Free Scalping MT4 Indicator

Free Scalping MT4 Indicator Overview:

  How the Free Scalping Indicator Works?

The Free Scalping indicator is a powerful and open-source tool designed specifically for forex and stock day trading on the MT4 platform. It provides beginners with clear chart demonstrations of short-term market trends, empowering them to identify lucrative day trading opportunities with confidence.

This indicator excels at smoothing out unpredictable spikes that often occur in choppy and highly volatile market conditions. Many traders struggle with abrupt shifts in price trends while engaging in day trading activities. Therefore, it is crucial for traders to gauge the stability of momentum and accurately determine the direction of price movements before entering an order.

The Free Scalping indicator possesses a remarkable ability to convert simple moving average data into high-quality signals for trend reversals. It seamlessly integrates with any trend-following forex or stock trading strategy on the MT4 platform. If you're looking to enhance your existing trading system, the free scalping indicator serves as an excellent option for integration. Alternatively, it can also yield impressive results when used in conjunction with support/resistance and moving average indicators.

The GBP/USD M15 chart below shows the indicator with a simple cloud in yellow and red to represent bullish and bearish trends respectively. The cloud's color changes based on the trend index value, indicating trend reversals when it switches between yellow and red:

Click on the image to open the full size version!

• Buy Signal: occur when the Free Scalping Indicator changes color from Red to Yellow (ZERO line crosses).
  Sell Signal: occur when the Free Scalping Indicator changes color from Yellow to Red (ZERO line crosses).

Comparing the highs and lows of the bars helps determine the strength of the current market trend. Buying or selling opportunities are best during periods when the cloud moves above or below the zero line, allowing traders to enter at an early stage and potentially earn higher profits.

  The Inputs of the Free Scalping MT4 Indicator:

Free Scalping Indicator is a versatile system. Because it can be used on so many currency pairs and times frames the settings will need to be adjusted for the particular combination being traded. This may easily be done by adjusting (or tweaking) the settings to match the Current Market Conditions, by observing the way the indicator look on the chart as one scrolls back on the chart to see what they would have done.

Adjusting the settings will also determine the number of Entry signal arrows that appear:

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  “INTENSITY” is the Major Indicator’s Parameter:

• Increasing the number will result in filtering more false signals but decreasing the number of entry signals and the indicator’s speed ↔ safe mode of trading!
  Reducing the value of this parameter increases the total number of entry signals, including false ones, and the indicator’s speed ↔ aggressive mode of trading!

  Periods:

• Set the number of bars to demonstrate the trend intensity.

  Color and size settings:

You can also change the look of the histogram to your liking under the "colors" tab as shown below:

Click on the image to open the full size version!

Recommendations for Free Scalping MT4 Indicator:

  Which Currency Pairs to trade?

You can use this indicator with All major pairs. If you do not know how to tell the difference between currency pairs, I invite you to read this article on the Characteristics of Currencies.

  What is the best Trading Session for this Indicator?

This indicator should be used in active markets to scalp well, for example: on the London session and the US session.

  What Time-Frame Should You trade?

This indicator is a Scalping tool that involves opening and closing trades in a short time frame and aims to profit from small price movements in the market. It should be used on 1 minute, 5 minutes and 15 minutes charts.

  When Not To Follow The Signal of This Indicator?

• Make sure to trade only follow a current trend! It will cut ALL bad trades! Never place a trade against a trend. "Remember? Trend is your friend?".
• Stay away from using the signals and open trades on unclear or sideways trends.
• Use the indicator ONLY at active market hours: for example London session, US session.
• Make sure to keep an eye on news releases calendar and never trade near any major news or events!
• Don't treat your trading like a slot machine. If you want to be a successful trader, take trading seriously.
• Don't be impatient! Understand the system by trading on a demo/simulated account first. The necessary trading skills come with practice.

  Broker Requirements:

• The Free Scalping Indicator works basically with any Forex Broker that can offer a MetaTrader 4 platform, regardless of account type, if it uses micro or mini lots, 4 or 5 decimal quotations.
  You are free to use any MetaTrader 4 broker you wish, but keep in mind to find a broker that offers minimum spreads to ensure the best performance.
• Some Forex brokers do not allow scalping strategies. Be sure that your broker allows scalping without restriction.
  Also, make sure the broker has a good reputation worldwide among its customers.
  ECN brokers are a good choice, because they have tight spreads and that is what we need to make true profits. ECN brokers operate directly on the Forex market for their clients and not against them as most of dealing desk brokers do.

  Money Management:

Money management is a very important concept that has an enormous effect on drawdowns and margin calls. The cardinal rule of money management is the following:

• You should only risk 1-3% of your account on any single trade: You may have heard this rule hundred times before, but it is amazing to see how many good traders fail to comprehend this concept and don't understand why they are wiped out again and again, despite great entries and timing of trades.
• Another important concept that is related to your Stop Loss: In this strategy you learned how to place stop loss for each setup. This stop loss is calculated regardless of your level of risk or your equity, and is based solely on Price Action. After Stop Loss is set, calculate your trade size so you achieve the percent of risk you trade with.

