The Aurum Forex Scalper for Metatrader 5 is a valuable tool to scalpers and day traders by offering precise buy and sell signals for scalping purposes.
It is optimized to perform well on the 5-minute and 15-minute charts.
However, it is versatile and can be utilized in other time frames as well.
We encourage you to experiment and discover its potential in different time frames.
The indicator combines four different time frames using the Stochastic indicator and a smoothing filter.
This comprehensive approach enhances the accuracy of the signals generated.
Here’s a breakdown of how the indicator functions:
- A buy trend occurs when the green colored Aurum dots are displayed on the chart.
- A sell trend occurs when the orange colored Aurum dots get displayed on the chart.
The indicator has the following inputs and variables: period %K 1, period %K 2, period %K 3, period %K 4, period %D, slowing, method of averaging, prices, overbought levels, oversold levels.
Test the Aurum indicator first on a demo account before using it on a real trading account.
To maximize your Forex scalping results, consider incorporating the following trading tips:
- Minimize trading costs by applying the Aurum indicator on currency pairs with lower spreads.
- Focus on trading during the most volatile trading hours, volatility often presents more frequent trading opportunities.
Download Indicator 🆓
x4period_stochastic_arrows.mq5 Indicator (MT5)
Chart Example
The picture below shows what the Aurum Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Using The Aurum Scalper Indicator?
Find a simple trading strategy below:
Buy Signal
- The first green colored Aurum signal dot is a buy signal.
- Open a long trade and set a protective stop order below the most recent swing low zone.
- Exit the buy trade for a fixed pip profit target of your preference.
- Optional: hold the buy transaction and wait for a sell signal.
Sell Signal
- The first orange colored Aurum signal dot generates a sell signal.
- Open a short trade and set a protective stop order above the most recent swing high region.
- Exit the sell trade for a fixed pip profit target of your preference.
- Optional: hold the sell transaction and wait for a buy signal.
Download Now 🆓
x4period_stochastic_arrows.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 x4period_stochastic_arrows.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