The 100 pips today scalper indicator runs the bands backwards from what most builds do. A close below the lower edge earns a buy, not a sell. It fades the stretch rather than following it, which is a mean reversion reading.
This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD M5.
| Platforms | MT4 (.ex4) + MT5 (.ex5) |
|---|---|
| Chart window | Main price chart |
| Plots | 5: BB Mid, BB Upper, BB Lower, Buy, Sell |
| Alerts | popup, push notification, email, sound |
| Inputs | 9 |
What the 100 Pips Today Scalper Indicator draws on the chart
A yellow `BB Mid` line runs at `BandPeriod` `20`.
Dodger blue `BB Upper` and `BB Lower` sit `Deviations` `2.0` away.
A lime `Buy` arrow marks the lower excursion and a red `Sell` marks the upper one.
Marks sit `ArrowOffsetPoints` `30` points from the candle.
- BB Mid: line, yellow, width 1
- BB Upper: line, dodger blue, width 2
- BB Lower: line, dodger blue, width 2
- Buy: arrow, lime, width 4, arrow code 233
- Sell: arrow, red, width 4, arrow code 234
How the 100 Pips Today Scalper Indicator calculates its values
Bands come from the terminal
iBands supplies all three lines at `BandPeriod` `20` and `Deviations` `2.0`. Those are the values John Bollinger published, and this build keeps both.
The signal fades the edge
A buy needs the previous close at or above the lower edge and the current close below it. So the mark lands on the bar that pushed outside, betting on a return rather than a continuation.
One mark per excursion
Because the test compares two bars, a run of closes outside the band produces a single arrow. The rest of that stretch stays unmarked.
How to read the signals
An arrow below price means the tool expects a bounce, not a breakdown.
In a strong trend this reading fires against the move repeatedly.
A narrow band means the edges are easy to reach.
The name promises a pip target the code never measures.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
`EnableAlerts` is the single switch above every fade alert and arrives true with `EnablePopup`. `EnablePushNotify` buzzes a phone, `EnableEmail` posts mail and `EnableSound` plays `SoundFile`. Those three ship off. Each closed bar can send one.
Every 100 Pips Today Scalper Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
BandPeriod |
Window behind the average and the spread, default `20`. | 20 |
Deviations |
Spread multiples between middle and each edge, default `2.0`. | 2.0 |
Display settings
| Setting | What it does | Default |
|---|---|---|
ArrowOffsetPoints |
How far an arrow sits off the wick, in points, default `30`. | 30 |
Alert settings
| Setting | What it does | Default |
|---|---|---|
EnableAlerts |
master toggle. Single switch above every fade alert, default `true`. | on |
EnablePopup |
MT4 popup dialog. Dialog box when an edge gets faded, default `true`. | on |
EnablePushNotify |
mobile MT4 push notification. Phone buzz when an edge gets faded, default `false`. | off |
EnableEmail |
SMTP email (configure in MT4 Tools > Options > Email). Email when an edge gets faded, default `false`. | off |
EnableSound |
play sound file from MT4/Sounds/. Audio cue when an edge gets faded, default `false`. | off |
SoundFile |
Audio file the cue uses, default `”alert.wav”`. | alert.wav |
Settings that fit your chart
The screenshot note picks M5, where the bands get tested often. EURUSD M5 is the reference chart. On H1 the marks thin out to a few a week. Fading edges works best in a range, whatever the timeframe.
When the 100 Pips Today Scalper Indicator fails
Fading a band means trading against a move that may continue.
The name suggests a hundred-pip target that nothing in the code tracks.
A trending market pushes outside the band for many bars in a row.
Copy the compiled 100 Pips Today Scalper Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.
Download the 100 Pips Today Scalper Indicator for MT4 and MT5
The zip holds the compiled 100 Pips Today Scalper Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.
Download this indicator free
Enter your email and the file is yours. You also get the full MT4 and MT5 library.
FAQ
Does a Buy arrow mean a breakout?
No, the opposite. It appears when the close pushes below the lower edge, so the tool is fading that stretch and expecting a return toward the middle. Read it as mean reversion rather than momentum.
What does Deviations 2.0 set?
How far each edge sits from the middle line, in spread multiples. Two is Bollinger’s published figure. Widening it to three makes the edges much harder to reach and cuts the mark count sharply.
Why does BandPeriod 20 matter here?
It sets both the middle line and the spread around it. A shorter window makes the edges hug price, so closes push outside far more often and the tool marks constantly.
Does the build target 100 pips?
Nothing in the code measures a target, tracks an outcome or closes anything. The number in the name is marketing. Treat the arrows as band excursion marks and set your own targets.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the 100 Pips Today Scalper Indicator as one input. Always backtest before trading live.
Category: this is part of our Signal and Forecast collection. Next, plainly, yet, browse more Signal and Forecast for MetaTrader, or explore every MT4 indicator and MT5 indicator on the site.
External references
- For background on this concept, see Forex signal on Wikipedia.
- For broader market context, see Movingaverage at Investopedia.
About the author
Written by Dominic Walsh, a Forex trader and MT4/MT5 indicator, Expert Advisor and script developer. Every tool on forexmt4systems.com is tested on live charts before release and ships with ready-to-use compiled MT4 (.ex4) and MT5 (.ex5) files. Learn more about the trader and developer behind this site.
How we build, test and correct every tool: Editorial & Testing Policy. Trading carries risk; see the disclaimer.