The Trendline Scalper Trading System explains what it is. It simply utilizes a trendline trading approach. It became famous among trend-following traders for its ability to plot the trendline slope quickly and accurately. This automatic trendline-supporting tool helps traders struggling to spot and draw trendlines for their trade entries.
The Trendline Scalper Trading System fits all kinds of timeframes and currency pairs, but we suggest trading on lower timeframes. The Trendlines are displayed directly on the main trading chart, and the Stochastic Oscillator is displayed in a separate window below it. Feel free to experiment with the settings and parameters to fit your preferences.
How to trade with the Trendline Scalper Trading System?
The Trendline Scalper Trading System consists of only two indicators, which are the following:
- Trendline V1.1: The system’s core spots the possible setups to draw the trendlines and automatically plots the slope. These levels can be considered the market’s dynamic support and resistance levels. It also defines entry points for traders. Green trendline stands for sell traders, and green trendline stands for buy trades.
- Stochastic Oscillator: it’s of the most popular forex oscillators. Its value under 20 means the oversold market state, and above 80 reflects the overbought market state.
Follow these steps for a long trade:
- The price is above the red trendline.
- The stochastic Oscillator drops below the 20 levels.
- Price touches and rejects the red trendline.
- Buy trade is triggered after the above-mentioned conditions are met.
- Set stop-loss (SL) a few pips below the red trendline.
- Take profit or exit trade whenever the price touches the green trendline, or use your preferred method of trade exit.
Follow these steps for a short trade:
- The price is below the green trendline.
- The stochastic Oscillator rises above the 80 levels.
- Price touches and rejects the green trendline.
- Sell trade is triggered after the above-mentioned conditions are met.
- Set stop-loss a few pips above the last swing low of the market.
- Take profit or exit trade whenever the price touches the red trendline, or use your preferred method of trade exit.
As always, to achieve the best results, remember about good money management. It would help if you had discipline, emotions, and psychology to be an excellent profitable trader. It is a must to know when and when not to trade. Avoid trading during bad times and market conditions like low volatility/volume, major forex sessions, exotic currency pairs, wider spread, etc.
How to set up the Trendline Scalper Trading System in MT4?
Download the Trendline Scalper Trading indicator System.zip archive at the bottom of this post, unpack it, then copy and paste the forex indicators files of the Trendline Scalper Trading System into the MQL4 folder of the MetaTrader 4 trading platform.
You can open this folder by clicking the menu options, which goes as follows:
File > Open mql Data Folder > MQL4 > Indicators.
Furthermore, you must copy the template file into the templates folder to run the Trendline Scalper Trading System. To proceed, right-click on a chart, then Template > Open Templates, and copy the Trendline Scalper Trading indicator System. tpl file into that mql folder. Select the file and click Open to load the indicator system on your chart.
The Trendline Scalper Trading System is well worth adding to your trading collection. A good forex strategy will enhance your chance of success. Nonetheless, remember to have realistic expectations. Like any other technical forex analysis tool, it cannot provide accurate entry signals 100% of the time. Thus, this forex trading indicator system provides false entry signals occasionally. Its performance will change significantly depending on market conditions.