The Sniper Trend Scalper Forex indicator was designed for Metatrader 4 and delivers excellent scalping signals in existing bull and bear trends.
The indicator pops up in the main MT4 chart window in the form of colored signal dots and a brown colored moving average for trend direction.
It’s a beginner-friendly scalper indicator.
Buy & Sell Trade Example
- Open a buy trade as soon as the signal dot appears on the chart and the moving average is clearly trending up.
- Open a sell trade as soon as the signal dot appears on the chart and the moving average is clearly trending down.
- Aim for 7-50 pips profit per trade (depends on your chosen time frame).
The Sniper Trend Forex Scalper indicator can be used for both trade entry and exit or as an additional trend confirmation filter for other strategies and systems.
For scalping, the indicator performs best during the London and New York trading sessions.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “lastmanstandingindicatorv11.mq4” indicator for MT4
Indicator Chart (EUR/USD Daily)
The example chart below displays the Sniper Trend Scalper 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 Sniper Trend 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.
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: Scalper
Does the indicator repaint? No.
MT4 Day Trading Strategy Using Sniper Trend Scalper and Super Signals Histogram
This MT4 day trading strategy combines the Sniper Trend Scalper Forex Indicator MT4 with the Super Signals Histogram Metatrader 4 Forex Indicator to identify precise entry points in trending markets.
The Sniper Trend Scalper indicator provides trend direction, while the Super Signals Histogram offers entry signals based on momentum.
This strategy is suitable for M15 and M30 timeframes, ideal for active day traders.
Buy Entry Rules
- Ensure the price is above the Sniper Trend Scalper line, indicating a bullish trend.
- Wait for the Super Signals Histogram to turn red and cross above the zero line, signaling a buy entry.
- Enter a buy trade at the close of the confirming candle.
- Set a stop loss below the most recent swing low.
- Take profit when the Super Signals Histogram turns green and crosses below the zero line, indicating a potential reversal.
Sell Entry Rules
- Ensure the price is below the Sniper Trend Scalper line, indicating a bearish trend.
- Wait for the Super Signals Histogram to turn green and cross below the zero line, signaling a sell entry.
- Enter a sell trade at the close of the confirming candle.
- Set a stop loss above the most recent swing high.
- Take profit when the Super Signals Histogram turns red and crosses above the zero line, indicating a potential reversal.
Advantages
- Combines trend direction with momentum for precise entries.
- Works well on M15 and M30 timeframes for active day traders.
- Clear exit signals based on histogram crossovers.
- Suitable for various currency pairs with sufficient volatility.
Drawbacks
- The strategy can generate late signals during very fast-moving markets, causing delayed entries.
- Choppy or low-volatility periods may produce multiple false histogram cross signals.
- Trades can sometimes reverse quickly after entry, requiring tight risk management.
- Overreliance on indicators may cause missed opportunities if market context or news events are ignored.
Example Case Studies
Case Study 1 – EUR/USD
On the EUR/USD M15 chart, the price was above the Sniper Trend Scalper line, indicating a bullish trend.
The Super Signals Histogram turned red and crossed above the zero line, signaling a buy entry at 1.1200.
A stop loss was placed at 1.1180, and the trade was closed when the histogram turned green and crossed below the zero line at 1.1250, resulting in a 50-pip profit.
Case Study 2 – GBP/JPY
On the GBP/JPY M30 chart, the price was below the Sniper Trend Scalper line, indicating a bearish trend.
The Super Signals Histogram turned green and crossed below the zero line, signaling a sell entry at 150.50.
A stop loss was placed at 150.80, and the trade was closed when the histogram turned red and crossed above the zero line at 149.80, resulting in a 70-pip profit.
Strategy Tips
- Use this strategy during active market sessions, such as London and New York, for increased volatility.
- Consider using a trailing stop to lock in profits as the trade moves in your favor.
- Combine this strategy with other technical analysis tools, such as support and resistance levels, for enhanced accuracy.
- Always test the strategy on a demo account before applying it to a live trading account.
Download Now
Download the “lastmanstandingindicatorv11.mq4” indicator for Metatrader 4
