The Ehlers Fisher Transform Scalper indicator for Metatrader 5 is a non-repainting tool designed for both scalpers and short-term intraday traders.
This is for traders looking for 7-20 pips profit potential per trade.
The simple trade logic goes as follows:
- A green line represents a buy trade.
- A red line represents a sell trade.
The following indicator inputs and parameters can be modified: period, price, style.
Tip: Most profits can be generated during the London and American trading sessions when trading the lower spread currency pairs.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
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The following chart shows how the Ehlers Fisher Transform Forex Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Ehlers Fisher Transform Scalper Indicator?
Find a simple trading example below:
- A buy scalper signal is given when the green Ehlers Fisher Transform line appears on the chart.
- Execute a buy trade and set your stop loss slightly below short-term support.
- Close the buy trade for 7-20 pips profit.
- A sell scalper signal is given when the red Ehlers Fisher Transform line appears on the chart.
- Execute a sell trade and set your stop loss slightly above short-term resistance.
- Close the sell trade for 7-20 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 Ehlers fisher transform.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