Forex MTN Range Scalper for mt4 (Metatrader 4) is a very good signals indicator that works exceptionally well in range-bound and sideways markets.
The indicator pops up in a separate MT4 chart window as a red/blue colored signals indicator that fluctuates above and below the 0.00 midpoint.
Buy & Sell Trade Example
- A new buy position should be opened as soon as the blue colored dot appears on the chart.
- A new sell position should be opened as soon as the red colored dot appears on the chart.
The Forex MTN Range Scalper indicator can be used for both trade entry and exit, or as an additional confirmation filter for other strategies and systems.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “forex-mtn-indicator.ex4” indicator for MT4
Indicator Chart (EUR/USD H4)
The example chart below displays the Forex MTN Range Scalper mt4 indicator in action on the trading chart.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the Forex MTN Range Scalper indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Signal oscillator
Does the indicator repaint? No.
Intraday Scalping Strategy: MTN Range Scalper & Fibonacci MTF Channel Indicators
This intraday scalping strategy combines the MTN Range Scalper Indicator with the Fibonacci MTF Channel Indicator to identify high-probability trade setups.
Designed for active traders, this approach aims to capture short-term price movements by aligning momentum signals with trend direction.
It is particularly effective on 5-minute and 15-minute charts across various currency pairs.
Buy Entry Rules
- Enter a buy trade when the MTN Range Scalper Indicator displays a blue dot in the subchart, signaling a potential upward movement.
- Confirm the bullish trend with the Fibonacci MTF Channel Indicator showing an upward-sloping channel, indicating a strong bullish phase.
- Place a stop loss just below the most recent swing low to protect against unexpected reversals.
- Set a take profit target at a 1:1.5 risk-to-reward ratio or exit when the Fibonacci MTF Channel Indicator shifts to a downward-sloping channel, indicating a weakening trend.
Sell Entry Rules
- Enter a sell trade when the MTN Range Scalper Indicator displays a red dot in the subchart, signaling a potential downward movement.
- Confirm the bearish trend with the Fibonacci MTF Channel Indicator showing a downward-sloping channel, indicating a strong bearish phase.
- Place a stop loss just above the most recent swing high to limit potential losses.
- Set a take profit target at a 1:1.5 risk-to-reward ratio or exit when the Fibonacci MTF Channel Indicator shifts to an upward-sloping channel, indicating a weakening trend.
Advantages
- Combines momentum signals with trend confirmation for higher probability trades.
- Adaptable to various currency pairs and timeframes, offering flexibility for traders.
- Clear entry and exit points reduce decision-making time and enhance trading efficiency.
- Effective in capturing short-term price movements, suitable for scalping strategies.
Drawbacks
- Requires active monitoring of charts to manage trades effectively.
- Not suitable for traders preferring long-term or automated trading strategies.
- Spread and slippage can impact profitability, especially on lower timeframes.
Example Case Studies
Case Study 1: EUR/JPY 5-Minute Chart
At 11:00 AM, the MTN Range Scalper Indicator displayed a blue dot in the subchart, indicating a potential upward movement.
The Fibonacci MTF Channel Indicator confirmed the bullish trend with an upward-sloping channel.
A buy trade was executed at 130.50 with a stop loss at 130.40 and a take profit target at 130.70.
The trade reached the take profit level within 20 minutes, yielding a 20-pip profit.
Case Study 2: NZD/JPY 15-Minute Chart
At 2:30 PM, the MTN Range Scalper Indicator displayed a red dot in the subchart, indicating a potential downward movement.
The Fibonacci MTF Channel Indicator confirmed the bearish trend with a downward-sloping channel.
A sell trade was executed at 75.80 with a stop loss at 75.90 and a take profit target at 75.60.
The trade reached the take profit level within 45 minutes, yielding a 20-pip profit.
Strategy Tips
- Utilize a low spread broker to minimize trading costs, especially on short-term trades.
- Always wait for both the MTN Range Scalper Indicator and the Fibonacci MTF Channel Indicator to align before entering a trade.
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Download the “forex-mtn-indicator.ex4” indicator for Metatrader 4
