The Forex Price Sniper Oscillator indicator for mt4 (Metatrader 4) can be categorized as an overbought & oversold type oscillator that works great in existing trends.
The indicator pops up in a separate MT4 chart window as an oscillator with 0 and 1 extreme borders.
The 0 value is oversold while 1 is overbought.
Buy & Sell Trade Example
- Open a buy trade whenever the oscillator reaches the 0 oversold value and the underlying trend is upwards.
- Open a sell trade whenever the oscillator reaches the 1 overbought value and the underlying trend is downwards.
The Forex Price Sniper Oscillator 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-nn-indicator.mq4” indicator for MT4
Indicator Chart (EUR/USD Daily)
The example chart below displays the Forex Price Sniper Oscillator 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 Price Sniper Oscillator 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: Price oscillator
Does the indicator repaint? No.
Forex Price Sniper Oscillator + Trend Predictor MT4 Scalping Strategy
This MT4 scalping strategy combines the Forex Price Sniper Oscillator and the Trend Predictor V1.0 to identify precise entry and exit points for quick trades.
It works by using the momentum reading from the Sniper Oscillator along with the directional arrow signals from the Trend Predictor.
This combination helps traders catch short-term moves with high probability.
The strategy is ideal for scalpers and intraday traders who prefer the 1-minute to 15-minute time frames.
Buy Entry Rules
- Check the Forex Price Sniper Oscillator for an oversold condition at 0 or near 0, indicating a potential bullish reversal.
- Confirm that the Trend Predictor shows a blue arrow, signaling an upward trend.
- Enter a buy trade when both conditions align and the price shows upward momentum on the chart.
- Set a stop loss slightly below the most recent swing low to protect against sudden reversals.
- Set take profit based on 1:1.5 risk-to-reward ratio or use the next significant resistance level for scalping targets.
Sell Entry Rules
- Check the Forex Price Sniper Oscillator for an overbought condition at 1 or near 1 while the trend is downward.
- Confirm that the Trend Predictor shows a red arrow, signaling a bearish trend.
- Enter a sell trade when both conditions are met and the price shows downward momentum.
- Set a stop loss just above the most recent swing high.
- Set take profit based on a 1:1.5 risk-to-reward ratio or target the next support level.
Advantages
- Combines momentum and trend signals for higher accuracy.
- Easy to use, even for beginner scalpers.
- Works on multiple time frames, especially 1 to 15 minutes.
- Helps avoid false signals by requiring confirmation from both indicators.
- Provides clear entry, stop loss, and take profit levels.
Drawbacks
- Less effective during highly volatile news events.
- Requires constant monitoring for short-term scalping trades.
- Small pip gains per trade; suitable for scalpers only.
Example Case Studies
Case Study 1: EUR/USD 5-Minute Chart
The Forex Price Sniper Oscillator reached oversold at 0.
The Trend Predictor showed a blue arrow confirming upward momentum.
A buy trade was entered at 1.0950 with a stop loss at 1.0942.
The price moved quickly to 1.0965, hitting the take profit target for a gain of 15 pips within 10 minutes.
Case Study 2: GBP/USD 15-Minute Chart
The Forex Price Sniper Oscillator reached overbought near 1 while the trend was downward.
The Trend Predictor displayed a red arrow.
A sell trade was opened at 1.2870 with a stop loss at 1.2880.
The trade closed at 1.2852, capturing 18 pips in under 20 minutes, demonstrating the efficiency of this scalping combination.
Strategy Tips
- Focus on trades where the Sniper Oscillator is at extreme oversold or overbought levels.
- Always wait for confirmation from the Trend Predictor arrow before entering a trade.
- Scalping works best during active market sessions like London and New York.
- Use tight stop losses and quick take profits to reduce risk.
- Keep a trading journal to track wins and losses and refine entry points over time.
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Download the “forex-nn-indicator.mq4” indicator for Metatrader 4
