A scalping signal needs a quick trigger and a loose momentum check. The scalper dream indicator draws an 8-bar and a 21-bar exponential average and marks each cross, provided a 14-bar RSI is above 45 for a buy or below 55 for a sell.
This build ships as a compiled .ex4 for MT4 and .ex5 for MT5.
| Platforms | MT4 (.ex4) + MT5 (.ex5) |
|---|---|
| Chart window | Main price chart |
| Plots | 4: Dream Fast EMA, Dream Slow EMA, Dream Buy, Dream Sell |
| Alerts | popup, push notification, email, sound |
| Inputs | 13 |
Which plots exist
Two lines and two marks on price.
`Dream Fast EMA` traces dodger blue at width 2.
`Dream Slow EMA` traces orange at width 2.
`Dream Buy` prints lime with arrow 233.
`Dream Sell` prints red with arrow 234.
Marks sit one pip beyond the bar.
- Dream Fast EMA: line, dodger blue, width 2
- Dream Slow EMA: line, orange, width 2
- Dream Buy: arrow, lime, width 2, arrow code 233
- Dream Sell: arrow, red, width 2, arrow code 234
Following the source
Averages
`FastEMAPeriod` `8` and `SlowEMAPeriod` `21` exponential averages both start from simple averages.
RSI band
`RSIPeriod` `14` must read above `BuyRSILevel` `45.0` for a buy, or below `SellRSILevel` `55.0` for a sell.
Spacing
`CooldownBars` `3` keeps same-side marks apart, and only closed bars can carry one.
Reading it on a live chart
A lime mark is an upward cross with RSI above 45.
A red mark is a downward cross with RSI below 55.
The RSI band overlaps around 50.
Crosses in weak momentum still pass.
Blue above orange means bias up.
Warm-up needs about twenty-two bars.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
Crosses that pass the RSI band send a message. `EnableAlerts` is the master switch, and the popup, mobile route and sound all begin enabled; email does not.
Every Scalper Dream Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
FastEMAPeriod |
Fast EMA period (scalping core). Quick average, `8`. | 8 |
SlowEMAPeriod |
Slow EMA period (trend filter). Slow average, `21`. | 21 |
RSIPeriod |
RSI momentum period. RSI length, `14`. | 14 |
BuyRSILevel |
RSI must be above this for BUY. RSI floor for buys, `45.0`. | 45.0 |
SellRSILevel |
RSI must be below this for SELL. RSI ceiling for sells, `55.0`. | 55.0 |
CooldownBars |
Min bars between same-side signals. Hold-off before a repeat mark, `3`. | 3 |
Display settings
| Setting | What it does | Default |
|---|---|---|
ArrowGapPips |
Arrow offset from bar (pips). Distance of each mark from its bar, `1.0`. | 1.0 |
Alert settings
| Setting | What it does | Default |
|---|---|---|
EnableAlerts |
Master alert switch. Master alert switch, `true`. | on |
EnablePopup |
Popup alert. | on |
EnablePushNotify |
Push to mobile MetaTrader. Mobile route, ships on, `true`. | on |
EnableEmail |
Email alert. | off |
EnableSound |
Sound alert. Sound, ships on, `true`. | on |
SoundFile |
(see inputs panel) | alert.wav |
Fitting it to a chart
The 8 and 21 pair suits M5 and M15 scalping. The H1 reference chart shows a cross most days. On M1 spread dominates. On H4 the same rules follow short swings.
What it misses
A 45 to 55 band filters very little.
Choppy sessions still whipsaw the pair.
Trading costs matter most on scalping charts.
Phone and sound alerts begin switched on.
Copy the compiled Scalper Dream 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 Scalper Dream Indicator for MT4 and MT5
The zip holds the compiled Scalper Dream 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 does BuyRSILevel 45.0 allow?
Upward crosses whenever the 14-bar RSI is above 45, which includes mildly weak momentum. It only blocks crosses made while RSI sits clearly below the midline.
How does SellRSILevel 55.0 differ from a 50 filter?
The 45 and 55 levels overlap, so a cross with RSI at 50 passes in either direction. A single 50 filter would split buy and sell momentum cleanly instead.
Why use FastEMAPeriod 8 and SlowEMAPeriod 21?
They turn fast enough for scalping yet skip most single-bar noise. The pair is common on one to fifteen minute charts, and both lengths can be changed in the inputs.
Can a Dream Buy mark repaint later?
No. The cross and RSI both use closed bars, and the forming bar never gets a mark. A mark stays in place even if price turns straight after it prints.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Scalper Dream 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
- For background on this concept, see Issued shares on Wikipedia.
- For broader market context, see Distance From Lows 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.