This scalping tool is a very reliable indicator, which generates accurate entry and exit signals for professional traders.
The algorithm script is based on a momentum and volatility strategy, and uses a filtering technique with an adjusted volatility 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 candlestick 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.
Settings: 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.
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 technical analysis 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.
Release Notes
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Scalp Trader Pro v2.0 - 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.
Release Notes
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Scalp Trader Pro v2.1 - 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.
Hi! Would you be able to suggest some optimised settings for major cryptos on short (5-15 mins) timeframes ? Thank you :)
TradingCanyon
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@mgarofano, In general, we recommend users to experiment with the settings to adapt them to your trading style and strategy. Select the most effective settings for your trading style by deciding how much "noise" you are willing to accept with the data parameters. Understand that whatever you choose - the more experience you have with the indicators, the more it will improve your recognition of reliable signals.
The Scalp Trader Pro indicator is based on a momentum and volatility strategy and it uses a recursive filtering technique with an adjusted volatility factor.
We suggest that you start with the following settings and then adjust a bit to adapt it to your trading style and strategy: • close, -1, 0.60, 1.1, 30, 17, 4, 20, 2.25
Source: close R-filter: -1 Scalp multiplier: 0.6 Factor: 1.1 Short Length: 30 Long Length: 17 Signal Length: 4 Period: 20 Noise filter: 2.25
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 as accurate signals as possible.
Scalp multiplier: this input / variable has an impact on the sensitivity in the calculation of the momentum identification component. You can adjust the input setting until you get signals you are happy with.
Factor: is a constant used in the momentum calculation. You can adjust the "Factor" setting a bit and tweak it for the instrument type and time frame you are trading.
Noise filter: a "Noise filter" has been implemented in v2.0 to filter false signals and market noise. We suggest that you gradually test the setting and set the "Noise filter" to somewhere between: 0 - 20. Default value for the “Noise filter” is: 0 (0 = zero noise reduction). A higher value (> 0) will generate less market noise and more solid signals. Start by using any of the suggested/custom settings above and then gradually adjust the “Noise filter” setting so that you get as accurate signals as possible.
genpow1
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The solid color for the bars are both black. Sometimes, the green is solid green, other times they are solid black. The red bars are always solid black. Does the green/solid black candles signify something?
TradingCanyon
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The solid green bars indicate a strong upward momentum ("Scalp" or “Buy” signal) in the market. Bars with green borders and black fill indicate a less strong momentum or a sideways market compared to solid green bars, while bars with red borders and black fill indicate a downward trend.
You can disable/customize the bar colors in the Indicator Settings under > Style.
Additionally, you can disable/enable the borders around the bars in the Chart settings under > Symbol > by un/check the "Borders” option. It is a matter of personal preference for some traders to use bars with borders, while others prefer not to. The indicators are designed to be used with the borders enabled.