The itg scalper indicator wants everything lined up at once. Three averages have to stack in order, price has to sit on the right side of the fastest one, and the RSI reading has to agree. The arrow prints on the bar that stack first forms, not on every bar it holds.
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: EMA Fast, EMA Mid, EMA Slow, Buy, Sell |
| Alerts | popup |
| Inputs | 7 |
What you get on the chart
Three lines and two arrows, all on price.
`EMA Fast` runs dodger blue.
`EMA Mid` runs orange and `EMA Slow` crimson.
`Buy` uses arrow 233 in lime at width 3.
`Sell` uses arrow 234 in red.
`InpArrowGapPts` `8` sets the gap from the bar.
- EMA Fast: line, dodger blue, width 2
- EMA Mid: line, orange, width 2
- EMA Slow: line, crimson, width 2
- Buy: arrow, lime, width 3, arrow code 233
- Sell: arrow, red, width 3, arrow code 234
From price to plot
Three averages
All exponential, all on the close. `InpEMAFast` `5`, `InpEMAMid` `13` and `InpEMASlow` `34` supply them. Those three numbers are Fibonacci steps.
The stack
Order is everything. For a buy the close sits above the fast average, the fast above the mid, and the mid above the slow. A sell needs the same chain reversed.
New only
The code checks the bar before. If the stack already held, no arrow prints. That turns a long trend into one mark rather than fifty.
Getting a signal from it
An arrow marks the bar a stack first formed.
The three lines show you the stack while it lasts.
Line spacing is a read on how fast the move is running.
A stack that breaks and reforms prints twice.
`InpRSILevel` `50.0` is the midline, not an extreme.
The tool prints nothing at all in a flat market.
Alert channels in this build: popup, one message per closed bar.
`InpAlertsOn` is the only alert control and ships true. It raises a terminal message on the closed bar where a stack first forms. There is no phone, mail or sound route in this build.
Every Itg scalper Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
InpEMAFast |
EMA fast period. Fastest average, `5`. | 5 |
InpEMAMid |
EMA mid period. Middle average, `13`. | 13 |
InpEMASlow |
EMA slow period. Slowest average, `34`. | 34 |
InpRSIPeriod |
RSI period. Bars in the momentum check, `7`. | 7 |
InpRSILevel |
RSI confirmation level. Side of the midline required, `50.0`. | 50.0 |
Display settings
| Setting | What it does | Default |
|---|---|---|
InpArrowGapPts |
Arrow gap (points). Points from mark to bar, `8`. | 8 |
Alert settings
| Setting | What it does | Default |
|---|---|---|
InpAlertsOn |
Enable alerts. Alert on a closed bar, `true`. | on |
Matching it to your chart
A five-bar average and a seven-bar RSI are built for fast charts. EURUSD M5 is the reference chart. Stacks form several times a session there. On H1 they mark a real trend leg. On H4 they are rare.
What it cannot do
A thirty-four-bar average is slow to swing round.
In a range the stack forms and breaks within a few bars.
The RSI check and the stack usually agree already.
One arrow per stack means a re-entry gets no mark.
Copy the compiled Itg 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.
Background reading on the method behind the Itg scalper Indicator: Exponential Moving Average at BabyPips, Risk/Reward Ratio at Investopedia.
Download the Itg scalper Indicator for MT4 and MT5
The zip holds the compiled Itg 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
Why are InpEMAFast, InpEMAMid and InpEMASlow 5, 13 and 34?
They are Fibonacci numbers, which is a common choice for a stacked average set. The spacing matters more than the exact figures: each one has to be slow enough that the three separate clearly in a trend.
What does InpRSILevel 50.0 add?
A momentum check on top of the stack. Fifty is the midline rather than an overbought reading, so it asks whether recent gains outweigh recent losses. It rules out a stack forming into weakening momentum.
Is InpRSIPeriod 7 short for a momentum check?
It is short on purpose. The tool targets fast charts, where a fourteen-bar reading would still be describing the last hour. Seven bars turns quickly enough to say something about the current move.
Does the arrow repeat while a stack holds?
No. The code compares the current bar with the one before, and prints only where the stack was absent and is now present. A long trend leg therefore gets a single mark.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Itg 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
- Learn more about the underlying method in Earnings guidance on Wikipedia.
- For wider market background, see Riskrewardratio 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.