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Scalper Signal Indicator

Scalper Signal indicator for MetaTrader 4 is a visual way to help determine whether to buy or sell against a pivot level (it does not repaint). The painted bars mark a "pivot high" or "pivot low". This is done after 3 higher closes or 3 lower closes.

Red arrows above the bar mark a continuing downtrend confirmation while the Green arrows below the bar mark a continuing uptrend confirmation. The faster the timeframe, the faster the confirmation, because the indicator measures price action when you trade.

It is mainly used for trading stocks and futures, but it can also be used for currency crosses.

The user-defined settings are:

  • SignalOffset (true/false) - setting determines if the signal arrows are displayed at the signal bar or at the bar that confirms the signal
  • withSoundAlert (true/false) - setting determines if a sound should be played when a signal is detected. The sound signal is defined by "alertSound" setting where the name of a WAV file should be entered.
  • Sensitivity (High <-[1...3]-> Low) - sets the sensitivity of the generated signals. Higher sensitivity generates more signals.
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