This is a plain and simple indicator for scalping on 1-minute chart. SuperScalpMt4 uses pure price action to keep track of micro trends on M1 timeframe by uniquely analyzing highs and lows for each bar. There are no input variables to worry about. The indicator should be used only on M1 timeframe for any Forex pair. The indicator does not repaint.
The blue bars signal upward movement of price and red ones warn of a downward movement. Simply buying and selling when the indicator bar changes color could result in significant drawdown, something that is not wanted when scalping. To avoid this, I suggest the use of an oscillator to time entries, for example: If the indicator changes from a sell signal to a buy signal, and momentum is not strong, it would be best to enter only when your oscillator ventures into oversold territory.
The use of the oscillator could also help keep you out of bad trades that are the result of false signals generated by SuperScalpMt4. Also, do not trade during times of ultra-low volatility.
PS: If you apply the indicator and nothing appears in the subwindow, that means there is not enough historical data for the indicator calculation. Remove the indicator and download more data, there should at least be more than 10 000 bars in history.
This is the same indicator as Superscalper, get it cheaper here. There is also a Metatrader 5 version called SuperScalperMt5.