Premium FX Scalper MT4 Indicator - an Auxiliary Tool for Intraday Trading
Each scalper who prefers to trade within the day needs his own strategy. And in each strategy, in addition to filters, the main indicator is required to give a signal to enter. Today, there are many kinds of algorithms designed to facilitate the work of scalping systems. The Premiumfxscalper indicator belongs to such instruments.
Premium FX Scalper is a histogram below the price chart. The bars of the histogram are colored red and green. Red signals that the market is in a downtrend, while green signals an uptrend.
In addition, you can see an information board directly on the price chart, which, among other things, displays the strength of the trend in percentage terms. Moreover, the Premium FX Scalper indicator independently calculates the estimated stop-loss and takes-profit levels, which greatly simplifies its work.
Premium FX Scalper settings can be specified when installing it on the trading platform screen. Important parameters for the operation of the algorithm are:
PERIOD is the main parameter of the indicator. An increase in its value leads to a significant decrease in market noise, but also to a decrease in the number of transactions;
SL_add_pips and TP_distance_pips - an additional number of points to be added to the take profit and stop loss values calculated by the algorithm;
EmailAlerts - send email notifications when an alert occurs.
CORNER - select the corner for the informer location (0 - upper left corner, 1 - upper right, 2 - lower left, 3 - lower right corner, 4 - hides the informer).
SHIFT - a horizontal shift of the indicator. A positive value shifts to the right, a negative value to the left.
UseAlerts - enable/disable notification when a signal appears. The notification window displays information about the signal (buy/sell price, stop loss, take profit).
A change in the histogram bars' color from red to green signals a possible buy trade, and a change from green to red signals a sell trade. In this case, you should pay attention to the Trend Power indicator, the value of which should be at least 65% for a more accurate position opening.
Premium FX Scalper is not just an indicator, but a trading system where you can easily determine the entry point and get a hint for placing protective orders. It is recommended to trade using this indicator on time intervals M1 and M5, and the best results are demonstrated by such currency instruments as GBPUSD, EURUSD, USDJPY, GBPJPY.
The protective order and take-profit level is set in accordance with the indicator tips, or focusing on the nearest local highs and lows.
If the histogram of the indicator displays bars of the same size, this indicates a flat price movement, which is not the best time to trade.
Premium FX Scalper is an excellent tool that, if used correctly, will always delight you with good results. Simplicity and lack of redrawing make it almost the sole leader in the framework of histogram indicators. It is recommended to use the presented indicator on low time intervals up to М15.