Sowicx Forex Scalper Indicator For MT4 That Works
The Sowicx scalper indicator for Metatrader 4 works great for scalping currency pairs multiple times a day for quick profits.
The Sowicx scalper is an oscillator type based indicator that appears in a sub MT4 window below the main trading chart.
It’s utterly easy to use and trade logic goes as follows:
- A buy scalp trend appears when the Sowicx scalper draws a violet histogram.
- A sell scalp trend appears when the Sowicx scalper draws a red histogram.
Typically, use a fixed profit target and don’t wait for the indicator reverses the short-term trend.
Feel free to experiment with the Sowicx scalper’s different period and smoozing parameter to suit your preferences.
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Sowicx Scalper Indicator Forex 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 Sowicx Scalper Indicator 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 scalping trade when the Sowicx Scalper Indicator draws it’s first violet bar. The short-term trend is now up and ready to be scalped.
Place stop loss below short-term support, or use your own stop loss placement method.
Close the buy trade for a fixed take profit target, for example, 10 pips on the 1-minute trading chart.
Sell Trigger: Open a sell scalping trade when the Sowicx Scalper Indicator draws it’s first red bar. The short-term trend is now down and ready to be scalped.
Place stop loss above short-term resistance, or use your own stop loss placement method.
Close the sell trade for a fixed take profit target, for example, 18 pips on the 5-minute trading chart.
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Period, smoozing, 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.