The Dynamic Forex Scalper indicator designed for Metatrader 5 is a robust trading tool loved by many scalpers and intraday traders.
It generates buy and sell signal lines on the chart ready for direct use.
The buy and sell scalping rules are really simple, follow the guidelines below:
- A violet colored signal line generates a buy signal.
- A magenta colored signal line generates a sell signal.
- The yellow colored line predicts the transition from buy to sell or vice versa.
The indicator contains the following inputs and parameters: scalper period, arrow color buy, arrow color sell.
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 Dynamic Forex Scalper looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Utilizing The Dynamic Forex Scalper Indicator?
Find a simple trading example below:
- The appearance of the violet colored signal line generates a buy entry.
- Open a buy trade and place a stop loss order below immediate support.
- Exit the buy trade for 10-25 pips profit, or hold and reverse the trade when a sell signal becomes visible on the chart.
- The appearance of the magenta colored signal line generates a sell entry.
- Open a sell trade and place a stop loss order above immediate resistance.
- Exit the sell trade for 10-25 pips profit, or hold and reverse the trade when a buy signal becomes visible on the chart.
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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 dynamicrs_c.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