The Awesome Forex Scalper indicator for Metatrader 5 is built on moving averages and works pretty well for scalping the Forex market.
The indicator appears in a sub-window as two colored lines that cross each other when the trend reverses in the opposite direction.
- The scalper trend is bullish when the blue line crosses back above the red line.
- The scalper trend is bearish when the blue line crosses back below the red line.
For best trading results, use this scalper during the London and New York trading sessions on the low spread currency pairs.
Typically, we will be looking for 10-15 pips profit per trade.
The following indicator inputs can be modified: moving average period, horizontal shift, smoothing type, type of price
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the Awesome Forex Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Awesome Forex Scalper Indicator?
Find a simple trading example below:
- A bullish signal occurs when the blue signal line crosses the red signal line bottom-up.
- Execute a buy trade and set stop loss 3 pips below short-term support.
- Close the buy trade for 10-15 pips profit, or use your own profit target.
- A bearish signal occurs when the blue signal line crosses the red signal line top-down.
- Execute a sell trade and set stop loss 3 pips above short-term resistance.
- Close the sell trade for 10-15 pips profit, or use your own profit target.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Percentage of CLose and iMA prices.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration