Here we will take a close look at the Scalp Pro Indicator, which is a combination of forex indicators from the SinryAdvice team based out of Malaysia. They create Expert Advisors and custom trading indicators for MetaTrader 4, which conduct analysis of fast-moving markets in a split second.
The Scalp Pro Indicator is to be used for manual forex trading on the MetaTrader 4 platform. MT4 is widely regarded as one of the best forex trading platforms that is used by millions of forex traders all over the globe. You can download it for free from the majority of forex brokers. Keep in mind that you will need the MT4 desktop platform to use the Scalp Pro Indicator on your charts.
Here we will take a look at how to use the Scalp Pro Indicator, considering some of its key features, to help you decide is this is a forex indicator that you would want to use in your daily trading activities. Now, lets get stuck into the Scalp Pro Indicator Review!
Scalp Pro Indicator Strategy
The Scalp Pro Indicator aims to help day traders gain an edge by finding small trends in the lower timeframes. Taking a number of smaller trades on a frequent basis, is commonly known in the forex world as scalping. It is a technique that can take years of practice to master. It does also require a forex broker with tight spreads, low commission fees and rapid trade execution speeds.
Why? Simply because scalping is dependant on small price movements and therefore needs trades to be executed at the best possible bid/ask prices. Furthermore, when trading on a frequent basis, the trading costs can add up and eat into profits. Consider this, the spread could be 1 pip, the commission 1 pip, and the slippage 1 pip. Now, a scalping strategy would need to reach at least 3 pips just to break even.
If I was using the Scalp Pro Indicator as part of manual trading strategy, I would certainly want to be using an ECN forex broker. These brokers implement a variety of liquidity providers into a liquidity pool. When a trader places a trade, it is sent directly through to the liquidity pool for the best available prices, without dealing desk intervention. This can make all the difference between a good and bad scalping trade. If you would like to read more about this, please feel free to have a look at my ECN broker guide.
The actual Scalp Pro Indicator strategy is extremely easy to use. There are 2 main lines. When the price reaches near the green line, it is considered a buy signal. When the price reaches the red line, it is considered a sell signal. Anyone could trade this, although I would personally not take the Scalp Pro Indicator signals blindly. Instead, I would add my own technical, fundamental, sentiment and price action analysis to further filter the trade signals generated.
The indicator is very versatile in the sense that you can use it on any currency pair and timeframe that you wish. When scalping, I would look at the major currency pairs such as the EUR/USD. This is because I find that they tend to have the most liquidity which can mean tighter spreads and faster execution speeds. This is especially important when scalping, as we touched upon earlier. I find that the 1-minute timeframe can be a bit too noisy for my taste, thus I would look more towards the 15-minute charts and above.
Forex money management is also very important. I would not want to use a risk to reward ratio where 1 loss could wipe out consecutive wins. If scalping, I would aim for at least 1:2, ideally 1:3. You should only ever use a money management strategy that you feel comfortable with as every trader is different.
Once you have the Scalp Pro Indicator, there will be two files that you need to add to your chart. In addition, it requires three moving average indicators which come pre-installed in the MetaTrader 4 platform. All-in-all, there are four confirmations included in this indicator, not including any that you may add yourself.
Here are the key components to the Scalp Pro Indicator:
Scalp Pro Band
The current price is most likely moving inside of this band when the price is getting near the edge of the upper or lower band, that’s where you need to keep your eyes peeled for a trade opportunity.
Scalp Pro Zone
This Scalp Pro Indicator shows all support and support and resistance levels to help identify entry and exit points in conjunction with the other features of the Indicator.
The third and final component of the Scalp Pro Indicator is a combination of three moving averages which are already installed in your MetaTrader 4 platform.
- A 200-period Simple Moving Average
- A 32-Period Exponential Moving Average
- A 12-Period Exponential Moving Average
If the first two indicators give you a signal, you can look for last confirmation which is a cutting line of 12-EMA and 32-EMA. For example, if the 12-EMA cuts the 32-EMA upwards, and is near to the edge of the lower channel and close to support levels, this could be a potential buy signal.
The 200-SMA also helps you here, if your price it’s near to this line, you may want to hold back. This is because prices tend to return back to the 200-SMA. This is just one example of how to use the indicator, you should use it in a way that you feel comfortable with.
Scalp Pro Indicator Features
Let take a look at some of the Scalp Prop Indicator key features:
- Compatible with the MetaTrader 4 platform
- Can be used on any currency pair
- Trade signals are based on Price Action
- Daily auto-updates on daily-weekly support and resistance points
- Buy/Sell when it is near the line
- Developed for a 15-minute time frame
Scalp Pro Indicator Summary
Putting it all together, the Scalp Pro Indicator is a very versatile forex trading indicator. You can use it on any currency pair and timeframe. It is very easy to use but will require some initiative on behalf of the user. I would definitely want to filter the Scalp Pro Indicator signals with my own market analysis, rather than taking them as they are. In saying that, it is ready to use out of the box. You can also practice trading on a demo account to begin with to see how you get on and if the Scalp Pro Indicator is beneficial to your trading goals.