The Line Ask Bid Forex indicator for MT4 (Metatrader 4) displays the real-time ask & bid price on the chart as a single yellow colored line.
- The spread is the difference between the bid and ask price.
- All colors and parameters can be fully modified.
The indicator works equally well on all assets (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities,..).
Free Download
Download the “Line Ask Bid.ex4” indicator for MT4
Indicator Chart (EUR/USD M15)
Here’s an example of the Line Ask Bid Forex indicator attached to the trading chart.
Trading Signals (example):
The Line Ask Bid Forex indicator does not generate any buy and sell signals.
Indicator Specifications & Inputs:
Trading Platform: Developed for the Metatrader 4 (MT4) trading platform
Currency pairs: Works for any pair
Time frames: Works for any time frame (M1 and above)
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Price display
Repaint? No.
MT4 Scalping Strategy Using Line Ask Bid and Elite Pro Scalper Indicators
This MT4 scalping strategy combines the precision of the Line Ask Bid Forex Indicator with the dynamic signals of the Elite Pro Scalper Indicator.
It is designed for intraday traders who want to capture small price movements quickly.
The strategy works best on the 1-minute to 15-minute time frames, making it ideal for scalpers seeking fast entries and exits.
By using these two indicators together, traders can identify precise trend direction and momentum for high-probability trades.
A rising Ask Bid line indicates a bullish trend, while a falling line indicates a bearish trend.
Buy Entry Rules
- Confirm an upward trend using the Line Ask Bid Indicator. Look for a rising line, which signals bullish momentum.
- Wait for a blue arrow to appear on the Elite Pro Scalper Indicator, indicating a buy signal.
- Enter a buy trade at the market price once both conditions are met.
- Set a stop loss just below the nearest support level or the recent swing low.
- Set a take profit of 5-12 pips depending on market volatility.
Sell Entry Rules
- Confirm a downward trend using the Line Ask Bid Indicator. Look for a falling line, which signals bearish momentum.
- Wait for a red arrow to appear on the Elite Pro Scalper Indicator, signaling a sell opportunity.
- Enter a sell trade at the market price once both conditions are met.
- Set a stop loss just above the nearest resistance level or recent swing high.
- Set a take profit of 5-12 pips depending on market conditions.
Advantages
- Easy to follow and suitable for beginners and experienced scalpers.
- Combines trend direction with momentum confirmation for higher accuracy.
- Works effectively in volatile markets where small price movements can be exploited.
- Allows multiple trades per day due to a short time frame focus.
Drawbacks
- Requires constant attention since trades are on short time frames.
- False signals can occur during low liquidity or news events.
- Stop loss and take profit targets must be carefully managed to avoid losses.
- Not suitable for long-term trading or swing trading.
Case Study 1
On the EUR/USD 5-minute chart, the Line Ask Bid Indicator showed a rising line, signaling bullish momentum.
Shortly after, the Elite Pro Scalper Indicator produced a blue arrow, confirming a buy signal.
The trade was entered at 1.1006, with a stop loss at 1.1000 and a take profit of 1.1012.
The trade closed successfully with a 6-pip gain within 15 minutes.
Case Study 2
On the GBP/USD 1-minute chart, a falling Line Ask Bid line indicated bearish momentum.
A red arrow appeared on the Elite Pro Scalper Indicator, signaling a sell entry.
The trade was entered at 1.2749, with a stop loss at 1.2755 and a take profit of 1.2740.
The trade reached the take profit target, netting 9 pips in under 10 minutes.
Strategy Tips
- Always wait for confirmation from both indicators before entering a trade.
- Use the Line Ask Bid line to gauge trend strength and place your stop loss accurately.
- Monitor market news as high-impact events can cause unexpected price spikes, invalidating scalping signals.
- Adjust take profit levels based on currency pair volatility; some pairs may require tighter targets to maximize success.
- Practice this strategy on a demo account to build timing and confidence before trading with real money.
