The SuperTrend Bar Forex Scalper indicator for Metatrader 5 delivers excellent buy and sell trading signals and works the best for scalpers.
It is based on the popular super trend indicator + GHLA filter.
The indicator appears in a separate chart window as red/gray/green colored dots.
How to identify the trend with it?
- A green colored dot indicates a bullish market (up direction).
- A red colored dot indicates a bearish market (down direction).
- A gray colored dot is neutral.
For best performance, trade with this scalping indicator during the London and New York trading session.
The indicator contains the following inputs and parameters: GHLA period, super trend period, shift, use super trend filter.
Make yourself familiar with this technical indicator and test it first on a demo account.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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The following chart shows how the SuperTrend Bar Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Super Trend Bar Indicator?
Find a simple trading example below:
- The first green Super Trend bar dot is a buy signal.
- Open a buy transaction and place your stop loss 3 pips below immediate support.
- Close the buy trade for 8-25 pips profit, or wait for the first red colored Super Trend dot.
- The first red Super Trend bar dot is a sell signal.
- Open a sell transaction and place your stop loss 3 pips above immediate resistance.
- Close the sell trade for 8-25 pips profit, or wait for the first green colored Super Trend dot.
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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 GHLA_ST_Bar.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