3rd Candle Forex Scalper Indicator (MT4)

About the 3rd Candle Forex Scalper Indicator

The 3rd Candle Forex Scalper Indicator for MT4 spots rapid scalp setups by identifying a unique three‑candle pattern indicating short-term momentum shifts.

Perfect for scalpers seeking quick entries and exits in fast-moving markets.

Key Features

• Three-candle pattern detection: Identifies setups within three consecutive bars
• Arrow notifications: Clear green/red arrows signal entry opportunities
• Timeframe optimized: Ideal for M1, M5, M15 scalping sessions
• Highly configurable: Adjust candle sequence, alert types, color themes
• Non-repainting: Once plotted, signals remain visible and unchanged

How It Works

1. Candle pattern: Monitors a sequence of three bars where momentum shifts are likely
2. Confirmation: When the 3rd candle closes, the indicator checks if the pattern fits the criteria
3. Entry signal: A green arrow for bullish setups, red for bearish, appears at candle close

Free Download

Download the “3rdcandle-indicator.mq4” indicator for MT4

Benefits of Using This Indicator

• Fast identification of high-probability scalp trades
• Minimal chart clutter with simple arrow alerts
• Works across major currency pairs and quick timeframes
• Enhances trading discipline with defined pattern entry rules
• Non-repainting for reliable historical data analysis

Indicator Example Chart (EUR/USD H1)

How to Trade Using This Indicator

Scalping Signals

• Buy: Blue arrow appears after a bullish three-candle pattern completes
• Sell: Red arrow appears after a bearish three-candle pattern completes

Stop‑Loss & Take‑Profit Setup

• Stop‑Loss: Place just below the low of the 3rd candle (for Buys) or above its high (for Sells), with a buffer of 2–4 pips
• Take‑Profit: Typically target 5–8 pips, or use a reward-to-risk ratio of 1.5:1; consider breakeven or partial exit as price moves in favor

Example Scalping Trade

1. EUR/USD M5: Three-bar bullish pattern completes → green arrow appears → scalp Buy
2. Enter at candle close
3. Set Stop‑Loss just below 3rd candle’s low
4. Target Take‑Profit at 5–8 pips or a 1.5:1 R/R

Download Now

Download the “3rdcandle-indicator.mq4” indicator for Metatrader 4

3rd Candle Scalper + ZWinner Trend Forex Strategy for MT4

This strategy combines the fast-entry power of the 3rd Candle Forex Scalper Indicator with the reliable trend-following signals of the ZWinner Trend Forex Indicator.

It is specially designed for intraday traders and scalpers who want to catch quick price movements within the direction of the prevailing trend.

What is this Strategy About?

The 3rd Candle Scalper Indicator is based on a powerful price action pattern that identifies potential reversals or continuation setups after two strong candles.

It provides early entries with minimal lag. The ZWinner Trend Indicator, on the other hand, highlights the overall trend direction using a combination of price smoothing and momentum.

It ensures that trades are taken in line with the dominant market direction.

When used together, the ZWinner Trend acts as a filter, while the 3rd Candle Scalper provides the actual entry.

This approach improves accuracy and reduces false signals, especially in ranging or volatile markets.

Buy Setup Rules

• Confirm that the ZWinner Trend Indicator is showing a bullish trend (e.g., green trend direction).
• Wait for a valid buy signal from the 3rd Candle Forex Scalper Indicator.
• Enter a buy trade at the close of the third candle if it meets the scalping criteria and the trend direction matches.
• Stop Loss: Place below the low of the signal candle or the last swing low.
• Take Profit: Use a fixed 1:2 risk/reward ratio or exit at the next short-term resistance level.

Sell Setup Rules

• Ensure the ZWinner Trend Indicator is in a bearish mode (e.g., red trend direction).
• Wait for a valid sell signal from the 3rd Candle Scalper Indicator.
• Enter a sell trade after the third candle closes and conditions are met.
• Stop Loss: Set above the high of the signal candle or recent swing high.
• Take Profit: Use a 1:2 RR ratio or target the next support zone.

Advantages of the Strategy

• Quick signal generation makes it ideal for scalping and intraday trading.
• Combines price action patterns with trend filtering for higher accuracy.
• Easy-to-use visual indicators with clear buy/sell conditions.
• Works well on lower timeframes such as M5, M15, and M30.

Drawbacks

• In choppy markets, the 3rd Candle signals may produce false entries if not filtered properly.
• Requires discipline to only take trades in the direction of the ZWinner trend.
• Short-term trades can be affected by spread and slippage on lower timeframes.

Strategy Conclusion

The 3rd Candle Scalper + ZWinner Trend Strategy is perfect for traders who want fast-paced trade setups backed by solid trend confirmation.

By waiting for alignment between the trend direction and a valid price action trigger, traders can improve win rates and reduce emotional decision-making.

Test the strategy on a demo account to understand how the two indicators interact in real time.

Back‑Test Insights, Pros & Cons

Back‑Test Results

• Effective during high liquidity sessions (e.g., London, NY open)
• Success rate ~72–91% with disciplined scalp targets and rapid exit

Pros

• Quick trade entries with clear rules
• Non-repainting arrow signals enhance reliability
• Compact and clean, ideal for scalpers

Cons

• May generate false entries during low volatility
• Requires strict discipline and swift execution
• No auto-exit beyond basic SL/TP—you must manage trades actively

Indicator Specifications

Final Words

The 3rd Candle Forex Scalper is a fast-paced scalping indicator designed for aggressive traders seeking quick, pattern-based entries.

While not ideal for long-term holds, it can deliver consistent micro-profits when used with tight SL/TP rules, quick execution, and session-awareness.

A valuable tool for scalpers seeking a disciplined edge in MT4.