The indicator that helps you by plotting a reference to easily determine if a scalping trade (or intraday trade) has chances to work out in your favor. One of the most common issues intraday traders have is the lost of reference to know if a movement is big or small due to the scaling of the chart.
With this indicator, you have 3 visual aids on your chart that will help you:
"Screener": Please set the normal stop loss size that you usually apply in your strategy. This will plot a rectangle after the last bar that ends at those pips beyond and below the actual bid's price. Visually comparing the place where you should put your stop loss with the screener reference, you can know if the risk is to big or to small, and it helps you to better and faster decide if the trade is worth to be traded.
Range: Here you set the size that a normal session have in pips, meaning the normal amount of pips that usually can be reached without special effort on an average day. On the chart, this will be represented as empty space. If your trade's projection, where you expect to take profits, is in the empty space, the trade has better chances to work out in your favor, as it won’t need an extraordinary daily move to cover its projection.
Overextended zone: Beyond these visual marks, the trade is highly risky if a take profit is beyond the red zones. So, avoid that kind of opportunities, unless an important economic announcement is expected in the session because usually these are the only days when the price can reach a wider daily bar size.
If you have Chart Shift feature deactivated, these indications will work as well as a small line (please minimize the spaces between bars to see the marks when using with very enlarged candles). The width of the marks will adjust to the zoom of your chart automatically.
If Chart Shift feature is enabled, you can also view 2 more informative features:
- Timer at the position of current bar or candle will show the estimated time before the current bar or candle is formed.
- The pips size of the daily range (from high to low). This is plotted above and below the screener rectangle.
In addition, Scalping Reference activates the Alert function to let you know when an unusually big candle appears. You can set the threshold size for each timeframe from M1 up to H4. An alert will inform you the pips size of the candle and the symbol to better recognize the candle, if you apply this indicator to several symbols in your terminal at the same time.
If you want to mute the alert, just double click on the timer text. While the Timer text is selected, the alarm won’t be activated. Also, you can indicate the minimal amount of minutes that should elapse between alerts (if the condition persists) in the indicator's properties window.