5 Minutes Scalping Indicator is a trend-following forex trading indicator – the second upgrade of its original release. This indicator only works for the most traded forex pair “EURUSD”. Besides, as a short-term trading indicator, it can only be applied on 5-minute MT4 charts.
5 Minutes Scalping Indicator offers simple trading solutions for traders who like to scalp within the market trends. It uses a straightforward trend signaling style which can be understood by everybody in the market.
5 Minutes Scalping Indicator Overview
Install the Scalping Indicator on your MT4 platform. Once you’re done, your chart should appear like the following image:
5 Minutes Scalping Indicator Explanation
5 Minutes Scalping Indicator counts the last 30 periods of 5-minute candles in order to find the weighted average. Its trendline guides you all the way from entry to exit of each market entry. It turns blue when price moves above its trendline signaling for a bullish trend of the market.
Oppositely, price drops below the trendline and the indicator turns red when the market trend turns into bearish. Each time the indicator confirms the change in the market trend literally confirms for a market entry within the new trend direction. An opposite signal to your trade direction can be considered as a trade exit signal.
5 Minutes Buy Conditions
- A bullish price candle closes right above the indicator trendline
- The trendline turns into blue color
- Enter for long entry at the break of the respected bullish candle’s high
- Set stop loss below the indicator level
- Exit long whenever the current indicator turns into red
Also Read: XM Review
5 Minutes Sell Conditions
- A bearish price candle closes right below the indicator trendline
- The trendline turns into red color
- Enter for short entry at the break of the respected bearish candle’s low
- Set stop loss above the current indicator level
- Exit short whenever the indicator turns into blue
