The Pips Scalp indicator can be used both for scalping and short-term trading, depending on the selected timeframe. It helps to determine the pivot points, so that you can trade with minimal risk. The indicator analyzes the market using two equivalent and complementary algorithms, the signals of which are displayed on the chart with different colors:
- Buy signal of the first algorithm - white arrow on the bar Low,
- Sell signal of the first algorithm - red arrow on the bar High,
- Buy signal of the second algorithm - blue arrow on the bar Low,
- Sell signal of the second algorithm - pink arrow on the bar High.
The signals appear only on the zero bar, although the indicator implements the BarNull parameter, which allows to choose whether to consider the zero bar, or its closure during the signal analysis. If the BarNull=false value is set, then the arrows appear at the opening of the zero bar and do not disappear. For the ease of visualization, the arrows are shifted either to the Low or to the High of the bar. If the BarNull=true value is set, then the signal may flicker, however, this mode provides more opportunities for aggressive trading.
The indicator has the Sens1 and Sens2 parameters for selecting the sensitivity of the first and the second algorithms. Suitable values are from 0 to 20. The Shift input parameter sets the offset value between the arrows and the bar Highs/Lows. For the currency pairs with three decimal points, the value of Shift must be multiplied by 100. In addition, the indicator does not generate signals, if the price moves in a narrow horizontal range, the value of which is less than 5% of the average daily range. The indicator works on all currency pairs and on time frames.
- BarNull=false - analysis without the consideration of the zero bar,
- BarNull=true - analysis with the consideration of the zero bar,
- Sens1 - sensitivity of the first algorithm,
- Sens2 - sensitivity of the second algorithm,
- Shift - offset value between the arrows and the bar Highs/Lows.