Premiumfxscalper.com submitted this indicator. It was released in 2014. Premium FX Scalper indicator shows a histogram below the main mt4 trading chart. The displayed histogram contains red and green color signal lines. The red signal lines give a sell signal, while the green lines give a buy signal. The signals are the change of colors. After forming several green bars (lines) and a red bar forms, the trader should realize that there is a sell entry signal. If a series of red color lines form and there is the formation of a green bar or line, then the forex trader should realize that there is a buy signal.
This indicator is best suited for scalpers. The indicator is made in such a way that it can predict the market price movements in advance and then give a signal. This plays a big part in helping the trader take advantage of the market and make profits. The indicator is also programmed to ignore most flat market movements (when there are no vast movements of the Forex market prices), making it a very dependable trading tool for beginners and highly experienced fx traders.
The Premium FX scalper forex indicator is designed for all currency pairs. However, it gives the best returns when trading the GBP/USD and EUR/USD. When trading the other mt4 currency pairs, the indicator will still work well. The two currency pairs are given below (GBP/USD and EUR/USD) are scalpers’ most traded currency pairs. You can use this indicator in any time frame. However, if you are a forex scalper, it is recommended that you use it on the mt4 M1 and the M5 chart timeframes. If all that is required is ok, this forex indicator has an efficiency of 85% to 90%.
Fig.1. Showing the Premium FX scalper forex indicator loaded on the MT4.
The indicator is displayed on a separate mt4 chart below the main trading chart. Also, on the main mt4 chart, the forex indicator displays some information. The information displayed is about the mt4 currency pair that you are trading. It shows the trend strength, direction, the time left for the current candle formation to end, and the present time. All this information is essential for a Forex trader.
How to open orders when using the Premium FX scalper forex indicator
The trader should be very alert to capture the color changes of the bar/ lines. The green bars indicate that the market prices are on their way up. If you look at the forex market when the indicator displays green bars, the bars on the main mt4 trading chart are bull. The vice versa is also true.
The forex trader should place a sell entry order after at least two red color bars/line form, and the market trend is indicated as down on the top left corner of the main mt4 chart. On the other hand, the forex trader should place a buy entry order after two green color bars have formed and the market trend is indicated as up.
When opening the trades, it is advisable to use a stop loss(SL) and a take profit.
Example of how to place positions using the Premium FX scalper forex indicator.
Premium FX Scalper Forex Indicator Free Download