The free Forex Scalping indicator for MT4 (Metatrader 4) is a complete standalone scalper system that works out of the box.
The indicator appears in a separate MT4 chart window as a scalping oscillator that provides short-term trend direction.
The free Forex Scalping indicator can be used in various ways.
Buy & Sell Trade Example
- Open a buy trade whenever the first green histogram bar appears on the chart.
- Open a sell trade whenever the first red histogram bar appears on the chart.
- Aim for 5-20 pips per trade.
The indicator can be used for both trade entry and exit or to confirm trading signals issued by your own strategy.
For scalping purposes, the indicator tends to produce the best results in the London and U.S. trading sessions.
The free Forex Scalping indicator works equally well on all assets (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities,..) and shows promising results if used correctly.
Free Download
Download the “freescalpingindicator.mq4” indicator for MT4
Indicator Chart (EUR/USD M1)
The example chart below displays the free Forex Scalping mt4 indicator in action on the trading chart.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit strategy to trade with the custom built free Forex Scalping 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: Scalping
Does it repaint? No.
Scalping Strategy: Free Forex Scalping + SuperTrend MTF Signal (MT4)
This scalping strategy combines the Free Forex Scalping Indicator and the SuperTrend MTF Forex Signal Indicator to capture short-term intraday moves.
The Free Forex Scalping Indicator uses a histogram: green for buy signals and red for sell signals.
The SuperTrend MTF indicator confirms the trend: green line for bullish momentum, red line for bearish momentum.
This strategy works best on 1-minute to 15-minute charts during high-liquidity sessions.
Buy Entry Rules
- Wait for a green histogram bar on the Free Forex Scalping Indicator.
- Confirm the trend is bullish with the green line of the SuperTrend MTF indicator.
- Enter a buy trade at the close of the confirming candle.
- Set the stop loss below the most recent swing low or nearby support level.
- Set take profit at a 1:1.5 or 1:2 reward-to-risk ratio, or exit if the histogram turns red or the SuperTrend line turns red.
Sell Entry Rules
- Wait for a red histogram bar on the Free Forex Scalping Indicator.
- Confirm the trend is bearish with the red line of the SuperTrend MTF indicator.
- Enter a sell trade at the close of the confirming candle.
- Set the stop loss above the most recent swing high or nearby resistance level.
- Set take profit at a 1:1.5 or 1:2 reward-to-risk ratio, or exit if the histogram turns green or the SuperTrend line turns green.
Advantages
- Fast scalping entries with trend confirmation for higher probability trades.
- Non-repainting indicators provide reliable short-term signals.
- Works well across multiple currency pairs and timeframes.
- Helps avoid trading against the prevailing trend.
Drawbacks
- Can generate multiple small losses if market conditions are choppy or lack momentum.
- Scalping requires high focus and quick execution, which can be mentally demanding.
- Sudden spikes or flash moves in exotic pairs like USD/TRY or GBP/NZD can trigger stop losses unexpectedly.
- High-frequency trading can increase spread costs over multiple trades.
- Short-term charts can produce false signals if the market is consolidating.
Case Study 1
On the AUD/JPY 5-minute chart, a green histogram appeared while the SuperTrend MTF line was green.
A buy trade was entered at 90.35, with a stop loss at 90.28 and a take profit at 90.50.
The trade reached take profit within 20 minutes, yielding a 15-pip gain.
Case Study 2
On the NZD/CHF 1-minute chart, a red histogram appeared while the SuperTrend MTF line was red.
A sell trade was entered at 0.5935, with a stop loss at 0.5942 and a take profit at 0.5923.
The trade reached take profit within 15 minutes, capturing a 12-pip gain.
Strategy Tips
- Focus on pairs with moderate to high volatility, like AUD/JPY, NZD/CHF, GBP/AUD, and EUR/JPY for short-term scalping.
- Apply strict risk management: limit risk per trade to 1% of your account.
- Use micro lots for testing new pairs to reduce drawdown risk.
- Filter trades by avoiding consolidation zones or low volatility periods.
- Consider combining with short-term support/resistance levels for higher accuracy.
- Keep trades short and exit quickly if momentum fades.
Download Now
Download the “freescalpingindicator.mq4” indicator for Metatrader 4
