Buy Sell Arrow Scalper MT4 Indicator – Free MT4 Indicator
The Buy Sell Arrow Scalper MT4 Indicator is perhaps one of the most versatile of trading indicators available today. As the name suggests, the Buy Sell Arrow Scalper Indicator is a scalping indicator and is therefore best used for intraday trading. Of course, swing traders can also make use of the Buy Sell Arrow Scalper MT4 Indicator. At the very core of this scalping indicator is the fact that it is a trend following indicator. While not sure how this indicator plots the lines, it does seem to be some kind of a moving average line with the up and downtrends being depicted when prices trade above or below the Buy Sell Arrow Scalper MT4 Indicator. This is one good indicator and it does not repaint.
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If you are new to trading Forex, or haven’t had much success in the past, the Buy Sell Arrow Scalper MT4 Indicator is highly recommended (of course, start with practicing on a demo account first) as it keeps you on the right side of the trade.
Another big advantage to this trend trading system is that because it is based on a trend following system, advanced traders can employ their own price action techniques or trading strategies to filter only the best trading signals.
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Buy Sell Arrow Scalper MT4 Indicator – Settings
The Buy Sell Arrow Scalper MT4 Indicator settings are surprisingly simple in comparison to the effectiveness of the signals that are produced. The picture below shows the settings that can be configured in the Buy Sell Arrow MT4 Scalper Indicator.
Buy Sell Arrow Scalper MT4 Indicator – Settings
Amplitude: The default setting is ‘2’ and this can be changed. Lower the value to make the indicator more sensitive. This however comes with the benefit of capturing trends quite early. You need to be quick to act when the trend changes. When the Amplitude is set to a higher value 5 or more, the Buy Sell Arrow Scalper MT4 Indicator becomes less sensitive. Trends are prolonged and if you do not enter at the correct price, chances are that you could get whipsawed in the process. Traders are recommended to experiment with the settings and choose a value. That said the default setting of 2 works just fine to ride the short term trends. The most important thing you can do for yourself is to practice on a demo account.
Show Bars: The Show Bars setting can be toggled to True/False. When set to true, you also notice small bars showing up from the main trend line. These lines depict the trailing stops that can be used and it is ideal to leave the Show Bars to ‘True’ in order to lock your profits and minimize risks.
AlertsOn: A useful setting that helps in alerting you to a trend change
Once the Buy Sell Arrow Scalper MT4 Indicator is applied to the chart with the default settings, you can see the following.
Buy Sell Arrow Scalper MT4 Indicator – Chart Setup
Buy Sell Arrow Scalper MT4 Indicator – Trading Rules
Trading with the indicator is very simple. Wait for the previous trend to change to which you will be alerted to. Go long or short depending on the trend and set the initial stop loss to the most recent high or low. Once price starts moving in your direction, use the ‘bars’ to trail your stops accordingly.
The first chart below shows a buy example. After the up arrow is shown on chart, wait for the first bar to close and then enter long. Set your stop loss to the nearest low and once price starts moving forward, trail the stops to below the bar until you get stopped out. There are times when your position does get stopped out within a few sessions after entering the position. However, the fact that the winners far outweigh the losers ensures that your trading set up is robust.
Buy Sell Arrow Scalper MT4 Indicator – Long Trade Setup
The thick horizontal line shows the 5 day high and low while the thin horizontal lines are the 1 day high and low. In the above example, note how the 1 day and 5 day low are clustered close together, thus indicating a key support level. A typical way to trade this set up would be to buy on a bullish candlestick pattern off the support level, targeting the one day high, or to sell the support breakout.
Traders can also make use of moving averages, or oscillators to time their entries or use pivot points as well to target the intraday support and resistance levels.
To make it easier, here’s the summary of the trading rules for Buy Sell Arrow Scalper MT4 Indicator.
When the price breaks above the blue line, then go long.
When the price breaks below the red line, then it’s time to short.
This strategy aims to ride the trend as far as possible.
For long position, set a trailing stop loss as the session low.
For short position, set a trailing stop loss as the session high.
You might get stopped out a bit using this exit strategy but if you catch one big trend, it’s gonna be worth it.
A simpler exit is to target 10 pips per trade.
For long position, use the session low as stop loss.
For short position, use the session high as stop loss.
Be aware that if the session candle is very long, then your risk is higher.
You can either skip the trade or enter a smaller lot size.
It’s all about risk management first, profit second.
We suggest that a 15 min time frame be used for better consistency. You can of course try the 5 min chart. We are not a big fan of short time frames but this is one strategy that is designed for fast and short holding period.
Buy Sell Arrow Scalper MT4 Indicator – Powerful Scalping Indicator
In conclusion, the Buy Sell Arrow Scalper MT4 Indicator is probably one of the most ideal trend following strategy based indicator. There are no complex settings involved and neither are there too many variables to consider when taking a position. With the risks staying tight in comparison to the profits, the Buy Sell Arrow Scalper MT4 Indicator is definitely worthy of a place in your trading arsenal.
Buy Sell Arrow Scalper MT4 Indicator – Download
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We hope you have enjoyed this post as much as we have creating it. Good luck and thank you for your readership.