Option Scalping Indicator for MT4 and MT5

Written by Dominic Walsh · Published 22 Jun 2026 · Last updated 9 Sep 2026

The option scalping indicator asks for three things at once. Two averages have to cross. The momentum reading has to be past its own threshold. The range average has to show the market is actually moving. Miss any one and no arrow prints on that bar.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Main price chart
Plots	4: EMA Fast, EMA Slow, Buy, Sell
Alerts	popup, push notification, email, sound
Inputs	15

What the Option scalping Indicator draws on the chart

Two lines and two marks, all on price.

`EMA Fast` runs dodger blue at width 2.

`EMA Slow` runs orange beside it.

A lime `Buy` mark sits under the candle.

A red `Sell` mark sits above it.

`ArrowOffsetATR` `0.6` scales that distance to the range.

• EMA Fast: line, dodger blue, width 2
• EMA Slow: line, orange, width 2
• Buy: arrow, lime, width 2, arrow code 233
• Sell: arrow, red, width 2, arrow code 234

How the Option scalping Indicator calculates its values

Averages built here

Both run in this file. `FastEMA` `8` and `SlowEMA` `21` get seeded with a simple average, then carried forward one bar at a time. Seeding that way avoids the spike an unseeded average leaves.

A ratio, not a difference

Momentum here is division. The close divided by the close `MomentumPeriod` `14` bars back, times a hundred. So a hundred means flat, and `MomBuyThreshold` `100.05` asks for a small rise.

The quiet filter

Small ranges get skipped. `AtrMinPoints` `5.0` sets the floor. Under that, a cross is noise and the bar prints nothing. `Cooldown` `3` then spaces what remains.

How to read the signals

A mark means all three tests passed on one bar.

The two lines show which side the cross went.

Arrow distance grows when the market is moving.

The momentum test is a small tilt, not an extreme.

Three quiet bars follow every mark.

Nothing prints while the range average sits low.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

`EnableAlerts` sits over the signal alerts and ships true alongside `EnablePopup`, `EnablePushNotify` and `EnableSound`, which plays `SoundFile`. Only `EnableEmail` starts off. Marks report on the closed bar.

Every Option scalping Indicator input

Core settings

Setting	What it does	Default
FastEMA	Fast EMA period. Quicker of the two averages, `8`.	8
SlowEMA	Slow EMA period. Slower one, `21`.	21
MomentumPeriod	Momentum lookback. How far back the ratio looks, `14`.	14
MomBuyThreshold	Momentum > X for buy bias. Ratio a buy must beat, `100.05`.	100.05
MomSellThreshold	Momentum < X for sell bias. Ratio a sell must undercut, `99.95`.	99.95
AtrPeriod	ATR period. Window behind the range figure, `14`.	14
AtrMinPoints	Skip if ATR (in points) below this. Least range that allows a mark, `5.0`.	5.0
Cooldown	Bars between signals. Bars held quiet afterwards, `3`.	3

Display settings

Setting	What it does	Default
ArrowOffsetATR	Arrow distance = ATR * this. Mark distance as a share of range, `0.6`.	0.6

Alert settings

Setting	What it does	Default
EnableAlerts	(see inputs panel)	on
EnablePopup	(see inputs panel)	on
EnablePushNotify	Buzz on a phone, `true`.	on
EnableEmail	(see inputs panel)	off
EnableSound	(see inputs panel)	on
SoundFile	(see inputs panel)	alert.wav

Settings that fit your chart

An eight-bar average against a twenty-one-bar one is built for speed. EURUSD H1 is the reference chart. Marks come a few times a day there. On M5 the range floor rejects a good share. On H4 they are rare.

When the Option scalping Indicator fails

Crossing averages lag whatever they measure.

A five-point floor is low on a wide-spread symbol.

The momentum tilt is tiny and easy to meet.

Three bars of cooldown can skip the better second entry.

Copy the compiled Option scalping 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 Option scalping Indicator for MT4 and MT5

The zip holds the compiled Option scalping 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.

FAQ

What does MomBuyThreshold 100.05 actually require?

A close five hundredths of a percent above the close fourteen bars back. Momentum here is a ratio times a hundred, so a hundred is flat. The threshold is deliberately small, because it filters direction rather than size.

Why does AtrMinPoints 5.0 block signals?

Because a cross inside a dead market means very little. The floor asks for at least five points of average range before any mark can print, which keeps the tool quiet during the slowest hours.

How does ArrowOffsetATR 0.6 place a mark?

It multiplies the current range reading, so the gap between arrow and candle grows in a fast market and shrinks in a quiet one. A fixed point offset would crowd the bar on a volatile day.

Are FastEMA and SlowEMA seeded properly?

Yes. Each one starts from a simple average at its warm-up bar rather than from zero, which is what stops the vertical spike that unseeded averages leave at the left edge of a chart.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Option scalping Indicator as one input. Always backtest before trading live.