The Fisher M11 Forex Scalper indicator for Metatrader 5 identifies fast trade opportunities that fit both scalpers and day traders.
A potential profit target when using the Fisher M11 Forex Scalper: anything between 7 and 25 pips.
The indicator is displayed as colored histogram bars in a separate chart window.
Trade logic:
- The trend is bullish when the histogram bars are displayed above 0.
- The trend is bearish when the histogram bars are displayed below 0.
The following indicator inputs and parameters can be adjusted to your needs: range periods, price smoothing, index smoothing, and colors.
How to increase your profit potential using this scalping tool?
- Utilize the Fisher M11 indicator on the lower spread Forex pairs only (less spread costs).
- Deploy during the London and New York volatile trading sessions.
Make yourself familiar with this technical indicator and thoroughly test and evaluate it until you fully understand how it works.
It supports all time frames and Forex pairs.
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ColorFisher_m11.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Fisher M11 Forex Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Fisher M11 Forex Scalper Indicator?
Find a simple trading example below:
Buy Signal
- A buy scalper signal is formed when the Fisher M11 histogram bar turns back above 0.
- Open a buy market order and place a protective stop slightly below short-term support.
- Exit the buy trade for 7-25 pips profit target, or hold the trade until a sell signal gets triggered on the chart.
Sell Signal
- A sell scalper signal is formed when the Fisher M11 histogram bar turns back below 0.
- Open a sell market order and place a protective stop slightly above short-term resistance.
- Exit the sell trade for 7-25 pips profit target, or hold the trade until a buy signal gets triggered on the chart.
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ColorFisher_m11.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 ColorFisher_m11.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