MT F MA C D Scalper

Related: Channel Scalper M1-M15 Indicator - another powerful indicator for MetaTrader 4 traders.

This indicator calls iMACD through the iCustom function to perform its calculations. It was initially thought that the built-in MACD would not provide the desired results, however, it could have been used.

Also recommended: jj n-scalper - similar indicator with strong performance on MetaTrader 4.

The indicator is currently configured to appear only on the M5 chart. There is commenting inside the code which can be removed, and it will parse 3-4 time periods higher than the current chart period for alignment on the MACD. The current configuration is fixed to M5, H1, H4, D.

The theory behind this indicator is based on the concept that the market should be trending on all time periods to ensure a high probability trade. However, the results show that this does not work as expected.

The indicator works by placing a gold circle on the bar that is used as an activator to enter a trade. The gold circle is located at the top of the bar for short trades and at the bottom of the bar for long trades. The gold circle is actually a circle with a star in it, but it is too small to make out the star.

This is the third indicator to be written and the first to be shared. Any comments, good or bad, are welcome.

Features of the indicator include:
- The ability to change the color of the indicator
- The indicator now looks only at the next 3 higher time zones, as 4 time zones resulted in very few results.
- If the chart is higher than M30, no indicator will be displayed, as higher time frames resulted in very few trades being displayed.
- Many code optimizations have been made, resulting in faster execution and easier readability.
- The indicator checks the price for above and below the 50 EMA and only shows short positions if the price is below, and long positions if the price is above, removing many whipsaws and trades against the trend.

Update 2.2 includes:
- The removal of the check for 3 higher time zones and a return to checking fixed higher time frames, with the option to set the higher time frames in the indicator variables.
- The MACD variables have been moved to the indicator variables, allowing for customization of the MACD values for each time zone.

Update 2.3 includes:
- Only showing the entry of the trade for the indicator
- Adding an alert to show when the alignment happens
- Removing the price check for above and below 50 EMA

Update 2.4 includes:
- Additional filtering on entry to try and remove whipsaws by checking if the MACD histogram is falling.
- An extra buffer to show an arrow for short and long entries.

You may also like: i crosshair - excellent alternative for indicator users on MetaTrader 4.

#property copyright "robotfx"
#property link "https://robotfx.org"
#property indicator_chart_window
#property indicator_buffers 1
#property indicator_color1 gold
#property indicator_style1 draw_arrow
extern int  higher_tf1 = 60,
higher_tf2 = 240,
higher_tf3 = 1440,
macd_m1_fastmaperiod=12,

.......

• This tool is provided for educational and testing purposes only.
• Past performance does not guarantee future results.
• Trading involves substantial risk of loss. Use on a demo account first.
• Results may vary depending on market conditions, broker, and settings.
• We recommend thorough backtesting and forward testing before using with real funds.