The Corrected Velocity Scalper indicator for Metatrader 5 measures market velocity using a correction period and it suits Forex scalpers looking for rapid trade entries.
Corrected Velocity is often abbreviated as Corr Velocity.
The indicator is displayed as green and orange colored lines indicating when it’s time to buy and sell currency pairs.
How to use this scalping tool?
- The green Corr Velocity line is a buy signal.
- The orange Corr Velocity line is a sell signal.
The indicator contains the following inputs and parameters: velocity period, correction period, price, color change, upper level %, lower level %, push alerts, email alerts, and sound alerts.
Please make yourself familiar with this technical indicator and test it first on a demo account before applying it to a real trading account.
How to increase your profit potential using this scalping tool?
- Utilize this scalper on the lower spread Forex pairs to reduce spread costs.
- Deploy during the London and New York volatile trading sessions.
- Utilize the 5-minute and 15-minute trading charts.
It supports all time frames and Forex pairs.
Download Indicator 🆓
Corr_velocity.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Corr Velocity scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Corrected Velocity Scalper Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is confirmed when the green colored Corr Velocity line shows up in the chart.
- Open a buy order and place your stop loss slightly below the most recent support zone.
- Exit method 1: take profit for a fixed number of pips (8-20 pips).
- Exit method 2: keep the trade open and wait for a sell signal.
Sell Signal
- A sell signal is confirmed when the orange colored Corr Velocity line shows up in the chart.
- Open a sell order and place your stop loss slightly above the most recent resistance zone.
- Exit method 1: take profit for a fixed number of pips (8-20 pips).
- Exit method 2: keep the trade open and wait for a buy signal.
Download Now 🆓
Corr_velocity.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Corr_velocity.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration