The MFI Forex Cloud Scalper indicator for Metatrader 5 is cloud based and provides multiple daily trading signals for scalpers.
The indicator pops up in a separate chart as a green and violet colored cloud along with blue/red colored signal lines.
If you are a beginner scalper, this indicator might be a good choice for you!
How to spot short-term scalper market trends with it?
- The blue colored MFI signal lines are bullish.
- The red colored MFI signal lines are bearish.
The following indicator inputs and parameters can be modified: periods, style color.
The MFI Forex Cloud Scalper does not repaint the signal lines.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the MFI Forex Cloud Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The MFI Forex Cloud Scalper Indicator?
Find a simple trading example below:
- A buy signal is given as soon as the blue signal lines reach the green colored MFI cloud.
- Open a buy trade and place your stop loss 3 pips below immediate support.
- Close the buy trade for 7-25 pips profit, or wait for an opposite trading signal.
- A sell signal is given as soon as the red signal lines reach the violet colored MFI cloud.
- Open a sell trade and place your stop loss 3 pips above immediate resistance.
- Close the sell trade for 7-25 pips profit, or wait for an opposite trading signal.
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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 ColorMFI_X20_Cloud.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