The Scalper Signal Metatrader 4 forex indicator is a true scalping indicator.
It works good if you are looking to capture 5-15 pips/trade.
The Scalper Signal indicator displays buy and sell arrows on the main chart.
Green arrows to buy the currency pair and red arrows to sell the pair.
Use it on the shorter timeframes, for example the 5 minute and 15 minute chart would fit.
It’s strongly recommended to use together with a trend following forex indicator.
For instance, the 50 EMA or 75 SMA would fit in this case.
Price above the 50 EMA or 75 SMA (bullish trend)? Only trade the green arrows and avoid the red arrows.
Price below the 50 EMA or 75 SMA (bearish trend)? Only trade the red arrows and avoid the green arrows.
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Indicator Chart (EUR/USD M15)
The EUR/USD M15 chart below displays the Scalper Signal forex indicator in action.
Basic Trading Signals
Signals from the Scalper Signal forex MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy scalping position at first green arrow.
Sell Signal: Open sell scalping position at first red arrow.
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
Scalper Signal Indicator and Volty Channel Signals Forex Scalping Strategy
This MT4 scalping strategy combines precise entry signals from the Scalper Signal Metatrader 4 Forex Indicator with trend direction confirmation from the Volty Channel Signals Metatrader 4 Forex Indicator.
The Scalper Signal indicator gives clear buy and sell arrows directly on the chart, with green arrows indicating a buy setup and red arrows indicating a sell setup.
The Volty Channel Signals indicator displays a blue line for bullish market conditions and a red line for bearish conditions.
Combining these two helps traders find short-term scalping opportunities that align with the prevailing trend.
This strategy is designed for lower timeframes such as M1, M5, and M15.
It works for traders who want quick entry and exit rules while keeping trades aligned with trend direction.
By requiring both a trend filter and a signal entry, traders can reduce false signals and focus on capturing fast intraday movements.
Buy Entry Rules
- The Volty Channel Signals line must be blue, indicating bullish market conditions.
- Wait for the first green arrow from the Scalper Signal indicator to appear on the chart.
- Enter a buy scalping position at the close of the candle where the green arrow appears while the Volty Channel line remains blue.
- Place the stop loss below the recent minor swing low or a nearby support level.
- Set a take profit target of 5–15 pips depending on the timeframe and current volatility.
- Exit the trade early if the Volty Channel line turns red before hitting the take profit.
Sell Entry Rules
- The Volty Channel Signals line must be red, indicating bearish market conditions.
- Wait for the first red arrow from the Scalper Signal indicator to appear on the chart.
- Enter a sell scalping position at the close of the candle where the red arrow appears while the Volty Channel line remains red.
- Place the stop loss above the recent minor swing high or a nearby resistance level.
- Set a take profit target of 5–15 pips depending on the timeframe and current volatility.
- Exit the trade early if the Volty Channel line turns blue before reaching the take profit.
Advantages
- Signals are easy to interpret, allowing for quick decision-making on lower timeframes.
- Combining trend confirmation with entry arrows reduces the risk of false trades.
- Works effectively on multiple timeframes, making it versatile for different scalping styles.
- Suitable for a wide range of currency pairs, offering frequent trading opportunities.
- Helps traders stay aligned with the overall market trend, minimizing countertrend entries.
Drawbacks
- Frequent monitoring is necessary due to the fast-paced nature of scalping on lower timeframes.
- May generate false entries during sideways or low-volatility market conditions.
- Limited profit per trade due to the short-term focus of scalping strategies.
- Requires strict discipline to avoid overtrading when multiple signals appear in quick succession.
Case Study 1
On NZDUSD M1 during the Asian session, the Volty Channel Signals line was blue, indicating bullish conditions.
Shortly after, a green arrow appeared from the Scalper Signal indicator.
A buy position was opened and later closed for 9 pips as price moved up sharply and approached a short-term resistance area, capturing a quick intraday uptick.
Case Study 2
On USDCAD M15 during the London session, the Volty Channel Signals line turned red, signaling bearish trend bias.
A red arrow then appeared from the Scalper Signal indicator.
A sell position was entered and closed for 25 pips when price slid down toward a nearby support level, taking advantage of the intraday downward momentum.
Strategy Tips
- Wait for clear alignment between the trend line color and signal arrows to increase the probability of success.
- Use shorter timeframes like M1 and M5 for faster scalping, and M15 for slightly larger intraday moves.
- Focus on major currency pairs with lower spreads for tighter risk control and better scalping opportunities.
- Place stop losses just beyond recent price swings to protect trades from minor retracements.
- Consider taking partial profits near key price levels while letting the remainder run if trend conditions persist.
- Be patient and only take signals that meet all entry criteria to avoid unnecessary losses.
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Download the “scalper-signal.mq4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (countbars, Filter, Sensitivity) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Scalping
