Learn about the best Forex scalping strategy using three indicators: EMA, MACD, and Easy Algo. Stick to the rules for short and long trades based on price action, EMA, and MACD. Backtested with a 64% win rate and 220% growth over 100 trades. Easy Algo is a premium indicator, while the other two are free on TradingView.

The Best Trading View Indicator for Forex Scalping Strategy: A Comprehensive Guide

Forex traders are always on the lookout for a good Forex indicator that can help them make money in the market. In this video, we’re going to introduce you to a new indicator and test it out 100 times, so you can see if it works or not. This article is based on the script of the video and will guide you through the process of setting up the best trading view indicator for a Forex scalping strategy.

Introduction

Forex scalping is a trading method that involves making small trades with small profits repeatedly throughout the day. To make forex scalping profitable, traders need to have a trading plan, discipline, and must use effective forex trading indicators. The best forex indicators can help traders identify the best entry and exit points in a trade, and they can also be used to automate the trading process.

In this article, we’ll introduce you to the best Forex scalping strategy using the trading view indicator, which can help you make consistent profits in the Forex market.

The Trading View Indicators

The best trading view indicators for the Forex scalping strategy include three indicators:

The Exponential Moving Average (EMA) – This indicator helps traders to identify the trend direction and to determine the entry and exit points.

The Moving Average Convergence Divergence (MACD) – This indicator helps traders to identify the trend momentum and to confirm the entry and exit points.

The Easy Algo – This is a premium indicator that helps traders to identify buy and sell signals in the market.

Setting up the Trading View Indicators

To set up the Trading View Indicators for the Forex scalping strategy, follow these steps:

Step 1: Add the Exponential Moving Average (EMA)

Click on the EMA indicator and make changes to the settings as follows:
– Make the EMA thicker so it’s easier to see
– Change the inputs from nine to two hundred

Step 2: Add the Moving Average Convergence Divergence (MACD)

Add the MACD indicator as is, without changing any of the settings.

Step 3: Add the Easy Algo

Add the Easy Algo premium indicator by going to Invite Only Scripts. Once it appears on screen, make the following settings:
– Make sure the buy signals are green and the sell signals are red
– Remove all the other indicators and settings

The Forex Scalping Strategy

The Forex scalping strategy works great on the five-minute time frame using high kanashi candles. The rules for the Forex scalping strategy are simple and are as follows:

Short Rules
– Price action is below 200 EMA
– Get a sell signal from Easy Algo
– The MACD shows a red bar

Long Rules
– Price action is above 200 EMA
– Get a buy signal from Easy Algo
– The MACD shows a green bar

The Stop Loss and Take Profit

The stop loss for the Forex scalping strategy is the recent swing high for short trades and the recent swing low for long trades. The take profit is one to one and a half times the risk.

Backtesting Results

The backtesting results show that the Forex scalping strategy using the Trading View indicators has a 64% win rate, with a profit factor of 2.67. Starting with a $1,000 account, the strategy consistently grew to a 220% increase over 100 trades.

Conclusion

The best Trading View indicator for the Forex scalping strategy is the Easy Algo, teamed with the EMA and MACD indicators. Using these indicators in combination with the Forex scalping strategy rules can help traders make consistent profits in the Forex market. Remember, nothing in this video is financial advice, so set up your trades with caution and always use a risk management plan. Happy trading!