The Wiseman Forex Scalper indicator for Metatrader 5 analyzes price action to generate robust buy and sell scalping signals directly on your trading chart.
The signals never repaint and work well for both scalpers and day traders.
You can expect multiple trading signals on a daily basis, maximizing your opportunities in the market.
How does it generate trading signals?
- A green colored arrow is a buy signal.
- A magenta colored arrow is a sell signal.
- We aim for 12-30 pips profit per transaction.
The indicator contains the following inputs and parameters: up down value (10), arrow colors.
Gain confidence in utilizing the Wiseman Forex Scalper indicator and test it first on a demo account for an extended period of time.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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The image below shows how the Wiseman Forex Scalper looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Utilizing The Wiseman Forex Scalper Indicator?
Find a simple trading example below:
- The green colored arrow generates a buy scalper signal.
- Open a buy trade and set a stop loss slightly below short-term support.
- Close the buy trade for 12-30 pips profit.
- Optional: hold and reverse the buy trade when a sell signal gets triggered on the chart.
- The magenta colored arrow generates a sell scalper signal.
- Open a sell trade and set a stop loss slightly above short-term resistance.
- Close the sell trade for 12-30 pips profit.
- Optional: hold and reverse the sell trade when 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 wlxbwwiseman-2.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