The MACD OsMA Forex Scalper for Metatrader 4 is a scalping arrow indicator based on the MACD OsMA trading method.
The indicator appears on the chart as white and red signal arrows together with a colored blue/red line that connects the candlesticks.
The MACD OsMA Forex Scalper works well for any time frame and currency pair of your preference.
It does not repaint the buy and sell arrows.
The picture below is an example of how the MACD OsMA Forex Scalper indicator looks like when applied to the EUR/USD 15-minute trading chart.
How to buy and sell currency pairs with the MACD OsMA Forex Scalper indicator?
The indicator can be used in multiple ways, please find a classic trading example below:
- A white colored arrow is a buy signal.
- Place your stop loss 3 pips below the most recent support area.
- Close the buy trade for a risk to reward ratio of at least 1:1 or wait for a sell signal.
- A red colored arrow is a sell signal.
- Place your stop loss 3 pips above the most recent resistance area.
- Close the sell trade for a risk to reward ratio of at least 1:1 or wait for a buy signal.
How to I install and run this Forex indicator on Metatrader 4?
- Download the macd-osma-on-chart-mtf.mq4 indicator file here and save it to your computer
- Open the Metatrader 4 trading platform
- From the top menu, click on “File” to open the drop down menu
- Select the “open data folder” and navigate to the “MQL4” folder
- Then navigate to the “Indicators” folder
- Copy the indicator into the “Indicators” folder
- Close the trading platform and restart it
- The indicator will be automatically installed on MT4
- You will find the installed indicator in the Navigator window
- In order to start using it, drag and drop the indicator to the chart