The OLYMP Forex scalper indicator for Metatrader 5 is a remarkable tool designed for precise signal delivery to scalpers and intraday traders.
To enhance the accuracy of the signal, the indicator relies on three distinct time frames.
When applied to the price chart, the OLYMP indicator generates a sequence of consecutive signal arrows in either green or brown color.
To identify buy/sell trade entries, adhere to these guidelines:
- The green colored OLYMP arrow is a buy signal.
- The brown colored OLYMP arrow is a sell signal.
This versatile indicator offers various customizable inputs and parameters, including time frame 1, time frame 2, and time frame 3.
We highly recommend becoming familiar with this technical indicator and conducting extensive testing on a demo account for an extended period.
The OLYMP scalper indicator can be effectively combined with other technical tools to validate short-term trends or utilized independently as a potent tool for scalping.
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simplescalp_mtf.mq5 Indicator (MT5)
Chart Example
The picture below illustrates how the OLYMP Forex Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Trading Instruments With The OLYMP Forex Scalper Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is triggered when the first green colored OLYMP arrow appears in the price chart.
- Open a buy market order and set a stop loss slightly below short-term support.
- Exit the OLYMP buy trade for 5-20 pips potential profit, or await a sell signal to close the buy trade.
Sell Signal
- A sell signal is triggered when the first brown colored OLYMP arrow appears in the price chart.
- Execute a sell market order and place a stop loss slightly above short-term resistance.
- Exit the OLYMP sell trade for 5-20 pips potential profit, or await a buy signal to close the sell trade.
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simplescalp_mtf.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 simplescalp_mtf.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 on 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