The Trend Scalp Forex indicator is an open-source intraday trading tool for Forex and stocks developed for the MT5 platform. It consists of the popular T3 forex indicator. The indicator generates simple charts of short-term market trend changes that allow beginners to anticipate intraday trading opportunities like the pros.
From a technical standpoint, the Trend Scalp indicator is best known for smoothing out uncertain spikes during choppy and overly volatile market conditions. Most traders predominantly suffer from occasionally switching price trend patterns during day trading. Thus, before opening an order, the trader must be aware of the momentum’s stability and the price trend’s exact direction.
Launching the Trend Scalp indicator in your MetaTrader 5 will automatically start tracking the trend changes in your favorite financial assets.
This guide explains using the Trend Scalp indicator to evaluate profitable trade setups on the MT5 platforms.
How to use Trend Scalp Indicator in MT5 for determining precise trend signals
Since it was built based on T3 Smoothed Moving Average, besides signaling the market trend, it also identifies the overbought and oversold conditions of the market.
As you can see on the chart, the appearance of an orange line with a negative indicator value means that the market is in a state of oversold. On the other hand, a blue line with a positive value will indicate that the market is overbought.
The market trend is determined based on the positive or negative value of the indicator.
As a trader, you should go long when the market turns bullish from an oversold state and go short when the market turns bearish after an overbought signal.
Buy Trade
- The orange color line ends below the neutral level of the forex indicator.
- The forex indicator value becomes positive
- Open a long trade(buy) when the above conditions are met
- Set your stop loss(SL) below the current market low
- Exit long/take profit(TP) whenever the indicator value goes negative
Sell Trade
- The blue line ends above the neutral level of the forex indicator.
- The forex indicator value becomes negative
- Open a short trade(sell) when the above conditions are met
- Set your stop loss(SL) above the current market high
- Exit short/take profit(TP) whenever the indicator value goes positive
Conclusion
The Trend Scalp indicator can transform simple moving average data into super trend reversal signals. Moreover, it’s perfect for any Forex or stock trend-following trading strategy on the MT5 platform. If you have an existing trading system that you want to upgrade, the Trend Scalp indicator can be the perfect merge option. In addition, it gives excellent results when used in conjunction with support/resistance and moving average indicators.
Trend Scalp Forex Indicator MT5 Free Download
Read More VOLD Fast Scalping EA FREE Download
