Erudite Scalper – ingenious mix of smart technology & erudite trading
Erudite Scalper is a symbiosis of two components, one of which determines the prevailing trend and the second, which finds the entry point. This combination of a sophisticated algorithm that determines whether the market is overbought / oversold and its dominant direction with no repainting gives us a good tool for profitable trading.
Characteristics of the Erudite Scalper Indicator
Platform: Metatrader4
Currency pairs: Any currency pairs, recommended major
Trading Time: Any trading sessions
Time Frame: Any, recommended M5, M15 and H1
Recommended broker: Roboforex, XM, FBS
Trading rules
The indicator has two components that complement each other in trading.
First confirmation:
The red / blue background indicates the current prevailing trend direction. Red background color – bearish trend (we consider only sells, ignore buy signals). The blue background color is a bullish trend (we consider only buy signals, ignore sells).
Second confirmation:
A signal in the form of a blue / red bar, as a result of determining whether the market is oversold / overbought, is a direct signal to enter the market.
Buy Signal:
The background of the indicator is blue (we consider only Buy signals)
A Buy signal appears – blue bar appears
erudite-scalper-buy-signal
A few more examples of Buy signals:
scalper-buy-winning-signalS
Sell Signal:
The background of the indicator is red (we consider only Sell signals)
A Sell signal appears – red bar appears
sell-signal
A few more examples of Sell signals:
sell-winning-signals
To set Stop Loss, the author suggests using the following calculation based on Average True Range (ATR). So Stop Loss = 1.5 * ATR and TakeProfit = 2 * Stop Loss. For example, for a M15 chart, ATR = 10 pips. Then Stop Loss = 15 pips and TakeProfit = 30 pips.
In addition, the opposite indicator signal (red or blue bar) can be used to exit a trade.
The indicator can be used alone or it can be an add-on to your system. The author offers his trading strategy based on Scientific Scalper. To do this, he suggests using a 4-hour TimeFrame as an additional filter to confirm signals on M15. If the background color of the indicator is the same on both timeframes, then you can open a deal in the direction of the trend the next time a signal appears.
Don’t forget about money management, economic news and, of course, training on a demo account.
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