The XPoints indicator for Metatrader 4 is a great Forex scalper that can help traders to enter and exit the market multiple times a day.
The indicator gets displayed in the main chart window as a colored channel with colored buy & sell signal arrows.
XPoints tends to produce the best results during the London and U.S. trading sessions on the lower spread currency pairs.
Nevertheless, this indicator works on all time frames and currency pairs.
Key Features
- Channel scalper indicator
- Easy to buy & sell
- Works best on low spread currency pairs
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as a buy & sell trend confirmation tool.
Free Download
Download the “XPoints.mq4” MT4 indicator
Trading Chart
The USD/JPY 5-minute chart below shows the X Points Forex indicator in action.
Buy/Sell Trading Signals
BUY:
- Open a buy trade when the blue arrow gets printed on the chart and the underlying trend is upward.
- Set stop loss below the blue lower channel line.
- Exit the buy trade for a predetermined profit target or wait for a sell signal.
SELL:
- Open a sell trade when the red arrow gets printed on the chart and the underlying trend is downward.
- Set stop loss above the red upper channel line.
- Exit the sell trade for a predetermined profit target or wait for a buy signal.
Download Now
Download the “XPoints.mq4” MT4 indicator
Scalping Strategy: X Points Forex Scalper & Currency Power Meter Infinity
This scalping strategy integrates the X Points Forex Scalper Indicator with the Currency Power Meter Infinity Indicator to identify high-probability trading opportunities.
By combining real-time price action signals with currency strength analysis, traders can make more informed decisions and improve their trading outcomes.
Strategy Overview
- Time Frame: 5-minute (M5) or 15-minute (M15) charts
- Currency Pairs: Major pairs with low spreads (e.g., EUR/USD, GBP/USD)
- Indicators Used:
- X Points Forex Scalper Indicator (default settings)
- Currency Power Meter Infinity Indicator (default settings)
Entry Criteria
Buy Signal
- The X Points Forex Scalper Indicator displays a blue upward arrow, indicating a potential buy opportunity.
- The Currency Power Meter Infinity Indicator shows that the base currency (e.g., EUR in EUR/USD) is strong and the quote currency (e.g., USD) is weak.
- Enter a buy trade at the close of the signal candle.
Sell Signal
- The X Points Forex Scalper Indicator displays a red downward arrow, indicating a potential sell opportunity.
- The Currency Power Meter Infinity Indicator shows that the base currency is weak and the quote currency is strong.
- Enter a sell trade at the close of the signal candle.
Trade Management
- Stop Loss: Place a stop loss a few pips below the recent swing low for buy trades, or above the recent swing high for sell trades.
- Take Profit: Aim for a risk-to-reward ratio of at least 1:1.5, or exit the trade when the X Points Forex Scalper Indicator provides an opposite signal.
- Risk Management: Risk no more than 1-2% of your trading capital on a single trade.
Why Combine X Points Forex Scalper with Currency Power Meter Infinity?
The X Points Forex Scalper Indicator offers precise entry signals based on price action, while the Currency Power Meter Infinity Indicator provides insights into the relative strength of currencies.
By combining these tools, traders can filter out low-probability trades and focus on setups where both price action and currency strength align, thereby enhancing the overall effectiveness of the scalping strategy.
Technical Parameters & Settings
Period, slope, colors, style
More Info About This Trading Tool
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: any
Indicator Type: Signals
How do you install the XPoints Forex indicator in Metatrader 4?
- Copy and paste the XPoints.mq4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
