Change Forex Scalper Indicator (MT4)

About the Change Forex Scalper Indicator (MT4)

The Change Forex Scalper Indicator is a free MetaTrader 4 tool designed for rapid order entry and exit, making it ideal for scalping currency pairs.

Displayed as a green and red colored histogram in a separate MT4 chart window, it helps traders identify quick trading opportunities in real-time.

This indicator is suitable for various trading styles, including scalping, day trading, and swing trading.

Main Features

• Displays buy and sell signals as colored histogram bars.
• Works on any currency pair and timeframe.
• Does not repaint, ensuring reliable signals.
• Customizable input parameters for flexibility.
• Compatible with the MetaTrader 4 platform.

Buy and sell trade idea

• In an uptrend, look to open a scalper trade when the bars are colored green.
• In a downtrend, look to open a scalper trade when the bars are colored red.

The Change indicator can be used for both entry and exit signals or to confirm buy & sell trade setups issued by your favorite trading systems or strategies.

Benefits of Using This Indicator

• Provides clear and immediate buy/sell signals for quick decision-making.
• Enhances trading efficiency by eliminating the need for manual analysis.
• Suitable for both novice and experienced traders due to its simplicity.
• Helps in identifying short-term market movements for profitable trades.

Free Download

Download the “change-indicator.mq4” indicator for MT4

Indicator Example Chart (EUR/USD H1)

The example chart below demonstrates the Change Forex Scalper indicator in action on a trading chart.

How to Trade Using This Indicator with the 50 EMA

Combining the Change Forex Scalper Indicator with the 50-period Exponential Moving Average (EMA) can help filter signals and confirm the overall trend direction for better trade accuracy.

Buy Entry

• Check that the price is above the 50 EMA, indicating an uptrend.
• Wait for the Change Forex Scalper histogram to turn green, signaling a buy opportunity.
• Enter a buy trade at the opening of the next candle after the green signal.
• Place a stop loss just below the recent swing low or below the 50 EMA, whichever is lower.
• Set a take profit target based on a favorable risk-to-reward ratio, such as 2:1.

Sell Entry

• Confirm that the price is below the 50 EMA, indicating a downtrend.
• Wait for the Change Forex Scalper histogram to turn red, signaling a sell opportunity.
• Enter a sell trade at the opening of the next candle after the red signal.
• Place a stop loss just above the recent swing high or above the 50 EMA, whichever is higher.
• Set a take profit target based on a favorable risk-to-reward ratio, such as 2:1.

Additional Tips

• Use the 50 EMA as a dynamic support or resistance level to help manage your trade.
• Avoid trading signals that go against the trend indicated by the 50 EMA.
• Combine this setup with proper risk management and confirm signals with price action or other indicators for higher accuracy.

Download Now

Download the “change-indicator.mq4” indicator for Metatrader 4

High-Precision MT4 Scalping Strategy: Combining Change Forex Scalper & ZWinner Trend Indicator

This strategy combines the Change Forex Scalper and ZWinner Trend indicator to create a robust scalping system designed for traders seeking rapid entries and exits with high accuracy.

The Change Forex Scalper provides quick buy/sell signals, while the ZWinner Trend offers trend direction confirmation, enhancing the reliability of trade decisions.

What is this Strategy About?

This scalping strategy focuses on identifying short-term trading opportunities with precision and accuracy.

By combining the fast-reacting Change Forex Scalper with the trend-confirming ZWinner Trend indicator, traders can filter out false signals and align their trades with the prevailing market trend.

This approach aims to maximize profit potential while minimizing exposure to market noise.

Buy and Sell Rules

Buy Setup

• The Change Forex Scalper indicator displays a green histogram bar, signaling a potential buy opportunity.
• The ZWinner Trend indicator shows a green signal block, confirming an upward trend.
• Enter the buy trade at the close of the confirming candle.
• Set the stop loss below the recent swing low or a significant support level.
• Take profit can be set at a fixed pip target or based on risk-reward ratio considerations.

Sell Setup

• The Change Forex Scalper indicator displays a red histogram bar, signaling a potential sell opportunity.
• The ZWinner Trend indicator shows a red signal block, confirming a downward trend.
• Enter the sell trade at the close of the confirming candle.
• Set the stop loss above the recent swing high or a significant resistance level.
• Take profit can be set at a fixed pip target or based on risk-reward ratio considerations.

Trader Case Studies

Below are examples of traders who applied this strategy to different currency pairs and timeframes, demonstrating its effectiveness in various market conditions.

Disclaimer: These case studies are for educational purposes only. Trading results will vary depending on market conditions, risk management, and individual discipline.

Advantages of This Strategy

• Combines rapid entry signals with trend confirmation for higher accuracy.
• Suitable for scalping on lower timeframes like M1 and M5.
• Helps filter out false signals by requiring alignment between two indicators.
• Can be applied to various currency pairs.

Drawbacks and Considerations

• May generate false signals in highly volatile or news-driven markets.
• Requires discipline to wait for confirmation from both indicators before entering trades.
• Stop loss and money management are crucial to limit losses.
• May underperform in sideways or range-bound markets.

Strategy Conclusion and Tips

This combined strategy offers a balanced approach to scalping by integrating the quick-reacting Change Forex Scalper with the trend-confirming ZWinner Trend indicator.

For optimal results, always use proper risk management and adapt your take profit and stop loss levels based on market volatility.

Traders should test the strategy on demo accounts first to build confidence before trading live. Avoid trading during major news events unless you have specific news trading experience.

Finally, staying patient and disciplined with entries—only trading when both indicators align—will increase your chances of consistent profits with this strategy.

Indicator Specifications

FAQ

Is the Change Forex Scalper Indicator free?

Yes, the Change Forex Scalper Indicator is available for free download on the LucyForex website.

Can I use this indicator on any currency pair?

Yes, the indicator is compatible with any currency pair and timeframe, offering flexibility for various trading strategies.

Does the indicator repaint?

No, the Change Forex Scalper Indicator does not repaint, ensuring that the signals remain consistent and reliable.

Final Words

The Change Forex Scalper Indicator for MT4 is a valuable tool for traders looking to capitalize on short-term market movements.

Its simplicity and effectiveness make it suitable for both beginners and experienced traders.

By providing clear buy and sell signals, it aids in making quick trading decisions and enhances overall trading efficiency.