You have the opportunity today to download a powerful short term indicator, The Super Scalper MT4 Indicator. The Super Scalper strategy is a simple and effective strategy designed to work with minimal time-frames. The strategy rules are simple and logical, so it is easy to automate.
However, those who do not trust the expert advisors will be able to easily trade the “Super Scalper” on their own.
- Choose the candlestick chart type;
- Currency pairs: EUR/USD or GBP/USD;
- We will deal with the smallest time frames – M1, M5, as it is a scalping system;
- Trading sessions – European and US sessions;
- Here are the indicators that you should set:
– Moving Average – We need 2 simple moving averages (SMA): the first one with the period of 50 (we’ll make it blue) and the second with a period of 100 (we’ll make it yellow). Set it for the closing price (Close);
– Super Scalper indicator, which made the title of this strategy. It is a custom indicator for the MT4, so it must be downloaded and installed manually. The Super Scalper parameters are as follows: Signal Period – 28, NR_SLIPE – 3, Filter Number – 3, aTake_Profit – 150, aStop_Loss – 150, skipSingleBarSignal – false. The other parameters are responsible for the style of the indicator and signal lines. Adjust them to your taste.
When you have installed the Super Scalper MT4 Indicator correctly, you should get a chart similar to this:
The conditions for opening a long position with the Super Scalper MT4 Indicator
- The first thing you should do is to wait for a suitable period of trading, as the trade with the Super Scalper is carried out only during the European (from 06.00 to 16.00 GMT) and the American (from 12.00 to 22.00 GMT) trading sessions. Trading during another session is contraindicated according to strategy rules.
- We are waiting for a signal coming from the moving averages. The Blue SMA must cross the yellow SMA from bottom to top.
- Next, we wait a decisive signal of the Super Scalper indicator. The indicator line should change its color from yellow to blue. Once this happens, we open the long position at the current price.
- It won’t be bad to avoid risks. To do this, set the stop-loss at 15 pips below the market entry point.
- With respect to take-profit, there are two possibilities:
– In the first case, the position can be closed with a profit based on TP order placed at 10 pips above the market entry point into the market.
– In the second case, the position can be closed manually when Super Scalper color changes from blue to yellow.
Here is a picture example of Buy trade:
The Super Scalper MT4 Indicator also allows you to open short positions. To do this, you should apply the same rules, but at this time reversed or mirrored. So, you will enter the market when the blue SMA crosses the yellow one in a downward direction and the Super Scalper changes its color to yellow. The values of stop-loss and take-profit are similar.
Finally, you should keep in mind one important thing: do not open any position when the price action is between the two SMAs! In this case, there won’t be a pronounced trend in the market, and the Super Scalper signal cannot be trusted.
Technically speaking, you can use this indicator for all time frames. However, the shorter the time frame, you will see more fluctuation and possibly more whipsaw which may cause small losses that can eat up your portfolio quickly. So please practice well on your demo account before going live with this strategy.
Super Scalper MT4 Indicator Download
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