Crane Scalper indicator
One of the most popular mistakes of novice traders is the use of indicators in areas of the markets that are unusual for them.
The most popular and profitable area of trading - scalping on Forex - requires the use of special technical indicators that are designed to work with market noise.
The Crane Scalper indicator is a technical analysis tool that is designed to work on small time frames and is a signal tool.
It is worth noting that the Crane Scalper indicator was put on public display in 2016 by one of the active participants in Forex forums and is distributed completely free of charge.
The indicator itself is universal and can be used on any currency pair or time frame, but you should understand that the main priority for its use is trading on small time frames.
Installing the Crane Scalper indicator
Download the Crane Scalper indicator file at the end of the article.
Installation of the Crane Scalper indicator follows a standard procedure and is no different from installing any other custom technical analysis tool; you will need to drop the downloaded file into the appropriate folder in the terminal data directory.
After restarting the platform, Crane Scalper will appear in the list of custom indicators, and in order to use it, just drag the name of the instrument onto the five-minute chart of any currency pair of your choice.
The principle of using the indicator.
Settings The Crane Scalper indicator combines two tools simultaneously, a signal histogram, on the basis of which a position is opened, as well as a flat filter, which the indicator displays in the form of red crosses.
The most important and basic rule for using the Crane Scalper indicator is that trading during a cross symbolizing a flat on Forex is prohibited!
Moreover, even if the signal part indicates the direction of opening a transaction, if a cross appears above the histogram, trading is prohibited.
The principle of using the indicator is very simple, namely, if a green histogram column appears, we open a buy position, and if the histogram column is gray, we open a sell position.
It is also worth understanding that the darker the color of the bar, the stronger the indicator signal.
Crane Scalper indicator settings
Using the indicator settings, you can influence both the operation of the flat filter and the operation of the signal tool itself, which allows you to rebuild the instrument depending on market requirements.
So in the “Indicator period” line you can change the number of candles on the basis of which the histogram is calculated, and in the “Trend filter indicator period” line you can set the number of candles on the basis of which the filter is calculated (red crosses on the chart).
It is worth noting that as the indicator calculation periods increase, the instrument will begin to reject market noise, and signals will become more rare.
Reducing the periods leads to increased sensitivity of the indicator and a larger number of signals.
In the “Turbo mode” line, you can enable a special mode, thanks to which the indicator will find a larger number of signals, but their reliability is significantly reduced.
If you set True in the line “Removing all objects from the chart”, the indicator will automatically remove all other technical and graphical analysis tools from the chart.
In conclusion, it is worth noting that the Crane Scalper indicator is a professional and highly specialized technical analysis tool, however, in order to avoid false signals against the main trend, it should be used with any other indicator in pairs - http://time-forex.com/indikators .
Download the Crane Scalper indicator .