The Neuro Scalper MT4 indicator is an excellent tool for scalpers to scalp the currency market multiple times a day for profit.
It’s an oscillator-type indicator built for scalping purposes.
The indicator works on the overbought and oversold principle.
It’s recommended to use Neuro Scalper on the M5 and M15 trading charts during the London and New York trading sessions.
For better profits, use only low spread currency pairs.
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Download the “NeuroScalperV1.ex4” MT4 indicator
Indicator Chart (EUR/USD M5)
The EUR/USD M5 chart below displays the Neuro Scalper Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the Neuro Scalper MT4 forex indicator are easy to interpret and go as follows:
Buy Signal: Open a scalp buy trade when the Neuro Scalper indicator turns above the 30 value from below. Aim for 10 – 15 pips profit/ buy trade.
Place a stop loss below short-term support or use your own preferred SL method.
Sell Signal: Open a scalp sell trade when the Neuro Scalper falls below the 70 value from above. Aim for 10 – 15 pips profit/ sell trade.
Place a stop loss above short-term resistance or use your own preferred SL method.
Neuro Scalper Forex Strategy for MT4 Charts
This MT4 scalping strategy combines the Neuro Scalper and the Parabolic SAR indicator.
The Neuro Scalper generates a buy signal when its value rises above 30 from below, and a sell signal when it falls below 70 from above.
The Parabolic SAR provides trend confirmation: green dots below the candlesticks indicate a bullish trend, while red dots above the candlesticks indicate a bearish trend.
This strategy is best used on M1 and M5 charts, making it ideal for scalpers seeking quick trades in line with short-term market momentum.
Buy Entry Rules
- The Neuro Scalper rises above 30 from below, signaling potential upward momentum.
- The Parabolic SAR shows green dots below the candlesticks, confirming a bullish trend.
- Enter a buy trade when both conditions are met.
- Set the stop loss 5–12 pips below the most recent swing low or below the nearest Parabolic SAR dot.
- Set the take profit dynamically: on M1 aim for 10–20 pips, on M5 aim for 20–35 pips, or use a trailing stop to capture longer moves.
Sell Entry Rules
- The Neuro Scalper falls below 70 from above, signaling potential downward momentum.
- The Parabolic SAR shows red dots above the candlesticks, confirming a bearish trend.
- Enter a sell trade when both indicators align.
- Set the stop loss 5–12 pips above the recent swing high or above the nearest Parabolic SAR dot.
- Set the take profit dynamically: on M1 aim for 10–20 pips, on M5 aim for 20–35 pips, or use a trailing stop.
Advantages
- Combines momentum signals with trend confirmation for more precise entries.
- Neuro Scalper threshold crossings and Parabolic SAR dots are easy to read.
- Scalable for M1 and M5 charts, ideal for fast scalping sessions.
- Flexible take profit and stop loss settings allow adaptation to market volatility.
- Works on multiple currency pairs with active intraday moves.
Drawbacks
- Neuro Scalper may lag slightly during rapid price spikes, delaying entry.
- Frequent monitoring is required to catch timely entries and exits.
Case Study 1 — EUR/USD on M1
On the EUR/USD M1 chart, the Neuro Scalper crossed above 30 from below, signaling a buy.
The Parabolic SAR displayed green dots below the candlesticks, confirming the bullish trend.
A buy trade was placed with a stop loss of 8 pips below the recent swing low and a take profit of 15 pips.
Price moved upward and reached the target.
Case Study 2 — GBP/JPY on M5
On the GBP/JPY M5 chart, the Neuro Scalper fell below 70 from above, signaling a sell.
The Parabolic SAR showed red dots above the candlesticks, confirming a bearish trend.
A sell trade was opened with a stop loss 12 pips above the last swing high and a take profit of 30 pips.
Price declined steadily, and the trade closed near the target.
Strategy Tips
- Ensure both the Neuro Scalper signal and Parabolic SAR confirmation before entering a trade.
- Adjust stop loss and take profit according to recent volatility and candle size.
- Check higher timeframes to confirm overall trend direction before scalping lower timeframes.
- Check important support and resistance levels to take profit.
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Download the “NeuroScalperV1.ex4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (length, smooth, mode MA)Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: trend
