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Designed for the MT5 platform, the Trend Scalp Forex indicator is an open-source intraday trading tool for equities and Forex. It includes the well-known T3 forex indicator. With the help of the indicator, novice traders may predict intraday trading chances like pros by creating straightforward charts of changes in the short-term market trend.
Technically speaking, the Trend Scalp indicator is most renowned for its ability to moderate erratic spikes in turbulent and excessively volatile market environments. When day trading, the main problem for most traders is that price trend patterns periodically change. As a result, the trader needs to know the precise direction of the price trend and the stability of the momentum before placing an order.
Your preferred financial assets’ trends will be automatically tracked when you launch the Trend Scalp indicator in MetaTrader 5.
This tutorial describes how to assess profitable trade situations on the MT5 platforms using the Trend Scalp indicator.
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How to utilize the MT5 Trend Scalp Indicator to identify exact trend indications
Because it was constructed using the T3 Smoothed Moving Average, in addition to indicating the direction of the market, it also shows whether it is overbought or oversold.
The development of an orange line with a negative indicator value indicates that the market is oversold, as can be seen on the chart. Conversely, a positive reading on the blue line will suggest that the market is overbought.
The indicator’s positive or negative value is used to determine the market trend.
When the market goes bullish following an oversold condition, traders should go long, and when the market turns bearish following an overbought signal, they should go short.
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Buy Trade
- The orange color line ends below the neutral level of the forex indicator.
- The forex indicator value becomes positive
- Open a long trade(buy) when the above conditions are met
- Set your stop loss(SL) below the current market low
- Exit long/take profit(TP) whenever the indicator value goes negative
Sell Trade
- The blue line ends above the neutral level of the forex indicator.
- The forex indicator value becomes negative
- Open a short trade(sell) when the above conditions are met
- Set your stop loss(SL) above the current market high
- Exit short/take profit(TP) whenever the indicator value goes positive
Conclusion
Simple moving average data can be transformed into super trend reversal alerts using the Trend Scalp indicator. Additionally, it works well with any trend-following Forex or stock trading strategy on the MT5 platform. For those who wish to upgrade their current trading strategy, the Trend Scalp indicator can be an ideal merge alternative. Furthermore, it performs exceptionally well when used with moving average and support/resistance indicators.
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