The Cronex Scalper oscillator designed for Metatrader 5 generates robust trade entry signals that work out of the box for scalpers and intraday traders.
The indicator gets displayed in a bottom chart window as a series of consecutive histogram bars oscillating above and below 0.
How to trade with the Cronex Scalper?
- A colored histogram bar above 0 is considered bullish.
- A colored histogram bar below 0 is considered bearish.
The indicator contains the following inputs and parameters: period, colors, style.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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The picture below shows how the Cronex Scalper oscillator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Cronex Scalper Oscillator?
Find a simple trading example below:
- Buy market condition: it is crucial for the market trend to demonstrate a clear uptrend (see chart example above).
- A buy entry signal is given when the histogram bars cross the zero level bottom up.
- Exit the buy trade for 10-35 pips profit, or hold the buy trade until the first bar turns back below 0.
- Sell market condition: it is crucial for the market trend to demonstrate a clear downtrend.
- A sell entry signal is given when the histogram bars cross the zero level top down.
- Exit the sell trade for 10-35 pips profit, or hold the sell trade until the first bar turns back above 0.
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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 colorcoeffofline_true.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