The Ultimate Pro Scalper uses simple calculations to identify the market trend. This guide will talk about how the indicator works and how you can apply it as a strategy.
What is the Ultimate Pro Scalper indicator?
The Ultimate Pro Scalper uses the Moving Average as part of its calculations to determine the trend. The indicator plots the diamonds to show the trend reversal or continuation.
The green diamond suggests a bullish momentum, while the red illustrates a bearish momentum. The indicator also mentions the last signal and the trend power. The last signal suggests the previous market trend. The trend is stronger when the power is above 50%.
Ultimate Pro Scalper Strategy
As you would have guessed by now, the Ultimate Pro Scalper is a scalping indicator. So, to trade, we have to apply it on shorter timeframes. You can apply the indicator on longer timeframes, but there can be a time delay, and you may not be able to get signals on time.
You must look at the green and red diamonds to trade with the indicator. Whenever the green diamond appears, it signals a potential long entry. Conversely, if the red arrow pops up, this signifies a potential short entry point.
It’s important to note that you must wait for the Ultimate Scalper to print the diamond, as it can repaint.
The last signal acts as a guiding force. If the indicator mentions the SELL signals, you must wait for the red diamond to appear. Otherwise, you’ll be trading against the trend. Similarly, if there is a BUY signal, you should wait for the green diamond to appear.
Although the indicator works fine, you can add other indicators like the RSI, CCI, and MACD for further signal confirmation.
Buy Signal
- The indicator must plot the green diamond.
- Wait for the bar to complete, and then enter.
- You could place a stop-loss at the recent low.
- You could set take-profit at the previous high or exit the trade when the red diamond appears.
Sell Signal
- The indicator must plot the red diamond.
- Wait for the bar to complete, and then enter.
- You could place a stop-loss at the recent high.
- You could set take-profit at the previous low or exit the trade when the green diamond appears.
Ultimate Pro Scalper Indicator Pros & Cons
Like many others, Ultimate Pro isn’t the holy grail. Let’s see what its strengths and weaknesses are.
Pros
- The Ultimate Pro Scalper is simple to understand.
- It can present clear entry and exit points.
Cons
- Sometimes even though there are green/red diamonds, the trend moves in the opposite direction.
- The indicator doesn’t work properly on higher timeframes.
Conclusion
The Ultimate Pro Scalper uses a simple calculation to apply the green and red diamonds on the chart. The indicator also mentions the BUY/SELL signal, which shows the current trend’s strength. You can always practice trading on a forex demo account to begin with to improve your trading skills and build up your confidence. Most forex brokers provide a free demo account, including IC Markets. They are my top choice for both manual and automated forex trading systems. This is because they have tight spreads, quick execution speeds, low commission fees and excellent 24/7 support.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
