This indicator is a scalping forex indicator. It is designed to make the forex scalping life more straightforward for the scalpers. It is easy to interpret and use. Since it is a scalping indicator, we Should use it within a tighter mt4 timeframe. However, you can use it with other mt4 time frames, but you will not be forex scalping then. It is for use on all the mt4 currency pairs.
This forex indicator is programmed to form dots showing the trend at a particular moment. The dots can either be yellow color or brown. The yellow dots show an uptrend, while the brown dots show a downtrend. The yellow color dots are formed below the bars or chart candlesticks, while the brown color dots are formed above the bars are candlesticks.
However, the forex trader has the freedom to change the colors of the dots as they wish. You have to click on any of the dots and go to the color button in the custom indicator configuration pop-up window. Then double click on any of the colors you want to change and select the color you desire to use.
Fig.1. The Forex Ultimate Scalper Indicator is loaded on the main chart.
The above forex chart show using the Forex Ultimate Scalper Indicator with the H1 mt4 timeframe. If you look at the mt4 chart above, you will notice that the forex indicator is exactly when it comes to indicating the market trend. The efficiency of this forex indicator is between 90%-99%. The indicator does not repaint.
The efficiency of this forex indicator does not change with the mt4 timeframe. Even when the forex scalper chooses to use a tighter timeframe, the indicator will still be as effective.
Fig.2. Using the Forex Ultimate Scalper Indicator with an M15 timeframe.
When the trader uses a tighter mt4 timeframe, the rate at which the indicator gives the signals. Looking at the above forex chart, you will notice that this forex indicator becomes very sensitive, giving entry signals even for the slightest forex market trend changes.
How the trader should use the Ultimate Scalper Forex Indicator
Using this forex indicator is one of the simplest things. This forex indicator is actually designed for use even for beginners of forex trading. The trader only has to take note of the color changes of the dots.
Placing buy entry orders:
The forex trader should place a buy entry order when the color of the dots changes from brown color to yellow. However, the trader should wait for the next candle/bar to begin to form after the formation of the yellow color dot.
The buy entry order should be closed once a brown dot is formed.
Placing sell orders:
The trader should place a sell entry order when the color of the dots changes from yellow to brown. However, the trader should wait for the next candle/bar to begin to form after the formation of the brown color dot.
The sell entry order should be closed once a yellow color dot is formed.
Example of opening orders using the Forex Ultimate Scalper Indicator.