The algorithm script is based on a momentum and strategy, and uses a filtering technique with an adjusted factor. Although scalping is generally a method of using shorter time frames and placing many trades daily in which positions are held very briefly and taking profits fast, this indicator works very well even for higher time frames.
Scalp Trader Pro was originally developed for long scalping positions only, but it can be used for short trading positions as well as for swing trading strategies. The indicator has an ability to identify when to enter and exit positions for optimal results and it generates very accurate trading signals. This indicator works very well for all instrument types and time frames.
How to use:
1. Use on any instrument and time frame (fine-tune Settings).
2. When ‘Scalp’ signal is confirmed (Green triangle, up ▲) –> enter Long position.
3. When ‘Exit’ signal is confirmed (Red triangle, down ▼) –> exit Long position (or go Short).
4. Exit also when -> trade hits profit target/limit or stop loss (determined by user).
IMPORTANT: Waiting for close to ensure signal is a confirmed signal.
You enter the long position when the “Scalp” signal is confirmed and you exit (or go short) when the “Exit” signal occurs/is confirmed.
Exactly how the indicator is used varies from trader to trader. Primarily it can be used as a scalping tool, but also as a timing indicator in swing trading strategies where you get accurate entry and exit signals for all time frames. If you use it to trade very low or high time frames, you may need to tune the default settings a bit to optimize it for your trading style.
You can adjust the settings slightly to optimize it for the instrument type and time frame you are trading. Try to tweak and fine tune the settings so that you get accurate signals.
You can also try these custom settings:
close, -1, 0.64, 1.2, 45, 19, 4, 21
close, -1, 0.58, 1.2, 45, 19, 4, 21
close, -1, 0.58, 1.2, 5, 19, 4, 21
close, -1, 0.58, 1.1, 5, 69, 11, 20
close, 0, 0.52, 0.7, 4, 20, 6, 28
close, 0, 0.53, 0.9, 5, 28, 7, 21
hl2 , -1, 0. 40 , 0.8, 31, 12, 4, 21
A “Noise filter” has been implemented (v2.0) to filter out false signals and market noise. Default value for the “Noise filter” is: 0 (0 = zero noise reduction). Recommended setting for the "Noise filter” is somewhere between: 0 - 20. A higher value (> 0) will generate less market noise and more accurate signals. The default value of the "Noise filter" = 0 corresponds to the same setting / signals generated as from the previous version of Scalp Trader Pro v1.0.
The indicator has been developed to work with traditional bar candles, but you can also try to use it with Heikin Ashi candles and Line Break bars to filter out as much noise as possible as these often have an improved ability to capture high-quality trends.
⚠ If you are new to trading and/or in general, we always recommend a demo account (“paper-trading”) until you become familiar with how to use the indicator.
The Scalp Trader Pro indicator is a non-repainting indicator (the signals do not change or disappear after bar close).
When using the Alert function, use the “Once Per Bar Close” configuration and wait for bar close to confirm entry/exit signal.
- Added a “Noise filter”.
- The “Noise filter” has been implemented to filter out false signals and market noise.
- Default value for the “Noise filter” is: 0 (0 = zero noise reduction).
- Recommended setting for the "Noise filter” is somewhere between: 0 - 20. A higher value (> 0) will generate less market noise and more accurate signals.
- The default value of the "Noise filter" = 0 corresponds to the same setting / signals generated as from the previous version of Scalp Trader Pro v1.0.
- Updated the script with a multi-timeframe (MTF) functionality to be able to run the indicator on a higher/lower resolution than the current time frame used.
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact TradingCanyon for more information, or follow the author's instructions below.
Please note that this is a private, invite-only script that was not analyzed by script moderators. Its compliance to House Rules is undetermined. TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases, you can find a good open-source alternative for free in our Community Scripts.
Warning: please read before requesting access.