ITM X-Gen Daily Scalper Indicator Strategy For MT4
Table Of Contents:
Please note: This strategy was publicly published in the trading community and is free to use. We do NOT make an attempt to decide if this strategy is profitable or not, because we know that the major factors regarding trading results are the skills/experience of the trader who executes the strategy. Therefore, we are mainly explaining the components and rules of the strategy. If applicable, we are highlighting advantages, disadvantages and possible improvements of the strategy.
The ITM X-Gen Daily Scalper Indicator Strategy For MT4 is a very short term trading system. This trading strategy works on the 1-minute chart time frame only. Therefore, if you are a medium term trader or a swing trader, then the ITM X-Gen daily scalper indicator strategy for MT4 is not suitable for you.
There is just one indicator that is used in the ITM X-Gen daily scalper indicator strategy for MT4. This is the custom indicator called the ITM X-Gen indicator. The settings for this indicator is very minimal and according to the instructions, you do not need to change any settings.
The indicator does not work on any time frame, except the 1-minute chart time frame.
Once you load the indicator and switch to the one minute chart time frame, you will see the indicator at work. There is a bit of information on the left side of the chart.
The first part of this shows details on that instrument for which the indicator is loaded. Then, you also get to see the BID and ASK prices for the indicator. What follows next is details such as the trading balance, equity, free margin and so on.
The information provided by the ITM X-Gen scalping indicator is quite handy as you can minimize the trading terminal section at the bottom of your screen. This enables you to view the charts with the indicator more clearly.
Following the information, the next part is the trading signals. The ITM X-Gen indicator shows whether you should be long or short. You can simply follow the trading signals that come out from the indicator.
The ITM X-Gen indicator uses some kind of a price band or a price channel indicator. The channel indicators, as you know plot levels above and below the highs and lows of price. In the case of the ITM X-Gen indicator, you also see the mid band.
Depending on the price trends, the ITM X-Gen price channel tends to slope up or down and when the markets are flat, it trades flat as well. This eliminates the need for adding any additional indicators to this trading system.
Buy and sell signals are taken based on the information that you see on the price chart. Alternately, you can also identify the up and down arrows that are plotted on the price chart. The indicator tells you to wait for a few up or a few down arrows to be plotted before you can take a long or a short position in the market.
Let’s now take a look at how you can trade using the ITM X-Gen daily scalper indicator strategy for MT4.
The ITM X-Gen Daily Scalper Indicator Strategy For MT4 – Long positions
For long positions, simply load the indicator in the ITM X-Gen daily scalper indicator strategy for MT4 and wait for the signal to show up. On your screen, you should see that the trade direction should be showing as LONG. Once this happens, wait for price to touch the lower end of the price channel.
The slope of the price channel should also be inclined to the upside to confirm that the price is moving higher.
You will now see a few up arrows being plotted. We recommend that you wait for at least two or three up arrows and after price closes above the lower price line, you can take a long position at market. Identify the recent swing low and place your stop loss at this level.
Using the upper end of the price channel, you can set your take profit level here. Note that you will have to manually adjust the take profit level at regular intervals.
The ITM X-Gen Daily Scalper Indicator Strategy For MT4 – Short positions
For short positions, simply load the indicator in the ITM X-Gen daily scalper indicator strategy for MT4 and wait for the signal to show up. On your screen, you should see that the trade direction should be showing as SHORT. Once this happens, wait for price to touch the upper end of the price channel.
The slope of the price channel should also be inclined to the downside to confirm that the price is moving lower.
You will now see a few down arrows being plotted. We recommend that you wait for at least two or three down arrows and after price closes below the upper price line, you can take a short position at market. Identify the recent swing high and place your stop loss at this level.
Using the lower end of the price channel, you can set your take profit level here. Note that you will have to manually adjust the take profit level at regular intervals.
Is the ITM X-Gen Daily Scalper Indicator Strategy For MT4 any good?
In conclusion, the ITM X-Gen daily scalper indicator strategy for MT4 is a rather unique trading system. It is built for the short term charts, therefore this trading system might not be suitable for all traders. However, if you can spare a few hours a day, you can load this trading template and trade for a short time.
Day traders will find that the ITM X-Gen daily scalper indicator strategy for MT4 is a rather fast paced trading system. There is a good chance that you will miss out on a couple of signals. but do not get impatient and jump into the trade late. There are ample opportunities that you can get when you are trading with the ITM X-Gen daily scalper indicator strategy for MT4.
We do not recommend loading more than one instrument with this trading system's template. This is because using too many instruments and following the signals can be very confusing and it can easily lead you to be unable to manage your trades properly.
The trading template that comes with the ITM X-Gen daily scalper indicator strategy for MT4 is very light weight, but as we mentioned earlier, it is best to use the template to monitor just one instrument until you get fully acquainted with this style of trading.
We should note that the ITM X-Gen daily scalper indicator strategy for MT4 does not guarantee results all the time. Therefore, traders should bear this in mind that the ITM X-Gen daily scalper indicator strategy for MT4 is not the holy grail forex trading system.
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