The Monster Oscillator indicator for Metatrader 4 is an awesome buy/sell trading signals tool that can be used for both trade entry and exit.
In essence, it follows the overall market trend.
The indicator pops up in a separate MT4 chart window in the form of green and red trend histogram bars with black spaces in between.
Monster Oscillator is very reliable, lightweight, and will not slow down your trading platform.
Buy & Sell Trade Example
- Enter long when the first green trend histogram bar gets displayed on the sub-chart window.
- Enter short when the first red trend histogram bar gets displayed on the sub-chart window.
- Black spaces in between suggest a range-bound market; just stick with your open position (if any).
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “Monster oscillator.mq4” indicator for MT4
Indicator Chart (EUR/USD H1)
The picture below shows the Monster Oscillator mt4 indicator in action on the trading chart.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the Monster Oscillator Forex indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Oscillator
Does the indicator repaint? No.
Monster Oscillator + Best Forex Scalping Indicator MT4 Strategy
This scalping strategy brings together the Monster Oscillator Forex Indicator MT4 and the Best Forex Scalping Indicator MT4.
The first gives you a quick view of the dominant trend via histogram bars (green for bullish, red for bearish).
The second gives clear entry signals via arrows (blue arrow = buy signal, red arrow = sell signal).
Together, they aim to help you scalp small profits quickly during active market sessions.
This method is designed for very short time frames (1 minute to 15 minutes) on major currency pairs with good liquidity and tight spreads.
It suits scalpers who like to enter and exit quickly and who monitor trades actively.
Buy Entry Rules
- Wait for the Monster Oscillator histogram bars to turn green (indicating bullish trend momentum).
- Then look for a blue arrow from the Best Forex Scalping Indicator signaling a buy entry.
- Enter a buy after the blue arrow appears and the next candle closes above the high of the arrow candle (or simply confirms upward direction).
- Place a stop loss just below the recent low or below the swing low formed just before the entry (for example, 5-12 pips depending on pair and timeframe).
- Set a take profit target modestly (for example, 8-20 pips) or use a fixed risk-reward ratio like 1:1.5.
- Alternatively, consider closing if the histogram bars switch color (from green back to red) or you receive a sell arrow from the second indicator.
Sell Entry Rules
- Wait for the Monster Oscillator histogram bars to turn red (indicating bearish momentum).
- Then look for a red arrow from the Best Forex Scalping Indicator signaling a sell entry.
- Enter a sell after the red arrow appears and the next candle closes below the low of the arrow candle (or confirms downward direction).
- Place a stop loss just above the recent swing high or the high formed just before the entry (for example, 5-12 pips depending on pair and timeframe).
- Set a take profit target of around 8-20 pips or risk-reward of 1:1.5.
- You may also exit early if the histogram bars turn green or a buy arrow appears.
Advantages
- Simple and fast: the coloured histogram plus arrow signals make entries straightforward.
- Well-suited for scalping: short holding time, clear exit rules, and small pip targets reduce exposure to large adverse moves.
- Works on very short time frames and major pairs with good liquidity, so you can capture many small moves.
- Combines trend/momentum (via the Monster Oscillator) with a clear signal trigger (via the Best Forex Scalping Indicator) for added confirmation.
Drawbacks
- Because it is a scalping approach, you must trade actively and monitor every setup; it’s not a “set and forget” method.
- In choppy or sideways markets, the histogram may flip frequently, and arrow signals may generate false entries, so risk is higher in low-volatility periods.
- The strategy can produce many trades with small profits, so you must maintain a high win-rate or good risk-reward to make it worthwhile after spreads and commissions.
- Requires discipline to cut losses quickly; large moves against you in scalping can eat many small wins if not controlled properly.
Example Case Study 1 – EUR/USD (5-min Chart)
During the London session, EUR/USD’s Monster Oscillator bars turned green after a small pull-back.
Shortly afterward, the Best Forex Scalping Indicator gave a blue arrow at 1.1058.
A buy was entered at 1.1062. Stop loss was placed at 1.1045 (17 pips risk).
The take profit target was set at 1.1075 (13 pips target).
The histogram remained green during the move, and the trade was closed at the target within 10 minutes, netting +13 pips.
Example Case Study 2 – GBP/JPY (1-min Chart)
In a high-liquidity burst, GBP/JPY’s Monster Oscillator turned red, signaling bearish momentum.
The Best Forex Scalping Indicator produced a red arrow at 189.45.
A short sell was placed at 189.40. Stop loss was 189.57 (17 pips risk).
The target was set at 189.25 (15 pips).
The histogram bars stayed red, and the price moved quickly downward, closing the trade after 8 minutes at the target with +15 pips profit.
Strategy Tips
- Use pairs with tight spreads and good volume (EUR/USD, GBP/USD, USD/JPY, GBP/JPY) to maximize scalping efficiency.
- Avoid trading during major news releases or right before/after them because volatility and spikes can trigger false signals and widen spreads.
- Look for confirmations: even when the histogram turns color and an arrow appears, check that price action is clean (no huge rejection candles, not stuck in consolidation).
- Keep your lot size small relative to your account – since scalping uses small targets, you need consistent execution and low drawdown to stay profitable.
- Maintain a trading journal logging histogram color changes, arrow setups, stop/target levels, and outcomes.
By combining the momentum-based histogram of the Monster Oscillator with the arrow-based signals of the Best Forex Scalping Indicator, this MT4 scalping strategy gives you a clear, disciplined roadmap for quick intraday trades.
With careful application, active monitoring, and strict risk control, you can aim to capture frequent small profits while limiting downside.
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Download the “Monster oscillator.mq4” indicator for Metatrader 4
