Three conditions have to line up here, in order. The pro scalper indicator reads the trend from an 8 and 21 bar pair, waits for a stochastic pullback to turn back with that trend, and checks the market is moving enough to be worth trading. When all three agree, it marks the 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 appears, and in which colour
Two lines and two marks on price.
`EMA Fast` runs dodger blue, two pixels thick.
`EMA Slow` traces orange beside it.
`Buy` prints lime with arrow 233.
`Sell` prints red with arrow 234.
`InpArrowOffsetPts` `12` sets the mark gap.
- EMA Fast: line, dodger blue, width 2
- EMA Slow: line, orange, width 2
- Buy: arrow, lime, width 3, arrow code 233
- Sell: arrow, red, width 3, arrow code 234
What the formula does
The trend
`InpFastEMA` `8` above `InpSlowEMA` `21` means up, below means down. Marks only go the way that pair points.
The pullback
`InpStochK` `14` with `InpStochSlow` `3` measures the dip. A buy needs the reading to climb back through `InpStochBuy` `30.0`; a sell needs it to drop back through `InpStochSell` `70.0`.
The range check
`InpATRPeriod` `14` gives a range figure. It must reach `InpMinATRMult` `0.5` of its own average, so dead markets print nothing.
What you act on
Blue above orange: only buys can print.
Orange above blue: only sells can print.
A mark means a pullback just ended.
Quiet hours stay blank by design.
A short cooldown spaces repeat marks.
Warm-up needs about sixty bars.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
A completed pullback entry is what reports. `InpAlertsEnabled` is the master switch; `InpAlertPopup`, `InpAlertPush` and `InpAlertSound` all ship on, playing `alert2.wav`, while `InpAlertEmail` starts off.
Every Pro Scalper Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
InpFastEMA |
Fast EMA period. Quick line length, `8`. | 8 |
InpSlowEMA |
Slow EMA period. Slow line length, `21`. | 21 |
InpStochK |
Stochastic %K period. Stochastic window, `14`. | 14 |
InpStochSlow |
Stochastic slowing. Stochastic smoothing, `3`. | 3 |
InpStochBuy |
%K below this for long pullback. Level a buy pullback climbs back through, `30.0`. | 30.0 |
InpStochSell |
%K above this for short pullback. Level a sell pullback falls back through, `70.0`. | 70.0 |
InpATRPeriod |
ATR period. Range window, `14`. | 14 |
InpMinATRMult |
Min ATR vs avg for valid scalp. Share of average range required, `0.5`. | 0.5 |
Display settings
| Setting | What it does | Default |
|---|---|---|
InpArrowOffsetPts |
Arrow vertical offset (points). | 12 |
Alert settings
| Setting | What it does | Default |
|---|---|---|
InpAlertsEnabled |
Enable alerts master switch. | on |
InpAlertPopup |
Popup alert. | on |
InpAlertPush |
Push notification. Phone notice, ships on, `true`. | on |
InpAlertEmail |
Email alert. | off |
InpAlertSound |
Sound alert. | on |
InpAlertSoundFile |
Sound file. Clip that plays, `”alert2.wav”`. | alert2.wav |
Where this one belongs
An 8 and 21 trend with a stochastic pullback suits active intraday charts. EURUSD H1 is the reference chart. On M5 the range check filters out the lunchtime lull. On H4 marks become rare and deliberate.
Where it falls down
A pullback can keep going and become a reversal.
The trend pair lags a sharp turn.
Half the average range is a low bar in news weeks.
Phone and speaker routes ship on.
Copy the compiled Pro 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 Pro Scalper Indicator: Stochastic oscillator on Wikipedia, Scalping at Investopedia.
Download the Pro Scalper Indicator for MT4 and MT5
The zip holds the compiled Pro 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
What must InpStochBuy 30.0 see before a Buy?
The smoothed reading dipping under thirty and then climbing back through it, while the 8-bar line sits above the 21-bar line. The dip is the pullback; the climb back is the entry.
What does InpMinATRMult 0.5 filter out?
Bars where the 14-bar range sits under half its own average. Those are the quiet stretches where a scalp has no room, so the tool stays silent during them.
Can EMA Fast below EMA Slow ever show a Buy?
No. The trend pair gates the direction, so while the quick line sits under the slow one only sell marks are possible, however deep the stochastic dips.
Which sound file does InpAlertSoundFile use?
alert2.wav rather than the usual alert.wav, so the scalp message sounds different from other tools you may run beside it. Change it to any file in the terminal’s Sounds folder.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Pro Scalper Indicator as one input. Always backtest before trading live.
Category: this is part of our Signal and Forecast collection. Browse more Signal and Forecast for MetaTrader, or explore every MT4 indicator and MT5 indicator on the site.
External references
- The core method is documented in scalping at Investopedia.
- Additional market context is at Introduction To Candlesticks at StockCharts ChartSchool.
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.