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