Scalping can be highly profitable if a trader can practice a precise exit strategy. Scalpers can take advantage of minute variations in stock prices that do not always reflect the daily trend or the overall market momentum. For this reason, short-term traders often rely on scalping indicators to minimize the risk of falling for false/weak trading signals.
This guide will explain how to trade forex and stocks using the Ultimate Pro Scalper Indicator in MT4.
What is the Ultimate Pro Scalper Indicator?
The Ultimate Pro Scalper indicator is an excellent scalping tool that works on all MT4 timeframes.
Before employing the Ultimate Pro Scalper indicator, make sure that the market price movement is backed by higher trading volume. Traders can use volatility and volume tools to help gauge liquidity.
Technically, London and New Tork sessions are when you can expect a better accuracy of the Ultimate Pro Scalper signals due to consistently high market volatility.
The signals appear on the chart as green and red dots around the price candles. The dots can only be used as an indication of a change in trend directions, not a buy/sell confirmation. Therefore, after the Ultimate Pro Scalper develops a trend signal, look for additional price-action signals to confirm an entry.
Ultimate Pro Scalper Trading Strategy
The Ultimate Pro Scalper indicator generates straightforward counter-trend signals. It plots colored dots whenever it spots a trend reversal condition. The green dots signal an uptrend. Oppositely, the red dots indicate an upcoming bearish rally.
Remember, the indicator can only help you decide the direction of your trade. It cannot outline precise market entry levels. So, a standard trading plan is essential for developing a profitable trading strategy using the Ultimate Pro Scalper indicator.
For example, a bullish price breakout backed by a green dot signal can be an ideal opportunity to go long.
Here are the buy conditions of the Ultimate Pro Scalper indicator:
- The Ultimate Pro Scalper plots a green dot below the price candle.
- Confirm buy orders following solid bullish candlestick patterns.
- Stop-loss below the signal bar’s low.
- Take profit on red dot signals.
Here are the sell conditions of the Ultimate Pro Scalper indicator:
- The Ultimate Pro Scalper plots a red dot above the price candle.
- Confirm sell orders following a solid bearish candlestick pattern.
- Stop-loss above the signal bar’s high.
- Take profit on green dot signals.
Ultimate Pro Scalper Pros & Cons
- The Ultimate Pro Scalper indicator suits both scalping and day trading.
- Identifies trend reversals and potential market swing highs and lows.
- Shows text-based signals with colored dots for better understanding.
- Suits multi-timeframe charts.
- Ideal for beginners.
- Doesn’t confirm the exact market entry levels.
- May consider premature trends as trade signals.
The Ultimate Pro Scalper indicator can be a fantastic choice for traders looking for short-term counter-trend signals. However, since the market momentum can suddenly swing and choose different directions, it is not advisable to depend solely on a single indicator for confirming an entry. Therefore, try additional momentum and trend-tracking MT4 indicators with the Ultimate Pro Scalper for better results.
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