This indicator will be interesting for scalping fans. Moreover, it is suitable for both newcomers to the market and those who already have sufficient experience in trading. Ultimate PRO Scalper is the result of teamwork. And I must say, a very good result. The indicator is sensitive to what is happening on the market. And in case of a favorable situation for opening a deal, it gives a signal. And that’s not all. An information panel is displayed on the chart, the data of which allows you to assess the strength of the trend, and hence the quality of the signal. Let’s start, as always, with the parameters of this technical analysis tool.
Setting up the Ultimate PRO Scalper indicator
The parameters look like this
The most important parameter is Period-Value. The quality of the signals will largely depend on the correctly selected period. Therefore, it is recommended to work with this variable and find the best value. The default is 13.
The SL-Add-Pips and TP parameters are the size of the stop loss and take profit.
Well, the last two parameters are used to configure alarm alerts. I think they will not cause difficulties.
How to trade the indicator
See how it looks on the graph. In my opinion, the conditions for opening deals are obvious. But we’ll still talk about it.
The red diamonds are a signal to open a sell order.
The green diamonds are a signal to open a buy order.
But before making a trading decision, be sure to look at the indicator information window. In addition to general information (currency pair, TF, signal direction and time to candle close), there is also such an indicator as Trend Power. You should pay attention to it. Trend Power is the power of the trend. You can enter the market if the value of this indicator is at least 60 percent. Otherwise, the deal must be abandoned.
I also want to say that if a diamond of a different color appears after opening an order, then it is better to close the deal.
The indicator that I told you about today looks and is presented by developers as a ready-made trading strategy. But I would still recommend using an additional filter for his signals. It may be an indicator that has already shown itself well in solving such a problem. You can try different filter options on a demo account and choose the best one. Moreover, testing the operation of this market analysis tool is in any case necessary.