Introduction to the Momentum Scalper Indicator
The Momentum Scalper indicator is, as the name suggests, a forex trading tool created for scalping traders.
The signals provided by this indicator are really easy to follow. Just stick to the trading rules below.
- Red bars represent market moves to the downside.
- Blue bars represent market moves to the upside.
- Grey bars represent ranging (quiet) markets.
- White bars represent the market running out of steam.
- Orange bars represent retracement is due.
- Green chart background means the overall trend is UP (Look for entries to the upside).
- Pink chart background means the overall trend is DOWN (look for entries to the downside).
It fits all kinds of timeframes and currency pairs.
The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
Check also: Scalper Dream Indicator
How to set up the Momentum Scalper indicator in MT4?
Download the Momentum Scalper.rar archive at the bottom of this post, unpack it, then copy and paste the Momentum Scalper.ex4 or Momentum Scalper.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Momentum Scalper indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
Download Free Forex MT4 Momentum Scalper Indicator
To download the Momentum Scalper Indicator for Metatrader 4 (MT4) for free just click the button below: