Colored Bar Scalper Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
You can apply the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With ASC Forex Colored Bar Scalper Technical Analysis Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a buy scalper trade when the ASC bar scalper indicator draws its first aqua colored bar on the activity chart.
Place initial stop loss below short-term support, or use your own stop loss placement method.
Close the buy trade when the when the ASC bar scalper draws its first magenta colored bar on the chart.
Alternatively, take profit at predetermined profit target (for example 15 pips on the M5 chart) or deploy reward/risk ratio of 1.4 or better.
Sell Trigger: Open a sell scalper trade when the ASC bar scalper indicator draws its first magenta colored bar on the activity chart.
Place initial stop loss above short-term resistance, or use your own stop loss placement method.
Close the sell trade when the when the ASC bar scalper draws its first aqua colored bar on the chart.
Alternatively, take profit at predetermined profit target (for example 27 pips on the M15 chart) or deploy reward/risk ratio of 1.4 or better.
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Risk, count bars, colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (MACD, Stochastic, RSI,…)
- Trend indicators (Moving Average, Bollinger Bands, ADMI,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: scalping
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.