The Balance Of Market Power Forex Scalper indicator for Metatrader 5 analyses the market state and delivers solid buy & sell scalping signals.
Typically, we are looking for 8-20 pips profit per transaction.
It’s recommended to deploy this scalping tool on the lower spread currency pairs ( EUR/USD, GBP/USD, USD/JPY, etc.) for better trading results.
How do spot scalper trades with it?
- A green colored trend bar indicates bullish pressure.
- An orange colored trend bar indicates bearish pressure.
- A gray colored bar indicates market noise (trend-less).
The indicator allows customizing the following settings and parameters: result smoothing period, result smoothing type, level up, level down.
The more volatile London and American trading sessions would fit this indicator the most.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
It supports all time frames and Forex pairs.
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The following chart shows how the Balance Of Market Power Forex Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Balance Of Market Power Forex Scalper Indicator?
Find a simple trading example below:
- A buy scalper signal is formed when the first green colored histogram bar gets displayed in the chart.
- Execute a buy order and set a protective stop loss order below immediate support.
- Exit the buy trade for 8-20 pips profit.
- A sell scalper signal is formed when the first orange colored histogram bar gets displayed in the chart.
- Execute a sell order and set a protective stop loss order above immediate resistance.
- Exit the sell trade for 8-20 pips profit.
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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 Balance of Market Power.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