The OLYMP Forex scalper indicator for Metatrader 5 is a remarkable tool designed for precise signal delivery to scalpers and intraday traders.
To enhance the accuracy of the signal, the indicator relies on three distinct time frames.
When applied to the price chart, the OLYMP indicator generates a sequence of consecutive signal arrows in either green or brown color.
To identify buy/sell trade entries, adhere to these guidelines:
- The green colored OLYMP arrow is a buy signal.
- The brown colored OLYMP arrow is a sell signal.
This versatile indicator offers various customizable inputs and parameters, including time frame 1, time frame 2, and time frame 3.
We highly recommend becoming familiar with this technical indicator and conducting extensive testing on a demo account for an extended period.
The OLYMP scalper indicator can be effectively combined with other technical tools to validate short-term trends or utilized independently as a potent tool for scalping.
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simplescalp_mtf.mq5 Indicator (MT5)
Chart Example AUDCHF M5
The picture below illustrates what the OLYMP Forex Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex With The OLYMP Forex Scalper Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is triggered when the first green colored OLYMP arrow appears in the price chart.
- Open a buy market order and set a stop loss slightly below short-term support.
- Exit the OLYMP buy trade for 5-20 pips potential profit, or await a sell signal to close the buy trade.
Sell Signal
- A sell signal is triggered when the first brown colored OLYMP arrow appears in the price chart.
- Execute a sell market order and place a stop loss slightly above short-term resistance.
- Exit the OLYMP sell trade for a 5-20 pip potential profit, or await a buy signal to close the sell trade.
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simplescalp_mtf.mq5 Indicator (MT5)
MT5 Scalping Strategy with Olymp Forex Scalper Indicator and RD Forecast Oscillator Indicator
Overview
This fast-paced scalping strategy uses the precision entries from the Olymp Forex Scalper Indicator and filters them with the RD Forecast Oscillator Indicator to ensure high-probability trade setups.
It’s ideal for traders who seek multiple quick trades during high-volatility sessions.
Timeframe
Best for M1, M5, and M15 charts. Suitable for scalping on major currency pairs like EURUSD, GBPUSD, and USDJPY.
Indicators Used
- Olymp Forex Scalper Indicator – provides high-frequency buy and sell signals with very low lag, ideal for short-term entries.
- RD Forecast Oscillator Indicator – acts as a dynamic filter that forecasts price momentum and helps avoid false entries during choppy markets.
Buy Entry Rules
- The Olymp Forex Scalper Indicator prints a buy signal (typically marked with an upward arrow or alert).
- The RD Forecast Oscillator line crosses above the zero level or is already trending upward.
- Enter a buy trade only when both conditions align.
- Set a stop-loss a few pips below the most recent swing low or technical support zone.
- Take profit using a fixed target (e.g., 5–15 pips), or exit when the scalper gives a reversal signal or oscillator flattens out.
Sell Entry Rules
- The Olymp Forex Scalper Indicator issues a sell signal (downward arrow or alert).
- The RD Forecast Oscillator crosses below zero or is pointing down.
- Enter a short position when both tools confirm the bearish move.
- Place a stop-loss just above the last minor swing high or key resistance.
- Use a short take-profit or close the trade when reversal signs appear.
Strategy Tips
- Focus on high-volatility periods like London and New York sessions for maximum pip movement.
- Use low-spread brokers for better scalping efficiency.
- Do not trade during flat or sideways conditions—check the oscillator for flat lines as a warning.
- Avoid trading just before major economic news events.
Conclusion
The Olymp Forex Scalper Indicator ensures fast signal generation, while the RD Forecast Oscillator adds depth by filtering low-momentum entries.
Together, they form a robust scalping setup for active traders.
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 simplescalp_mtf.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!
