The TWR Forex Scalper indicator for Metatrader 5 is an exponential moving average (EMA) based scalping tool that works for both scalpers and day traders.
Most profits can be made on the low-spread currency pairs during the London and New York trading sessions.
Typically, we are looking for 5-15 pips profit per transaction.
TWR pops up in a sub-chart window as a series of colored candles that appear above and below a blue colored trend-following EMA line.
Understanding this scalper tool:
- Candles above the blue line create a buy signal.
- Candles below the blue line create a sell signal.
The following indicator inputs and parameters can be modified: EMA period, style, candle color.
It supports all time frames, Forex pairs, Indices, Stocks, Metals, etc.
Make yourself familiar with this technical indicator and test it first on a demo account before using it on real trading account.
Please note: there’s no indicator ever developed that generates 100% accurate trading signals measured over a prolonged period.
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Chart Example
The following chart shows what the TWR Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The TWR Forex Scalper Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal arises when the candle crosses back above the blue colored EMA line.
- Open a buy trade and place your protective stop loss below short-term support.
- Exit the buy trade for 5-15 pips profit target.
Sell Signal
- A sell signal arises when the candle crosses back below the blue colored EMA line.
- Open a sell trade and place your protective stop loss above short-term resistance.
- Exit the short trade for 5-15 pips profit target.
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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 TWR.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