Trend Scalp MTF Alert Indicator offers forex trade signals based on short-term trends of the market. The developer of this indicator has stressed more on the stability of the signals. It helps traders to avoid getting caught by false signals and improve your trading accuracy.
Trend Scalp MTF Alert Indicator can be applied to trade all kinds of forex currency pairs listed in the market. However, as a scalping indicator, it works better when used on shorter timeframes like M5 and M15 within your forex MT4 trading platform.
Trend Scalp MTF Alert Indicator Overview
Download and install the indicator on your MT4 terminal. Once you’re done, you’re trading chart will appear like the following image
Trend Scalp MTF Alert Indicator Explanation
Trend Scalp MTF Alert Indicator was built based on T3 Smoothed Moving Average. Besides signaling the market trend, it also identifies the overbought and oversold conditions of the market.
For example, the colored dots appear along with a negative value of the indicator means the market is in an oversold condition. On the other hand, the trend of the market is defined based on the positive or negative value of the indicator.
As a trader, you should go for long when the market turns bullish from an oversold condition and go short when the market turns bearish after signaling the overbought condition.
Trend Scalp MTF: Buy Parameters
- The colored dots appear below the neutral level of the indicator
- The value of the indicator turns positive
- Buy triggers after the above conditions are met
- Set stop loss below the current low of the market
- Exit long/take profit whenever the indicator value turns negative
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Trend Scalp MTF: Sell Parameters
- The colored dots appear above the neutral level of the indicator
- The value of the indicator turns negative
- Sell triggers after the above conditions are met
- Set stop loss above the current high of the market
- Exit short/take profit whenever the indicator value turns positive