About the FX Sniper Indicator
The FX Sniper Indicator is a highly regarded technical tool designed for the Metatrader 4 platform, engineered to assist traders in identifying the core direction of market momentum.
It functions as a trend-following system that simplifies technical analysis by plotting a dynamic signal line directly onto the main price chart.
For those focused on short-term market movements, it provides the responsiveness needed for scalping and day trading, especially when liquidity is high.
Meanwhile, swing traders can utilize the indicator on higher timeframes to capture significant price extensions.
This trading tool helps traders avoid the common pitfall of trading against the prevailing market sentiment.
Free Download
Download the “fx-sniper.mq4” MT4 indicator
Key Features
- The indicator prints a color-coded signal line directly on the price activity.
- A green line signals a bullish trend for potential buying opportunities.
- A red line signals a bearish trend for potential selling opportunities.
- The tool is optimized for high-volume London and New York sessions.
- It works effectively on low-spread major pairs like EUR/USD and GBP/USD.
- The system is adaptable for timeframes ranging from M1 up to the Daily chart.
Indicator Chart
The chart displays the FX Sniper Indicator applied to a currency pair, featuring a single line that changes color based on market direction.
When the market moves upward, the line turns green and follows the price action closely.
Conversely, during a downward move, the line shifts to red and sits above or along the price candles.
Guide to Trade with FX Sniper Indicator
Buy Rules
- Monitor the chart for a change in the indicator line color from red to green.
- Wait for the green signal line to be clearly established on the chart.
- Enter a long position once the green line appears below or alongside the price candles.
- Prioritize buy signals that occur during peak market hours for maximum momentum.
Sell Rules
- Monitor the chart for a change in the indicator line color from green to red.
- Wait for the red signal line to be clearly established on the chart.
- Initiate a short position once the red line appears above or alongside the price candles.
- Focus on sell signals that align with broader bearish market structures.
Stop Loss
- Place the stop loss a few pips below the most recent swing low for buy trades.
- Place the stop loss a few pips above the most recent swing high for sell trades.
- Alternatively, use the exit of the signal line color as a logical point for risk termination.
Take Profit
- Close the trade when the FX Sniper Indicator changes to the opposite color.
- Exit a buy trade immediately if the signal line turns from green to red.
- Exit a sell trade immediately if the signal line turns from red to green.
- Apply a fixed take profit target based on recent support or resistance levels for consistency.
FX Sniper + Bollinger Bands Squeeze with MACD Forex Scalping Strategy
This strategy combines the FX Sniper Indicator for MT4 and the Bollinger Bands Squeeze with MACD Indicator for MT4.
The FX Sniper Indicator shows the prevailing trend with a green line for bullish trends and a red line for bearish trends.
The Bollinger Bands Squeeze with MACD provides entry signals: green histogram bars indicate a buy signal and red histogram bars indicate a sell signal.
Combining these indicators allows traders to identify strong trend direction while catching precise entry points during consolidation breakouts.
This strategy works well on M1, M5, and M15 charts, making it ideal for scalping and short-term day trading.
It is most effective during high-liquidity sessions when price movements are smooth and predictable.
By aligning trend direction with momentum breakouts, traders can capture small, consistent gains while reducing the risk of false entries.
Buy Entry Rules
- FX Sniper Indicator line is green, confirming a bullish trend.
- Bollinger Bands Squeeze with MACD shows green histogram bars, signaling a buy.
- Enter a buy trade immediately after the confirming candle closes.
- Place a stop loss below the recent swing low or the low of the entry candle.
- Take profit after a pip gain suitable for the timeframe: 5–15 pips on M1, 10–20 pips on M5, and 20–35 pips on M15, or when either indicator signals a reversal.
Sell Entry Rules
- FX Sniper Indicator line is red, confirming a bearish trend.
- Bollinger Bands Squeeze with MACD shows red histogram bars, signaling a sell.
- Enter a sell trade immediately after the confirming candle closes.
- Place a stop loss above the recent swing high or the high of the entry candle.
- Take profit after a pip drop suitable for the timeframe: 5–15 pips on M1, 10–20 pips on M5, and 20–35 pips on M15, or when either indicator signals a reversal.
Advantages
- Combines trend direction with breakout momentum for high-probability entries.
- Clear visual signals make scalping fast and straightforward.
- Works on multiple timeframes (M1, M5, M15) for flexibility and increased trading opportunities.
- Reduces false signals by confirming trend alignment before entering trades.
- Helps traders capture short-term moves during market consolidations and breakouts.
Drawbacks
- Limited profits per trade due to scalping nature; requires multiple trades for significant gains.
- Requires constant monitoring, especially on M1 and M5 charts.
- News events or sudden spikes can trigger false entries or premature exits.
Example Case Study 1
On EURUSD M1 during the London session, the FX Sniper line was green, indicating a bullish trend.
The Bollinger Bands Squeeze with MACD showed green bars at 1.0982.
A buy trade was entered at 1.0983 with a stop loss at 1.0978.
Price moved up to 1.0991, capturing 8 pips in 5 minutes before the next signal appeared.
Example Case Study 2
On GBPJPY M5 during the New York session, the FX Sniper line was red, indicating a bearish trend.
The Bollinger Bands Squeeze with MACD showed red bars at 168.45.
A sell trade was entered at 168.44 with a stop loss at 168.65.
Price dropped to 168.20, providing 24 pips profit before the next reversal signal appeared.
Strategy Tips
- Trade major currency pairs with tight spreads for optimal scalping results.
- Focus on high-liquidity sessions, especially London and New York overlaps, for stronger trends.
- Use tighter stop losses on lower timeframes (M1, M5) and slightly wider on M15 to accommodate volatility.
- Take profits quickly to capture short-term momentum before reversals occur.
- Keep a trading journal to track which pairs and timeframes produce the best results.
- Maintain discipline and do not chase trades; only enter when both indicators provide confirmation.
Download Now
Download the “fx-sniper.mq4” Metatrader 4 indicator
FAQ
What makes the FX Sniper Indicator different from a standard moving average?
The FX Sniper Indicator uses a more complex calculation than a simple moving average to filter out market noise.
While a standard average often lags significantly, this indicator is tuned to react more precisely to trend changes, changing color at strategic momentum shifts to provide earlier entry and exit signals.
Can I use this indicator on commodities like Gold or Oil?
The FX Sniper Indicator is versatile and can be applied to commodities, indices, and stocks on the MT4 platform.
The trend-following logic remains the same, though traders should account for the higher volatility typically found in assets like Gold compared to major currency pairs.
Summary
The FX Sniper Indicator is a powerful yet simple tool that enhances a trader’s ability to follow market trends with precision.
Its primary benefit is the clear, color-coded interface that removes ambiguity from the decision-making process.
By focusing on high-liquidity sessions and adhering to the buy/sell signals, you can significantly streamline your trading approach.
