Fast crossovers need a momentum check or they fire on every wiggle. The scalping arrow indicator draws a 5-bar and a 13-bar exponential average and marks their cross only when a 7-bar RSI agrees: 48 or higher for a buy, 52 or lower 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: Fast EMA, Slow EMA, Scalping Buy, Scalping Sell |
| Alerts | popup, push notification, email, sound |
| Inputs | 12 |
Plots, colours and placement
Two lines and two marks on price.
`Fast EMA` traces dodger blue.
`Slow EMA` traces orange.
`Scalping Buy` prints lime with arrow 233.
`Scalping Sell` prints red with arrow 234.
`ArrowGap` `0.6` spaces marks by bar range.
- Fast EMA: line, dodger blue, width 1
- Slow EMA: line, orange, width 1
- Scalping Buy: arrow, lime, width 2, arrow code 233
- Scalping Sell: arrow, red, width 2, arrow code 234
Following the source
Averages
`FastEmaPeriod` `5` and `SlowEmaPeriod` `13` exponential averages both start from simple averages.
RSI gate
`RsiPeriod` `7` must read at least `RsiBuyLevel` `48.0` on the cross bar for a buy, or at most `RsiSellLevel` `52.0` for a sell.
Cross
The fast line moving from at or below the slow line to above it prints a buy on that closed bar.
How to read the signals
A lime mark means a cross up with momentum.
A red mark means a cross down with momentum.
Crosses against the RSI gate are skipped.
The gate sits near 50, so it is light.
Marks never print on the forming bar.
Warm-up needs about fifteen bars.
Alert channels in this build: popup, push notification, email and sound, one message per closed bar.
Crosses that pass the gate send a BUY or SELL message. `EnableAlerts` is the master switch, and the popup is the one route live at the start.
Every Scalping Arrow Indicator input
Core settings
| Setting | What it does | Default |
|---|---|---|
FastEmaPeriod |
Fast EMA period. Quick average, `5`. | 5 |
SlowEmaPeriod |
Slow EMA period. Slow average, `13`. | 13 |
RsiPeriod |
RSI momentum period. Momentum RSI length, `7`. | 7 |
RsiBuyLevel |
RSI floor to allow a BUY arrow. RSI floor for buys, `48.0`. | 48.0 |
RsiSellLevel |
RSI ceiling to allow a SELL arrow. RSI ceiling for sells, `52.0`. | 52.0 |
Display settings
| Setting | What it does | Default |
|---|---|---|
ArrowGap |
Arrow gap as fraction of bar range. Mark gap in bar ranges, `0.6`. | 0.6 |
Alert settings
| Setting | What it does | Default |
|---|---|---|
EnableAlerts |
Master alert switch, `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 |
Choosing well
A 5 and 13 pair turns fast, so it suits M5 and M15 scalping. The H1 reference chart shows only a few crosses a day. On M1 spread outweighs most moves. On H4 the pair tracks short swings.
When it is unreliable
A near-50 gate filters little.
Fast crosses whipsaw in quiet sessions.
Spread matters on the charts it suits.
Only a popup delivers at first.
Copy the compiled Scalping Arrow 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 Scalping Arrow Indicator for MT4 and MT5
The zip holds the compiled Scalping Arrow 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
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FAQ
What does RsiBuyLevel 48.0 filter?
Upward crosses that happen while the seven-bar RSI is below 48. Those crosses come without momentum behind them, so the build leaves them off the chart entirely.
Why is RsiBuyLevel set so close to 50?
Scalping wants many signals, so the gate only blocks crosses against momentum. Raise the buy level to 55 and lower the sell level to 45 for stricter marks.
Why use FastEmaPeriod 5 and SlowEmaPeriod 13?
They turn quickly enough for one to five minute charts. Longer settings calm the two lines but deliver later crosses, which suits swing trading on higher timeframes better.
Can a Scalping Buy vanish on the next tick?
No. The cross and the RSI gate use closed bars only. Once a mark prints, later ticks cannot change the averages or the RSI behind it.
Are results guaranteed?
No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Scalping Arrow 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 Microcap stock on Wikipedia.
- For broader market context, see Prings Know Sure Thing Kst 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.