The EMA Envelope Scalper indicator for Metatrader 5 is based on a Forex trading channel + exponential moving average.
The indicator gets displayed in the activity chart as a colored channel and small buy & sell signal arrows.
Trading with this Forex scalper is really simple and profitable if used correctly.
How to spot market trends with this scalper?
- An upward sloping channel signals a bullish trend.
- A downward sloping channel signals a bearish trend.
The following indicator inputs and parameters can be modified: period (14), style color.
The EMA Envelopes scalper indicator does not repaint the small buy and sell signal arrows.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the EMA Envelope Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The EMA Envelope Forex Scalper Indicator?
Find a simple trading example below:
- A buy signal is given when the EMA channel is sloping up and the small blue arrow pops up on the chart.
- Open a buy order and place your stop loss slightly below the red EMA channel line.
- Close the buy trade for 6-20 pips profit, or utilize your own take profit method.
- A sell signal is given when the EMA channel is sloping down and the small orange arrow pops up on the chart.
- Open a sell order and place your stop loss slightly above the green EMA channel line.
- Close the sell trade for 6-20 pips profit, or utilize your own take profit method.
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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 EMAHLC_Envelope.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