The Stop-Loss and Take Profit MT4 indicator displays the suggested stop-loss and take profit levels for any open buy/sell position on the trading chart.
This function works for any currency pair and timeframe.
You can send a pop-up alert and send an alert to your phone.
The alerts can be enabled or disabled directly from the indicator’s inputs menu.
Free Download
Download the “Display_SLTP_Totals.mq4” MT4 indicator
Indicator Chart (EUR/USD M5)
The EUR/USD 5-Minute chart below displays the SL and TP Metatrader 4 indicator in action (no open position).
Basic Trading Signals
No trading signals from the SL and TP MT4 indicator.
MT4 Stop-Loss & Take Profit + LabTrend Forex Scalper Scalping Strategy
This scalping strategy combines the Stop-Loss and Take Profit MT4 Forex Indicator with the LabTrend Forex Scalper MT4 Indicator.
The LabTrend Forex Scalper gives precise entry signals using blue dots for buy and red dots for sell.
The Stop-Loss and Take Profit indicator automatically displays suggested stop-loss and take profit levels for any trade directly on the chart.
This combination allows traders to scalp short-term price movements while having clear risk and reward levels in place.
The strategy is ideal for M1 and M5 charts, suitable for active scalpers looking for fast intraday trades.
Buy Entry Rules
- LabTrend Forex Scalper shows a blue dot, indicating a buy signal.
- Enter long at the open of the next candle after the blue dot appears.
- Use the Stop-Loss and Take Profit indicator levels for initial stop-loss and take profit placement.
- Adjust stop-loss slightly below the recent swing low if necessary for a better market fit.
- Exit the trade if a red dot appears or the price hits the stop-loss or take profit level.
Sell Entry Rules
- LabTrend Forex Scalper shows a red dot, indicating a sell signal.
- Enter short at the open of the next candle after the red dot appears.
- Use the Stop-Loss and Take Profit indicator levels for initial stop-loss and take profit placement.
- Adjust stop-loss slightly above the recent swing high if necessary for a better market fit.
- Exit the trade if a blue dot appears or price hits the stop-loss or take profit level.
Advantages
- Precise entry signals from LabTrend reduce guesswork for scalping trades.
- Stop-Loss and Take Profit indicator automatically provides suggested levels for better risk management.
- Suitable for very short timeframes like M1 and M5, offering multiple trading opportunities per session.
- Helps traders maintain disciplined risk/reward ratios with predefined levels.
- Works across multiple currency pairs with high liquidity.
Drawbacks
- The strategy may produce multiple false signals during periods of low volatility or range-bound markets.
- Rapid price movements on M1 and M5 charts can trigger stop losses before the trend fully develops.
- Traders may become impatient and enter trades prematurely if signals appear too frequently.
- The strategy relies heavily on indicators, which may not account for sudden market news or economic events.
- Scalping requires constant focus and quick decision-making, which can be mentally exhausting for some traders.
Case Study 1
On EURUSD M1 during the London session, LabTrend showed a blue dot, indicating a buy signal.
The trader entered long at the next candle, using the Stop-Loss and Take Profit indicator levels: stop-loss 5 pips below the recent swing low, take profit 10 pips above.
Price moved steadily upwards and hit the take profit within 12 minutes.
Both indicators remained aligned, resulting in a successful scalp.
Case Study 2
On GBPUSD M5 during the New York session, LabTrend displayed a red dot, signaling a sell entry.
The trader entered short at the next candle, using the suggested stop-loss 8 pips above the recent swing high and take profit 16 pips below.
Price fell consistently over the next 20 minutes and reached the take profit target.
The setup confirmed the trend and validated the strategy.
Strategy Tips
- Focus on major and highly liquid currency pairs to reduce spreads and improve execution.
- Ensure both LabTrend signal and Stop-Loss/Take Profit levels align before entering a trade for higher probability setups.
- Adjust stop-loss and take profit levels dynamically depending on market volatility to protect gains.
- Avoid trading during low volatility periods or when the market is flat to reduce false signals.
- Keep position sizes small for scalping trades to manage risk effectively.
- Combine with recent support and resistance levels for additional confirmation of entries and exits.
Download Now
Download the “Display_SLTP_Totals.mq4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customisation options: Variable (send pop-up alert, send alert to phone) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: stop-loss and take profit
