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