Forex Space Scalper is a free MT4 non-repaint scalping indicator that delivers multiple trade entries and exits throughout the market sessions.
The indicator pops up in the main MT4 chart window as blue & orange colored arrows.
The Forex Space Scalper indicator is beginner-friendly and works out of the box.
Buy & Sell Trade Example
- A buy signal occurs whenever a blue arrow pops up on the chart.
- A sell signal occurs whenever an orange arrow pops up on the chart.
The Forex Space Scalper indicator can be used for both trade entry and exit, or as an additional confirmation filter for other strategies and systems.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “forex-space-indicator.ex4” indicator for MT4
Indicator Chart (GBP/USD M5)
The example chart below displays the Forex Space Scalper mt4 indicator in action on the trading chart.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the Forex Space Scalper indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Scalper
Does the indicator repaint? No.
Forex Space Scalper + Stochastic 3 TF MT4 Intraday Scalping Strategy
This MT4 intraday strategy combines the Forex Space Scalper Indicator and the Stochastic 3 TF Forex Indicator to capture short-term price movements.
The Forex Space Scalper shows blue arrows for buy signals and orange arrows for sell signals.
The Stochastic 3 TF confirms the trend: a blue histogram above zero indicates a bullish trend, an orange histogram below zero indicates a bearish trend.
This strategy is designed for 1-minute to 5-minute charts, ideal for scalping a few pips profit.
Buy Entry Rules
- Confirm the Stochastic 3 TF shows a blue histogram above zero, indicating a bullish trend.
- Wait for a blue arrow from the Forex Space Scalper Indicator.
- Enter a buy trade at the close of the candle with the blue arrow.
- Set a stop loss just below the recent swing low.
- Set take profit at 5–15 pips or exit when the histogram turns orange.
Sell Entry Rules
- Confirm the Stochastic 3 TF shows an orange histogram below zero, indicating a bearish trend.
- Wait for an orange arrow from the Forex Space Scalper Indicator.
- Enter a sell trade at the close of the candle with the orange arrow.
- Set a stop loss just above the recent swing high.
- Set take profit at 5–15 pips or exit when the histogram turns blue.
Advantages
- Fast signals suitable for short-term scalping trades.
- Trend confirmation reduces false entries.
- Clear buy and sell signals simplify decision-making.
Drawbacks
- Requires constant monitoring due to short-term trades.
- Broker spreads and execution speed can affect performance.
- Small pip targets require frequent trading to accumulate profits.
Example Case Studies
Case Study 1: EUR/CHF M1 Chart
The Stochastic 3 TF displayed a blue histogram above zero, indicating a bullish trend.
A blue arrow appeared on the Forex Space Scalper Indicator.
Entered a buy trade at 0.9935, with a stop loss at 0.9930 and take profit at 0.9940.
Price moved up, hitting the take profit within 5 minutes.
Case Study 2: AUD/JPY M1 Chart
The Stochastic 3 TF displayed an orange histogram below zero, indicating a bearish trend.
An orange arrow appeared on the Forex Space Scalper Indicator.
Entered a sell trade at 89.55, with a stop loss at 89.60 and a take profit at 89.43.
Price declined, reaching the take profit target within 6 minutes.
Strategy Tips
- Use 1-minute to 5-minute charts for optimal scalping opportunities.
- Trade during active sessions like London and New York for better volatility.
- Employ tight stop losses and predefined take profit levels for risk management.
- Practice this strategy on a demo account to gain confidence before live trading.
Download Now
Download the “forex-space-indicator.ex4” indicator for Metatrader 4
