The Psychological scalper indicator for Metatrader 5 is a technical analysis tool that predicts future price movements for any currency pair.
The indicator provides excellent buy/sell trading opportunities for scalpers and day traders that prefer to trade on the 1-minute and 5-minute charts.
The Psychological FX scalper appears in a sub chart window as colored trend-following histogram bars that appear above and below 0.
How does it work?
- Trend histogram bars above 0 indicate a bull trend.
- Trend histogram bars below 0 indicate a bear trend.
The following indicator inputs and parameters can be modified: psychological period, colors.
The London and New York trading sessions work the best for this scalper and it can deliver multiple trade entry signals daily.
It works for any currency pair of your preference, including the majors, minors and exotics.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
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The following chart shows how the Psychological scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Psychological Forex Scalper Indicator?
Find a simple trading example below:
- The first green colored histogram bar above 0 is a buy signal.
- Initiate a long trade and set a protective stop loss below immediate support.
- Exit the buy trade for 5-20 pips profit, or use your own favorite take profit method.
- The first magenta colored histogram bar below 0 is a sell signal.
- Initiate a short trade and set a protective stop loss above immediate resistance.
- Exit the sell trade for 5-20 pips profit, or use your own favorite take profit method.
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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 Psychological.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