The Forex Trend Signal V2 Scalper indicator works great for scalping the market during the volatile trading sessions (London, New York).
Buy and sell signals received from this scalper indicator are very easy to trade.
It uses green and red colored dots for its buy and sell signals:
- A green dot that appears on the MT4 chart represents a buy scalping signal.
- A red dot that appears on the MT4 chart represents a sell scalping signal.
It’s highly recommended to use the Forex Trend Signal V2 Scalper together with a longer-term trend trading indicator.
For instance, combine with the 100 exponential moving average indicator.
Only open scalping trades in the direction of the overall trend. Don’t take counter-trend trades!
It’s that simple!
Feel free to explore this scalper indicator’s different parameters and settings to create your personalized indicator setup.
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Forex Trend Signal V2 Scalper Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
This indicator works for any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With The Forex Trend Signal V2 Scalper Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Go long when the Forex Trend V2 Scalper draws a green dot on the chart and the overall trend is upward.
Place a protective stop loss below short-term support, or use your own stop loss placement strategy.
Close the buy trade for a reward/risk ratio of 1.2 or higher.
Alternatively, go for a fixed take profit target, for example, close the buy trade for +10 pips on the 1-minute trading chart.
Sell Trigger: Enter short when the Forex Trend V2 Scalper draws a red dot on the chart and the overall trend is downward.
Place a protective stop loss above short-term resistance, or use your own stop loss placement strategy.
Close the sell trade for a reward/risk ratio of 1.2 or higher.
Alternatively, go for a fixed take profit target, for example, close the sell trade for +18 pips on the 5-minute trading chart.
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K, K stop, K period, period ADX, 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, DeMarker,…)
- Trend indicators (Moving Average, Bollinger Bands, ADMI, Parabolic SAR,…)
- 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.