When you are daytrading trends in forex on a small time frame it’s often referred to as scalping. Here are some of the best 5 minute scalping indicators for Metatrader 4 which look promising on forex pairs. Some have arrows, some you trade line crosses. In general you would try and scalp forex on a 5 minute chart only on pairs which have high volatility. The best moves come on high volume pairs. Pairs such as GBPUSD and EURUSD offer good moves each day, and often brokers give you a low spread on these pairs which make them suitable for fast daytrading systems. I hope you can make some use of these and give them a good test in your trading.
Arrows For 5 Minute Scalping
This indicator for MT4 is called IINWMARROWS. Although it may seem like a really unique indicator, it’s actually a modified moving average crossover indicator. However, it uses very short EMAs and has some other code which I am not sure exactly what it does. What I do know is that if you are scalping with the overall longer term trend, then you can take the trades via the arrows in the trend direction.
Maybe combined with some other indicator like RSI or Stochastic this can be an excellent forex scalping indicator.
Keltner Bands for Scalping Forex
This indicator for Metatrader has been around for a long long time. But if you set it with a ATRMULT of 0.5 the bands become very narrow. Now the idea is to take crosses of the upper or lower band in the direction of the longer term trend (maybe 1 hour or 30 minute). You can see on this example below that the bands are beginning to slope upwards. This would indicate that the trend is looking up. The idea is to start scalping as the price crosses the upper band, and your stop loss would be either at the lower band, or the just under the last low. For take profit, well this is scalping, take whatever the market offers you!
I hope these indicators prove to be useful for you. If you would like to see more and get updated when we add new content, please follow us on social channels such as YouTube or Facebook.