Double Channel Forex Scalper MT4 Indicator
The Double Channel Forex Scalper MT4 indicator is a scalping indicator that works on all time frames and pairs with great accuracy.
Scalping signals are delivered with green buy and red sell arrows that appear on the activity chart.
The indicator is based on a proven double channel trading method.
- A green arrow on the chart suggests the scalping trend is up.
- A red arrow on the chart suggest the scalping trend is down.
I recommend to apply this scalping indicator on the 5-minute charts and above. It even works on H1, H4 and D1 charts.
Feel free to experiment with the different indicator’s inputs settings to suit your needs and preferences.
The CAD/CHF 1-Hour chart below displays the Double Channel Forex Scalper MT4 indicator in action.
Basic Trading Signals
Signals from the Double Channel Forex Scalper MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Go long when the Double Channel Forex Scalper indicator draws a green arrow on the activity chart.
Place a stop loss 1 pip below support or use your own preferred SL method.
Take profit at an opposite scalper sell signal or go for a fixed profit target. For example, 25 pips on the M15 chart.
Sell Signal: Go long when the Double Channel Forex Scalper indicator draws a red arrow on the activity chart.
Place a stop loss 1 pips above resistance or use your own preferred SL method.
Take profit at an opposite scalper buy signal or go for a fixed profit target. For example, 20 pips on the M5 chart.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (channel period, channel width, show channels, show arrows) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: Forex scalper
Copy and paste the iDoubleChannel_v1.5.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)