Reflex Buy/Sell Forex Scalper For Metatrader 4
The Reflex Buy/Sell Forex scalper indicator for MT4 produces multiple entry and exit signals during the London and U.S. trading sessions.
The indicator is pretty accurate and easy to follow, even for absolute beginner traders.
It’s composed of a single signals line that appears in a separate trading window underneath the main trading chart.
This scalping indicator is always in the market, either with a buy or sell trade.
In order to yield the best results, it’s recommended to deploy this scalper on the lower spread currency pair.
For instance, deploy on the EUR/USD, GBP/USD, USD/JPY,…
- A blue line suggests that the currency pair will rise in the short-term.
- An orange signal line suggests that the currency pair will decline in the short-term.
- Utilize during the London and American trading sessions.
- For scalping, attach the indicator to the M5 and M15 charts.
Feel free to experiment with the different indicator’s inputs settings to suit your needs and preferences.
The EUR/USD 5-minute chart below displays the Reflex Forex Scalper MT4 indicator in action.
Basic Trading Signals
Signals from the Reflex Forex Scalper MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade as soon as the blue signal line appears on the chart.
Place a stop loss 3 pips below short-term support or use your own preferred stop loss strategy.
Take profit when an opposite signal appears on the chart (start of the orange signal line).
Sell Signal: Open a sell trade as soon as the orange signal line appears on the chart.
Place a stop loss 3 pips above short-term resistance or use your own preferred stop loss strategy.
Take profit when an opposite signal appears on the chart (start of the blue signal line).
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (reflex period) 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 reflex.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)