Hi and welcome again to our best forex indicator blog. While the forex market is highly promising, without the right trading knowledge and technical trading tools, you would struggle to earn a profit. While the reality is that there is no hard and fast rule when trading the FX market, some traders can decide to trade on a long-term basis for profits. However, others prefer to recoup the returns on their investment as soon as possible. The latter group is known as scalping, and that’s where Scalper Indicator MT4 is considered very crucial.
If you’re a scalper and you are looking to make continuous profits by trading different currency pairs, using the scalper indicator MT4 is a no-brainer. This indicator was developed to help scalpers earn little profits as they come. With time, these profits will accumulate to becoming something big.
Given the essence of using this trading tool, this article will explore how traders can make the most of the indicator. We will also cover the advantages, disadvantages, strategies as well as, how to install and remove the indicator. So, read on and see if this one makes the best metatrader indicators page.
What Does Scalping Mean?
Scalping is a popular trading strategy that most veteran traders have leveraged to make huge profits. At its very core, scalping is the act of earning profits from small price fluctuations over a short trade period. Once a scalper earns small profits, he/she will immediately exit the trade position and re-enter the trade position at a later time.
With the use of the scalper indicator MT4, a scalper can enter more than one trade position with minimal risks. Is there a Best Forex Indicator for Scalping? The indicator will help to predict price movement and market direction so that the scalper doesn’t suffer a loss. So in essence, to be successful as a scalper, you must be quick to take decisions within a short time.
Are There Any Benefit of Scalping?
1. Minimal chances of losing your hard-earned money since you don’t have to wait for the long term to exit a trade position.
2. Scalping is suitable for novice traders, as the requirement to start trading is not too complicated.
3. Scalping can improve your decision-making skills even in the real world.
4. Scalping allows multiple trades opening per time.
5. With patience, you can recoup bountifully from your investment.
Some of the disadvantages are as follow:
1. The operating cost of scalping may be out of the reach of newbies.
2. To be a successful scalper, you must take attention to details.
3. Scalping requires a high level of discipline.
4. Major news releases or market predictors can mar your chances of winning in a trade.
5. The profit from a single trade is infinitesimal compared to trading on a long-term basis. It will take time before the profit will accumulate.
6. Some trading platforms do not support scalping.
How To Trade With The Scalper Indicator MT4
Understand how to trade with the Scalper indicator can be the difference between winning and losing your hard-earned money. Let’s now take a look at the scalping trading technique for 1 minute. TIP: Please read our best indicators for intraday article to see which other forex indicators you can also use for scalping.
Scalping Trading Technique For 1 minute
The following are the techniques to apply when trading for 1 minute:
1. Use the Stochastic Oscillator Indicator alongside the Scalper Indicator with setting your timeframe to 1 minute.
2. 50 and 100 EMA.
3. Set a maximum profit of 30 pips for 5 minutes and 12 pips for 1 minute.
4. Set your maximum stop-loss to 20 pips for 5 minutes and 3 pips for 1 minute.
If you want to trade for 5 minutes, ensure to use 100 EMA and 200 EMA with respect to your stop loss and take profit.
1. Buy only when the 50 EMA is above the 100 EMA
2. Also buy when the asset price is close to the two EMAs, and the Stochastic Oscillator Indicator is below 20.
1. Sell only when the 50 EMA is below the 100 EMA
2. You can also sell when the asset price is close to the two EMAs, and the Stochastic Oscillator Indicator is above 80.
How To Install Scalper Indicator
The installation way is straightforward, as it usually is with the majority of the technical indicator on the market. Follow the steps below to install the Scalper indicator:
1. Download the indicator file from a reputable source to a location you would easily remember
2. Copy the downloaded file to the MetaTrader Directory/experts/indicator file
3. Start or restart your MT4 trading terminal
4. Select the trading chart you wish to install the indicator
5. Head straight to the MetaTrader Directory/experts/indicator file
6. Look out for the Scalper indicator from the list of custom indicators in the file
7. Click on Install after the right-click on the indicator from drop-down
8. Adjust the settings according to your trading style
9. The indicator should be ready for use if everything goes well
How To Remove The Indicator
If you are no longer ready to use the indicator, you can remove or delete it from your MT4 trading terminal. Here is how:
1. Start your MT4 trading terminal.
2. Select your trading chart.
3. Head straight to the MetaTrader Directory/experts/indicator file.
4. Right-click on the indicator file and select delete or remove.
5. The indicator should disappear from your trading terminal.
Wrap Up On The Scalper Indicator MT4
The Scalper Indicator MT4 is an amazing technical indicator every scalper must have in their trading arsenal. Since it can help you predict price movement and market direction. You will also know the accurate time to enter or exit a trade position without losing your hard-earned money.
However, to make the most out of this indicator, we recommend that you combine it with other technical indicators. In particular, Moving Average Convergence Divergence (MACD), Bollinger Bands, Relative Strength Index, Exponential Moving Averages, and support & resistance indicators.
Thankfully, we have these indicators on our website through this link for you to review. Combining these indicators with the Scalper indicator will not only improve your trading strategies, but it would also empower you to make more money.