Forex Momentum Points Scalping Strategy
Forex Momentum Points Scalping Strategy — a MetaTrader 4 indicator kept in the Old Kings collection. As the name suggests, the idea behind it is price momentum and short scalping trades. Its source code uses divergence checks and CCI. It has 21 settings, for example Bar Diff (default 1), r (default 2) and s (default 10). Load it on a demo chart and check whether its signals repaint before trusting them. Inside: 4 indicator files with source code (.mq4) you can open and edit in MetaEditor. Old Kings are classic community tools shared as-is. Not tested by PolyMaria. Try it on a demo account first. Are you the author of this tool? Message us on Telegram (@abumarket_support) and we will credit you or take it down.
Indicator · MT4 · v1.0 · Free
About Forex Momentum Points Scalping Strategy
Forex Momentum Points Scalping Strategy is an indicator for MetaTrader 4 based on Divergence and CCI. It has 21 settings, such as Bar diff, R and S. MQL source code included.
Files in the download: BH-Ergodic.ex4, BH-Ergodic.mq4, installation manual.txt, Momentum Scalper GOLD TEST .ex4, Momentum Scalper GOLD TEST .mq4, momentum scalper system trades eith the trend.tpl, momentum scalper system.tpl.
Settings
| Setting | Default | What it does |
|---|---|---|
| Bar diff | 1 | calculations are taken between current bar and current bar + BarDiff |
| R | 2 | First moving average on mean values |
| S | 10 | Second moving average applied to first |
| U | 5 | Third moving average applied to division |
| Trigger | 3 | Final moving average or smoothing |
| Price type | 0 | 0=Close, 1=Open, 2=High, 3=Low, 4=Median, 5=Typical, 6=Weighted |
| Momentum period | 5 | Period or timeframe used by the calculation |
| Num bars | 1000 | |
| Momentum | 100 | |
| Over s b equals indi levels | **Comment** | |
| Over sold over bought | 100 | |
| Color of background | **Comment** | Choose background color for Indicator Window |
| Of higher tf | **Comment** | |
| Show different background | TRUE | |
| Positive background color | PaleGreen | Colour on the chart |
| Negative background color | Pink | Colour on the chart |
| Use this to show blue histos | **Comment** | |
| When momentum is not reached | **Comment** | |
| Always show price divergence | False | |
| Different background on chart | **Comment** | |
| Main window background | True | Use this to paint Main Window |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Indicators.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: Scalping · Momentum · Divergence · CCI · MT4 Indicator · MQL4 Source Code