Free Scalping Indicator MT4 Installation:

One of the most popular trading platforms for scalpers is MetaTrader 4 (MT4), which offers a wide range of indicators and tools for technical analysis. However, not all indicators are suitable for scalping, as some may generate too many false signals, lag behind the price action or clutter the chart. Therefore, scalpers need to choose indicators that are simple, accurate and responsive to the market conditions.

  Step 1:

• Open your MT4 (MetaTrader 4) platform.
  Click on “File” then “Open Data Folder”. Here you will find a folder called “MQL4”, this is the home for all “.ex4” and “.mq4” files you have.
  Open the folder “MQL4”. Here you will find “Indicators” folder, where you should put the “freescalpingindicator.ex4” file downloaded from our site. Do this by right clicking on the file then clicking “copy” and “paste”.
• The folder called “templates” is the home for all your ".tpl" files, put “Free Scalping Indicator.tpl” file there.
  Restart your MT4.

Click on the image to open the full size version!

  Step 2:

• Open the MT4 (MetaTrader 4) platform, and click on: "View/Navigator". You can also press CTRL+N.
• When the window titled "Navigator" will appear click on "Indicators".
• You should found “freescalpingindicator” on the list.

Click on the image to open the full size version!

How To Setup Free Scalping MT4 Indicator?

When both files: “freescalpingindicator.ex4” and “Free Scalping Indicator.tpl” are properly installed, you can easily apply the indicator to your chart. you can do this using one of two ways:

  Attach the Indicator Directly to Your Chart:

You can do this by double-clicking on “freescalpingindicator” present on the list of indicators in the “Navigator” window or by dragging and dropping it on your chart.

  Apply “Free Scalping Indicator.tpl” to Your Chart:

• Click on the “Templates” button to display the list of templates present on your platform: you should see “Free Scalping Indicator” on this list.
• Select “Free Scalping Indicator” template on the dropdown list.
• If the template doesn't exist, confirm its presence inside the folder called “templates” under “Open Data Folder” and restart your MT4 terminal.

Click on the image to open the full size version!

How To Use Free Scalping MT4 Indicator?

  General Rules:

  “Must Follow” Rule #1:

Remember! Trend is your friend:Make sure you only follow a current trend and never place a trade against the trend! This will reduce bad trades. For example:

• If the current trend is “UP” and the indicator shows “BUY” signal ⇒ “PLACE A BUY TRADE!”.
• If the current trend is “UP” and the indicator shows “SELL” signal ⇒ “DO NOT TRADE!” Wait for the next “BUY” signal.

  “Must Follow” Rule #2:

Stay away from using the signals and open trades on unclear or sideways trends.

  “Must Follow” Rule #3:

Set STOP LOSS for all your trades and do not deviate from it. This will protect you from major capital losses.

  Buy Signal Rules:

  Open a Buy Order when all of the below conditions are met:

• Identify the Uptrend.
• The indicator histogram crosses the zero line from Bottom to Top and changes color from Red to Yellow.
  Open a Buy order early at the start of the Buy signal.
  Place your Stop loss 5 pip BELOW the previous candle for long trades.

  There are several ways to close buy orders:

• Exit Buy trades when the Free Scalping Indicator gives the opposite trading signal. This ensures that you trade with maximum profits and right before the market reverses.
• Another exit mechanism which is highly effective is to exit Below Strong RESISTANCE Levels. It is a method that generates exits earlier, so you take profits early.

  BUY Trade Example:

After identifying an UPTREND, open a Buy trade immediately after the histogram color changes from Red to Yellow:

Click on the image to open the full size version!

Exit Buy trades when the Free Scalping Indicator histogram color changes from Yellow to Red:

Click on the image to open the full size version!

  Sell Signal Rules:

  Open a Sell Order when all of the below conditions are met:

• Identify the Downtrend.
  The indicator histogram crosses the zero line from Top to bottom and changes color from Yellow to Red.
  Open a Sell order early at the start of the Sell signal.
  Place your Stop loss 5 pip ABOVE the previous candle for short trades.

  There are several ways to close sell orders:

• Exit Sell trades when the Free Scalping Indicator gives the opposite trading signal. This ensures that you trade with maximum profits and right before the market reverses.
  Another exit mechanism which is highly effective is to exit Above Strong SUPPORT Levels. It is a method that generates exits earlier, so you take profits early.

  SELL Trade Example:

After identifying a DOWNTREND, open a Sell trade immediately after the histogram color changes from Yellow to Red:

Click on the image to open the full size version!

Exit Sell trades when the Free Scalping Indicator histogram color changes from Red to Yellow:

Click on the image to open the full size version!

Free Scalping MT4 Indicator Free Download:

Download The Free Scalping MT4 Indicator!| 4.34 Ko| 15/06/2023, 15:06