5-minute scalping strategy with Price Trigger Signal is a tried-and-tested method originating from the MQL5 forum. Despite its age, it remains relevant, and with some enhancements, it can serve as a solid foundation for 5 min scalping approach. Here's a refined version of the strategy.
Strategy Setup for 5-minute Timeframe
Indicators (MT4)
Volatility Pivot Open (default settings)
Percentage Victory: 0.04
Not Lag Dot: 30 periods for the 5-minute chart
Chandelier Stop: Length period 15, ATR period 21, Kv period 4.5
Price Trigger: Period 0.04
Trading Rules
Trade in alignment with the trend indicated by the Chandelier Stop indicator.
Buy
Chandelier Stop's blue line should be below the price.
A green arrow should appear below the candle.
Price Trigger > 0
Optimal entry occurs when the price retraces and the Price Trigger signal subsequently rises above 0.
Sell
Chandelier Stop's blue line should be above the price.
A red arrow should appear below the candle.
Price Trigger < 0
Optimal entry occurs when the price retraces and the Price Trigger signal subsequently falls back below 0.
Exit Strategy
Establish a predefined profit target relative to the currency pair or significant support/resistance levels.
Implement an initial stop loss based on the previous high/low swing, then trail the position with a trailing stop.
Additional Notes
Prefer entry during retracements, characterized by the price approaching the yellow line on the main chart.
The No Lag Dot aspect can be optionally omitted, depending on preference and market conditions.
This strategy emphasizes trading with the trend and seeks optimal entry points during retracements, leveraging Price Trigger Signals and other indicators for confirmation. It provides a structured approach for executing scalping trades on the 5-minute timeframe, enhancing efficiency and precision in trading decisions. Examples of trades can further illustrate the application and effectiveness of the strategy.
Download
https://drive.google.com/file/d/191HUjyVV2TEbqFDKZ0FKX7qiuem0bMUl/view?usp=sharing
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