The Simple Bars Forex Scalping developed for Metatrader 5 is a reliable tool for scalpers and day traders and delivers robust candle-based trading signals.
The indicator is displayed as a series of colored green/red candles in the price chart.
To execute trades using the Simple Bars scalper, follow these guidelines:
- A green colored candle generates a potential buy trade opportunity.
- A red colored candle creates a potential sell trade opportunity.
This scalping indicator offers flexibility through customizable inputs and parameters.
You can adjust settings such as the indicator period and choose whether to use the close price for calculations.
We highly recommend becoming familiar with this technical indicator and conducting extensive testing on a demo account for an extended period.
The Simple Bars Forex Scalping indicator can be effectively combined with any trading strategy to validate short-term trends.
Alternatively, it can be used as a powerful standalone tool for scalping purposes.
Download Indicator
SimpleBars.mq5 Indicator (MT5)
Trading Chart AUDCHF M5
The image below illustrates what the Simple Bars Forex Scalping indicator looks like when applied to the MT5 chart.
How To Buy And Sell With The Simple Bars Forex Scalping Indicator?
Find a simple trading example below:
Buy Signal
- The first green colored candle provides the actual buy trade entry.
- Open a buy market order and set a stop loss slightly below short-term support.
- Exit the buy trade for an 8-25 pips profit target, depending on your chosen time frame.
- Optional: await a sell signal before closing the buy trade.
Sell Signal
- The first red colored candle provides the actual sell trade entry (see chart example above).
- Open a short market order and set a stop loss slightly above short-term resistance.
- Exit the sell trade for an 8-25 pips profit target, depending on your chosen time frame.
- Optional: await a buy signal before closing the sell trade.
Download Now
SimpleBars.mq5 Indicator (MT5)
Simple Bars and Key Levels Forex Scalping Strategy For Metatrader 5
Overview
This scalping strategy combines the quick, visual trend insights from the Simple Bars Forex Scalping Indicator with important support and resistance zones identified by the Key Market Levels Forex Indicator.
This helps traders enter fast trades near high-probability reversal or breakout levels.
Timeframe
Designed primarily for fast-paced trading on M1, M5, and M15 charts.
Indicators Used
- Simple Bars Forex Scalping Indicator – provides color-coded bars to identify quick short-term trend direction and momentum.
- Key Market Levels Forex Indicator – highlights critical support, resistance, and pivot levels where price tends to react strongly.
Buy Entry Rules
- The Simple Bars Scalping Indicator shows green bars indicating short-term bullish momentum.
- Price approaches or bounces off a key support level marked by the Key Market Levels Indicator.
- Confirm a bullish candlestick pattern or reversal near the support level for higher confidence.
- Enter a buy position when these conditions align.
- Set stop-loss just below the key support level.
- Take profit at the next resistance level or after a few bars showing reversal signs.
Sell Entry Rules
- The Simple Bars Scalping Indicator displays red bars indicating short-term bearish momentum.
- Price approaches or rejects a key resistance level identified by the Key Market Levels Indicator.
- Look for bearish reversal candlesticks or confirmation near resistance.
- Enter a sell trade when conditions confirm.
- Place a stop-loss just above the resistance zone.
- Take profit near the next support or after early signs of reversal.
Additional Tips
- Use during active market hours with good liquidity to maximize scalping opportunities.
- Avoid trading during major news releases to prevent erratic price spikes.
- Combine with volume indicators for added confirmation.
- Adjust stop-loss and take-profit based on pair volatility and timeframe.
Strategy Conclusion
The synergy between the Simple Bars Forex Scalping Indicator and the Key Market Levels Forex Indicator provides scalpers with clear entry points close to critical market levels.
This increases the probability of successful trades by combining momentum and technical structure analysis.
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the SimpleBars.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
