The Lucky Scalper indicator for Metatrader 5 is designed to provide quick buy and sell signals for Forex scalpers and intraday traders.
It is optimized to perform well across all time frames, including the 1-minute and 5-minute charts.
The indicator combines data from four different time frames using the RSI indicator, resulting in more accurate signals.
Our goal is to achieve a profit of 7-25 pips per trade.
Here’s how the indicator functions:
- Consecutive green colored dots represent a short-term buy trend.
- Consecutive magenta colored dots represent a short-term sell trend.
The indicator contains the following inputs and parameters: period 1, period 2, period 3, period 4, overbought level (62), oversold level (38), and vertical distance.
Gain confidence in utilizing the Gold indicator and test it first on a demo account for an extended period.
To enhance your Forex scalping results, consider the following trading tips:
- Utilize the Lucky Scalper indicator on currency pairs with lower spreads.
- Focus on trading during the London and New York trading sessions.
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x4period_rsi_arrows.mq5 Indicator (MT5)
Chart Example
The picture below illustrates how the Lucky Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Using The Lucky Scalper Indicator?
Find a simple trading strategy below:
Buy Signal
- A buy signal occurs when the green Lucky scalper dot gets shown on the price chart (see chart example above).
- Initiate a buy market order and place your stop below short-term support.
- Close the buy transaction for 7-25 pips profit.
- Optional: reverse the buy trade when a sell signal gets displayed on the trading chart.
Sell Signal
- A sell signal occurs when the magenta Lucky scalper dot gets shown on the price chart.
- Initiate a sell market order and place your stop above short-term resistance.
- Close the sell transaction for 7-25 pips profit.
- Optional: reverse the sell trade when a buy signal gets displayed on the trading chart.
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x4period_rsi_arrows.mq5 Indicator (MT5)
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 x4period_rsi_arrows.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
