Candle Probability Scalper
- Indicators
-
Martin Alejandro Bamonte
With 24 years of trading experience and 14 years in programming, my journey has been one of constant learning. From an early age, I was fascinated by the challenge of understanding the markets, that unpredictable universe... It was then that I discovered how technology could translate complexity - Version: 1.0
- Activations: 5
This indicator makes scalping easy and 100% intuitive.
Candle Probability Scalper will show you at a glance the strength percentages of buyers and sellers in REAL TIME, and on the current candle.
The percentages update with every tick, which means that second by second, you'll know what most buyers and sellers are doing without any delay. This will greatly help you determine or confirm the strength of each side, and therefore where the price might move.
Here is a clear guide on how to use it:
1. Look at Buyers and Sellers Percentages in M1 and Confirm with Other Time Frames (M5, M15):
- If the percentage of BUYERS in M1 is above 60% and the percentage of buyers in M5 and M15 aligns with M1, meaning it is also above 60%, you have a good BUY signal.
- If the percentage of SELLERS in M1 is above 60% and the percentage of sellers in M5 and M15 aligns with M1, meaning it is also above 60%, you have a good SELL signal.
- This ensures the momentum is not just momentary and helps confirm that the direction is strong.
- It's that simple! See who dominates the market on the 1-minute timeframe and verify other time frames to confirm the signal.
2. When to Exit the Trade:
- Keep trades short and quick: Exit the market as soon as the direction starts to weaken or if the buyers/sellers percentage drops significantly. Remember that you are scalping, a few pips with a large lot, and you're quickly out of the market.
3. Check the Spread:
- A low spread means lower costs when entering. Avoid trading if the spread is too high, as it could reduce your profit or even cause unnecessary losses. Always check it at the bottom right of the chart.
4. Remember the Account Type:
- If you are going to scalp, remember you need a scalping account, not a Standard or Cent account, as these have high spreads. Use RAW, Zero Spread, ECN, or Pro accounts.
5. Alarms:
Due to the tick-by-tick update nature of this indicator, NO sound or any type of alarms are added (they would constantly sound). This is an indicator that should be used manually by observing the chart, as this is 100% scalping—any delay by minutes can lead to incorrect entries. Therefore, open multiple pairs and check which pairs show the most stability in M1-M5 and M15, and trade with those. If you wish, you can add the PAIRS CHANGER indicator to switch pairs with a single button without having to load the indicator on multiple charts. You can find it in my profile https://www.mql5.com/en/market/product/119594?source=Site+Profile+Seller
Practical Example:
- Buy: Buyers percentage in M1 is 65%, and M5 also supports the direction with 60%. Spread is low (e.g., 2 pips). Enter the market and aim for a quick profit.
- Sell: Sellers percentage in M1 is 70%, and M5 shows 65%. Spread is low (e.g., 5 pips). Make a short trade and aim to exit when the percentage starts to decrease.
- Remember, for greater security, you should check M1, M5, and finally M15, although you can also trade by only checking M1 and M5.
Start scalping quickly and efficiently with this indicator, and see how your trades improve!
If you have any questions, just ask me! Have a great trading week, everyone!
