Scalpers want a quick trigger and a simple bias. The scalper signal indicator draws a 7-bar and a 21-bar exponential average on price and marks the bar where the quick one crosses the slow one, as long as price over the last six bars moved in the same direction.
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: Scalper Buy, Scalper Sell, Fast EMA, Slow EMA |
| Alerts | popup, push notification, email, sound |
| Inputs | 12 |
Its visible parts
Two lines and two marks on price.
`Fast EMA` traces dodger blue.
`Slow EMA` traces orange.
`Scalper Buy` prints lime with arrow 233.
`Scalper Sell` prints red with arrow 234.
`ArrowGapFactor` `0.6` spaces marks by bar range.
- Scalper Buy: arrow, lime, width 2, arrow code 233
- Scalper Sell: arrow, red, width 2, arrow code 234
- Fast EMA: line, dodger blue
- Slow EMA: line, orange
How the source computes it
The lines
`FastEma` `7` is the trigger and `SlowEma` `21` the bias. A simple average seeds both, then they run exponentially.
The momentum check
`MomPeriod` `6` compares the close with the close six bars back. With `MomThreshPts` `0.0`, a buy needs that change above zero.
Confirmation
`ConfirmBars` `1` marks the cross bar itself. Higher values make the mark wait until the new side has held for that many bars.
How to judge the output
A lime mark means fast crossed above slow.
A red mark means it crossed below.
Both need momentum on their side.
Blue above orange means the bias is up.
Marks never print on the forming bar.
Warm-up needs about twenty-two bars.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
A qualifying cross sends a BUY or SELL message naming the EMA cross. `EnableAlerts` passes it on, and the popup is the only channel working when the file is first loaded.
Every Scalper Signal Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
FastEma |
fast EMA period (scalp trigger line). Trigger line length, `7`. | 7 |
SlowEma |
slow EMA period (scalp bias line). Bias line length, `21`. | 21 |
MomPeriod |
momentum look-back (bars). Bars for the momentum check, `6`. | 6 |
MomThreshPts |
min aligned momentum in points (0 = permissive). Minimum momentum in points, `0.0`. | 0.0 |
ConfirmBars |
bars the bias must hold before a signal. Bars the new side must hold, `1`. | 1 |
Display settings
| Setting | What it does | Default |
|---|---|---|
ArrowGapFactor |
arrow offset as fraction of bar range. Mark gap as a share of bar range, `0.6`. | 0.6 |
Alert settings
| Setting | What it does | Default |
|---|---|---|
EnableAlerts |
Switch for cross messages, `true`. | on |
EnablePopup |
Popup, `true`. | on |
EnablePushNotify |
(see inputs panel) | off |
EnableEmail |
Email route, `false`. | off |
EnableSound |
Speaker, `false`. | off |
SoundFile |
(see inputs panel) | alert.wav |
Fitting the settings to a market
A 7 and 21 pair turns quickly, so it suits active sessions. EURUSD M5 and M15 are its natural home; the H1 reference chart shows a few crosses a day. On H4 the same pair works as a swing trigger.
Where it falls down
Fast averages whipsaw in quiet sessions.
A zero momentum threshold filters little.
Spread matters on the charts it suits best.
Popups are the only messages at first.
Copy the compiled Scalper Signal 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 Scalper Signal Indicator: Scalping at Investopedia, Moving average crossover on Wikipedia.
Download the Scalper Signal Indicator for MT4 and MT5
The zip holds the compiled Scalper Signal 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.
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FAQ
What does MomThreshPts 0.0 require?
Only that the close sits above the close six bars back for a buy, or below it for a sell. Raise the value to demand a minimum move in points.
What changes if ConfirmBars is raised above 1?
The mark waits. With a value of two, the cross must have happened on the previous bar, and the fast line must still sit above the slow line when the mark prints.
Why are Fast EMA 7 and Slow EMA 21 so short?
They are tuned for scalping, where quick turns matter more than smoothness. Longer settings calm the chart but mark fewer and later crosses, which suits swing trading better.
Could a Scalper Buy vanish on a later tick?
No. The cross and the momentum check both use a closed bar. Once the mark is there, later ticks cannot change the averages or the closes that produced it.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Scalper Signal 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 Listing (finance) on Wikipedia.
- Additional market context is at Distance From Highs 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.