The LeMan Stop indicator for Metatrader 5 is a solid Forex scalper tool that identifies rapid trend changes for any currency pair and time frame.
It can generate up to 10 trading signals daily for any currency pair when applied to the lower time frames.
We aim for 6-15 pips profit per transaction, or you can use your own favorite take profit target.
How to trade with the LeMan Stop indicator?
- A green signal line represents a bullish market trend.
- A red signal line represents a bearish market trend.
The following indicator inputs and parameters can be modified: period, fast MA period, slow MA period, fast MA method, slow MA method.
The London and New York trading sessions works the best for this indicator when applied to the M1, M5 and M15 trading charts.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
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The following chart shows how the LeMan Stop indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The LeMan Stop Scalper Indicator?
Find a simple trading example below:
- The appearance of the green colored LeMan stop line is a buy scalper signal.
- Open a buy trade and place the initial stop loss below immediate support.
- Exit the buy trade for 6-15 pips profit.
- The appearance of the red colored LeMan stop line is a sell scalper signal.
- Open a sell trade and place the initial stop loss above immediate resistance.
- Exit the sell trade for 6-15 pips profit.
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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 LeManStop.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