The MACD Tape Forex Scalper indicator runs on mt4 (Metatrader 4) and provides excellent trading signals for scalping purposes.
The indicator opens up in the main chart window of the trading platform.
Aim for 5-15 pips profit per trade.
Key Takeaways
- A blue arrow is a buy signal.
- A yellow arrow is a sell signal.
- Utilize on the lower spread currency pairs.
- Performs the best during the London and U.S. trading sessions.
The indicator works equally well on all assets (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities, etc.) and shows promising results if used correctly.
Free Download
Download the “Macd tape.mq4” indicator for MT4
Indicator Chart (EUR/USD H1)
The example chart below displays the MACD Tape Forex Scalper mt4 indicator in action.
Trading Signals (example):
Utilize your own favorite trade entry, stop loss and take profit method to trade with the MACD Tape Forex Scalper indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: MACD
Repaint? No.
MACD Tape Forex Scalper + XP Moving Average MT4 Intraday Strategy
This intraday trading strategy combines the MACD Tape Forex Scalper Indicator and the XP Moving Average Indicator on MetaTrader 4.
The MACD Tape Forex Scalper Indicator provides buy and sell signals based on its histogram’s position relative to zero.
The XP Moving Average Indicator uses a green line to indicate a buy trend and a red line to indicate a sell trend.
This strategy is designed for intraday trading, particularly on M15 and H1 charts, and is suitable for major currency pairs during active market sessions.
Buy Entry Rules
- Wait for the MACD Tape Forex Scalper Indicator histogram to be above zero, indicating bullish momentum.
- Ensure the XP Moving Average Indicator displays a green line, confirming a buy trend.
- Enter a buy position at the close of the candle that confirms both conditions.
- Set a stop loss just below the recent swing low or a fixed number of pips, depending on your risk tolerance.
- Set a take profit target based on a risk-to-reward ratio of at least 1:2, or exit when the MACD histogram falls below zero or the XP Moving Average line turns red.
Sell Entry Rules
- Wait for the MACD Tape Forex Scalper Indicator histogram to be below zero, indicating bearish momentum.
- Ensure the XP Moving Average Indicator displays a red line, confirming a sell trend.
- Enter a sell position at the close of the candle that confirms both conditions.
- Set a stop loss just above the recent swing high or a fixed number of pips, depending on your risk tolerance.
- Set a take profit target based on a risk-to-reward ratio of at least 1:2, or exit when the MACD histogram rises above zero or the XP Moving Average line turns green.
Advantages
- Combines momentum (MACD Tape Forex Scalper) with trend direction (XP Moving Average) for high-probability entries.
- Clear visual cues make it easy to identify trade setups.
- Suitable for intraday trading on M15 and H1 charts during active market sessions.
- Provides multiple trading opportunities throughout the day.
Drawbacks
- In choppy or low-volatility markets, both indicators may give false signals.
- Requires active monitoring of the charts; not suitable for passive trading.
- May produce fewer signals during off-hours or in less liquid market conditions.
Case Study: EUR/USD M15 Buy Setup
During the European session, the MACD Tape Forex Scalper Indicator histogram was above zero, indicating bullish momentum.
Simultaneously, the XP Moving Average Indicator displayed a green line, confirming a buy trend.
A buy position was entered at 1.1200 with a stop loss at 1.1180 and a take profit target of 1.1240.
The trade reached the take profit target within 45 minutes, yielding a 40-pip profit.
Case Study: GBP/USD H1 Sell Setup
In the New York session, the MACD Tape Forex Scalper Indicator histogram was below zero, indicating bearish momentum.
The XP Moving Average Indicator displayed a red line, confirming a sell trend.
A sell position was entered at 1.3000 with a stop loss at 1.3020 and a take profit target of 1.2950.
The trade reached the take profit target within 90 minutes, yielding a 50-pip profit.
Strategy Tips
- Focus on major currency pairs such as EUR/USD, GBP/USD, and USD/JPY for better liquidity and tighter spreads.
- Avoid trading during major news events or periods of low volatility, as these can lead to false signals.
- Use a demo account to practice and refine the strategy before applying it to a live account.
- Regularly review and adjust your risk management settings to ensure they align with your trading goals and risk tolerance.
By combining the MACD Tape Forex Scalper Indicator and the XP Moving Average Indicator, traders can develop a robust intraday strategy that leverages both momentum and trend direction for high-probability trade setups.
With disciplined execution and proper risk management, this strategy can be an effective tool for intraday trading.
