The WATR Slingshot Scalper for Metatrader 5 provides no-repaint buying and sell trade opportunities to scalpers and day traders.
The indicator remains consistently active in the market, executing either short or long trades.
A potential profit target when using the WATR powered scalper: anything between 10 and 35 pips.
The indicator gets displayed in the price chart window as blue and tomato-red colored signal lines.
WATR Slingshot indicator trade logic explained:
- A bull trend occurs when the blue colored scalper line becomes visible on the chart.
- A bear trend occurs when the tomato-red colored scalper line becomes visible on the chart.
The following indicator inputs and parameters can be adjusted to your needs: WATR K period, WATR M period, ATR.
How to increase your profit potential using this scalping tool?
- Utilize this scalper on the low spread Forex pairs only to reduce spread costs.
- Deploy during the London and New York volatile trading sessions.
Make yourself familiar with this technical indicator and thoroughly test and evaluate it until you fully understand how it works.
It supports all time frames and Forex pairs.
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The following chart shows how the WATR Slingshot Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The WATR Slingshot Scalper Indicator?
Find a simple trading example below:
- A buy scalper signal is confirmed when the blue WATR line appears in the chart.
- Open a buy market order and place a protective stop below the blue colored dot.
- Exit the buy trade for 10-35 pips potential profit target, or hold the trade until a sell signal gets triggered on the chart.
- A sell scalper signal is confirmed when the tomato-red WATR line appears in the chart.
- Open a sell market order and place a protective stop above the magenta colored dot.
- Exit the sell trade for 10-35 pips potential profit target, or hold the trade until a buy signal gets triggered on the chart.
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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 WATR.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