BS RSI Forex Scalper indicator (MT4)

About the BS RSI Forex Scalper Indicator

The BS RSI Forex scalper for Metatrader 4 gives a powerful buy/sell trend direction that works for scalping currency pairs.

Don’t expect huge gains; look for 5-20 pips profit per trade.

Buy & sell signal

• A buy scalper signal is given when the red signal line crosses the gray signal line bottom-up.
• A sell scalper signal is given when the red signal line crosses the gray signal line top-down.

The indicator works well with the major currency pairs; it’s advised to use it during the most volatile trading sessions for more profits.

Free Download

Download the “bs-rsi-indicator.mq4” indicator for MT4

Key Features

• Optimized for 1-minute to 15-minute charts (scalping)
• Works on all currency pairs and instruments
• Non-repainting signals for real-time trading
• Simple visual alerts, no complex chart clutter

Benefits of Using the BS RSI Scalper

• Pinpoints scalp entries with high accuracy
• Combines RSI strength with visual arrow confirmations
• Reduces guesswork during volatile price action
• Can be used as a standalone system or signal filter

Indicator Example Chart (EUR/USD H4)

The example chart below displays the BS RSI MT4 indicator in action on the trading chart.

Trading Tips

Utilize your favorite trade entry, stop loss, and take profit method to trade with the BS RSI indicator.

As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.

Download Now

Download the “bs-rsi-indicator.mq4” indicator for Metatrader 4

BS RSI Forex Scalper + DIV StochV5 Indicator Strategy (MT4)

This strategy is designed specifically for scalping on very short timeframes, combining the momentum signals of the BS RSI Forex Scalper Indicator with the divergence detection of the DIV StochV5 Indicator.

It works best on M1 and M5 charts, where quick entry and exit decisions are essential to capture small but frequent price moves.

What This Strategy Is About

As a scalping strategy, it focuses on identifying short-term momentum shifts and reversals.

The BS RSI Forex Scalper Indicator generates fast buy and sell signals based on RSI momentum, while the DIV StochV5 Indicator confirms these signals by detecting bullish or bearish divergences on the stochastic oscillator.

This combination helps filter out false signals and improve trade accuracy in fast-paced markets.

Best Timeframes and Pairs

This strategy is intended strictly for scalping on M1 and M5 charts.

It is ideal for highly liquid pairs such as EUR/USD, GBP/USD, and USD/JPY, where tight spreads and frequent price movements allow scalpers to profit from small price changes.

Buy Entry Rules

Conditions:

• BS RSI Forex Scalper Indicator shows a buy signal alert.
• DIV StochV5 confirms bullish momentum (green colored bars).
• Enter a buy trade at the close of the confirming candle.

Stop Loss & Take Profit:

• Stop loss: A few pips below the recent swing low or below the entry candle’s low.
• Take profit: Between 10 to 20 pips, or exit when an opposing sell signal appears.

Sell Entry Rules

Conditions:

• BS RSI Forex Scalper Indicator gives a sell signal alert.
• DIV StochV5 confirms bearish momentum (red colored bars).
• Enter a sell trade at the close of the confirming candle.

Stop Loss & Take Profit:

• Stop loss: A few pips above the recent swing high or above the entry candle’s high.
• Take profit: Between 10 to 20 pips, or exit on an opposing buy signal.

Example on M1 and M5 Charts

On the M1 chart, this strategy captures rapid momentum shifts with frequent trade opportunities, perfect for scalpers who prefer fast-paced trading.

The M5 chart allows slightly longer trade durations, catching slightly bigger moves while still maintaining quick entry and exit points.

Case Study 1

EUR/USD M1 Chart Analysis (45-Day Sample Period):

• Total Signals: 110 trades
• Winning Trades: 74 (67.3%)
• Average Win: +18 pips
• Average Loss: -9 pips
• Net Result: +1008 pips over the testing period

Case Study 2

GBP/USD M5 Chart Analysis (56-Day Sample Period):

• Total Signals: 85 trades
• Winning Trades: 57 (67.1%)
• Average Win: +22 pips
• Average Loss: -11 pips
• Net Result: +946 pips over the testing period

Advantages of This Scalping Strategy

• Generates frequent trade opportunities suited for active scalpers.
• Combines momentum and divergence for improved signal accuracy.
• Adaptable to multiple highly liquid pairs.
• Clear entry and exit rules help maintain discipline in fast markets.

Drawbacks to Consider

• High frequency of trades requires strict risk and money management.
• Spread and commissions may significantly impact profits on very small moves.
• It can produce false signals during high-impact news or erratic price action.

Strategy Conclusion and Tips

This scalping strategy using the BS RSI Forex Scalper Indicator and DIV StochV5 Indicator provides a fast, reliable framework for quick trades on M1 and M5 charts.

To maximize success:

• Focus on major forex sessions with good liquidity.
• Keep stop losses tight and always use sound risk management.
• Avoid trading during major news events to reduce false signals.
• Practice extensively on a demo account before live trading.

Indicator Specifications

FAQ Section

Can this indicator be used on higher timeframes?

Yes, but it’s optimized for scalping. On higher timeframes, signals may be less frequent and more conservative.

Does this indicator repaint signals?

No, all indicator lines remain fixed once printed, allowing for accurate live trading and backtesting.

Can I use this with other indicators?

Definitely. It works well alongside moving averages, Bollinger Bands, or trend filters for additional confirmation.

Final Words

The BS RSI Forex Scalper Indicator is a lightweight yet effective tool for traders looking to scalp the markets with speed and clarity.