Forex Profit Supreme Filter is a free MT4 (Metatrader 4) trend indicator that consists of green/brown colored trend bars for precise trade entry.
The indicator pops up in a separate MT4 chart window in the form of green and brown histogram bars.
Buy & Sell Trade Example
- A buy signal occurs whenever the green trend bar pops up on the chart.
- A sell signal occurs whenever the brown trend bar pops up on the chart.
The Forex Profit Supreme Filter 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 exotics) and shows promising results when used correctly.
Free Download
Download the “forex-profit-supreme-filter.mq4” indicator for MT4
Indicator Chart (EUR/USD M5)
The example chart below displays the Forex Profit Supreme Filter 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 Profit Supreme Filter 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: Trend
Does the indicator repaint? No.
Forex Profit Supreme Filter + Wajdyss T3 Scalper MT4 Scalping Strategy
This MT4 scalping strategy combines the Forex Profit Supreme Filter and the Wajdyss T3 Scalper Indicator to capture short-term trading opportunities.
The Forex Profit Supreme Filter shows trend direction via colored histogram bars, while the Wajdyss T3 Scalper provides clear buy and sell signals through arrows.
This strategy works best for scalpers and intraday traders on 1-minute to 15-minute charts.
Buy Entry Rules
- Check that the histogram bars on the Forex Profit Supreme Filter are green, signaling a bullish trend.
- Wait for a green arrow from the Wajdyss T3 Scalper Indicator to confirm the buy signal.
- Enter a buy trade at the close of the candle with the green arrow.
- Set a stop loss just below the most recent swing low.
- Set take profit at a 1:1.5 risk-to-reward ratio or at the next resistance level.
Sell Entry Rules
- Check that the histogram bars on the Forex Profit Supreme Filter are brown, signaling a bearish trend.
- Wait for a red arrow from the Wajdyss T3 Scalper Indicator to confirm the sell signal.
- Enter a sell trade at the close of the candle with the red arrow.
- Set a stop loss just above the most recent swing high.
- Set take profit at a 1:1.5 risk-to-reward ratio or at the next support level.
Advantages
- Clear trend indication through colored histogram bars.
- Precise buy and sell signals reduce entry mistakes.
- Optimized for scalping, capturing small price movements quickly.
- Predefined stop loss and take profit levels help manage risk.
Drawbacks
- It may produce false signals in sideways or highly volatile markets.
- Requires constant monitoring due to fast scalping trades.
- Small pip targets require frequent execution to accumulate gains.
Example Case Studies
Case Study 1: AUD/USD M5 Chart
The histogram bars on the Forex Profit Supreme Filter were green, indicating a bullish trend.
A green arrow appeared on the Wajdyss T3 Scalper Indicator, confirming a buy.
The trade was opened at 0.6785 with a stop loss at 0.6778.
Price moved to 0.6802, hitting the take profit target in about 12 minutes.
Case Study 2: USD/JPY M5 Chart
The histogram bars on the Forex Profit Supreme Filter were brown, signaling a bearish trend.
A red arrow appeared on the Wajdyss T3 Scalper Indicator, confirming a sell.
The trade was opened at 149.25 with a stop loss at 149.38.
Price dropped to 149.02, reaching the take profit target within 15 minutes.
Strategy Tips
- Use primarily M1 to M5 charts for scalping opportunities.
- Always wait for confirmation from both indicators before entering a trade.
- Use proper risk management, including stop losses and take profits.
- Practice on a demo account before applying the strategy to live trading.
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Download the “forex-profit-supreme-filter.mq4” indicator for Metatrader 4
