The iTrend Forex Scalper indicator for Metatrader 5 is a robust scalping tool that can deliver multiple buy & sell trade opportunities daily.
Our goal is to aim for a profit of 10-30 pips per trade, which may vary depending on your preferred time frame.
iTrend appears as magenta and green colored clouds in a special chart window, along with a signal line.
Basically, all you need to focus on is the color of the signal line.
It works as follows:
- The green colored signal line presents a buy trade opportunity.
- The magenta colored signal line presents a sell trade opportunity.
The indicator offers the following inputs and parameters for customization: time frame, iTrend period, average method, price, look back period, levels factor, alerts on current barn push notifications, email alerts, play sound.
The iTrend Scalper works for any trading instrument supported by the Metatrader 5 charting platform.
iTrend Scalping tips:
- Deploy the indicator on the lower spread Forex pairs for best overall trading performance.
- Utilize during the London and American trading sessions.
- Using M5 and M15 chart will work the best for this scalping tool.
Make yourself familiar with this technical indicator and test it first on a demo account before using it on a real account.
It supports all time frames and Forex pairs.
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The following chart shows how the iTrend Forex Scalper looks like when applied to the MT5 chart.
How To Buy And Sell Pairs With The iTrend Forex Scalper Indicator?
Find a simple trading strategy below:
- The green colored iTrend line is a buy signal (see chart example above).
- Start by placing a buy order and set your stop loss just below the most recent support level.
- Close the buy trade when potential profit reaches between 10 to 30 pips, taking into account the time frame you have selected.
- The magenta colored iTrend line is a sell signal.
- Start by placing a sell order and set your stop loss just above the most recent resistance level.
- Close the sell trade when potential profit reaches between 10 to 30 pips, taking into account the time frame you have selected.
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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 iTrend.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