INDICATOR
Scalp Trader Pro
A professional trading indicator with a high degree of predictability and is primarily used for long scalping positions. The indicator is developed for the TradingView platform.
Description - Scalp Trader Pro v2.0 [by TC]
Description
Scalp Trader Pro by TradingCanyon is a very reliable indicator that successfully generates accurate entry and exit signals for professional traders. The algorithm behind the indicator is based on a momentum and volatility strategy and uses a recursive filtering technique with an adjusted volatility factor. Although scalping is generally a method of using shorter timeframes and placing many trades daily in which positions are held very briefly and taking profits fast, this indicator works very well even for higher time frames.
The algorithm was originally developed for long scalping positions only, but it can be used effectively for short trading positions as well as for swing trading strategies.
The indicator has an ability to identify when to enter and exit positions for optimal results and it generates very accurate trading signals. You enter the long position when the “Scalp” signal is confirmed and you exit the long position before/ or when the “Exit” signal occurs/is confirmed.
This indicator works very well for all instrument types and time frames, even if it from the beginning was developed for shorter time frames.
All our indicators are 100 % non-repainting indicators (they do not change signal after the price bar is closed).
Key benefits
- Easy to use. Scalp Trader Pro is very easy to use, even if it is a professional tool. You don´t need to spend days studying how the indicator works before you start making profitable trades.
- Very accurate trading signals. This indicator only produces high probability signals, so you don’t have to chase setups that end up as losing trades.
- Less time-consuming. The indicator makes trading much less time consuming than traditional trading systems, so you can spend more time doing the things you enjoy. Just set the alerts and get a push notice or trade signal straight to your phone!
- No lagging signals. The Scalp Trader Pro indicator is based on a unique algorithm that minimizes the lag of price movement < to > signal generation and delivers very efficient signals. Sometimes, you will even get an exit/sell signal on an uptick or rising candle.
- High win-rate. The Scalp Trader Pro indicator has achieved very high win-rates in the backtests, performed over a historical period of 24 months.
Demo Snapshot - Scalp Trader Pro
Demo snapshot of the Scalp Trader Pro indicator displayed within a 30 min timeframe for the S&P 500 index (SPXUSD).
How to use
1. Use on any instrument and timeframe (finetune Settings).
2. When ‘Scalp’ or ‘Long’ signal is confirmed (Green triangle, up ▲) –> enter Long position.
3. When ‘Exit’ or ‘Short’ signal is confirmed (Red triangle, down ▼) –> exit Long position (or go Short).
4. Exit also when -> trade hits profit target/limit or stop loss (determined by user).
IMPORTANT: Waiting for candlestick close to ensure signal is a confirmed signal.
Exactly how the indicator is used varies from trader to trader. It can be used as a scalping tool, but also as a timing indicator in swing trading where you get accurate and profitable entry and exit signals for all timeframes. If you use it to trade very low or high timeframes, you may need to tune the default settings a bit to optimize it for your trading. This indicator has been developed to work with traditional bar candles, but you can also try to use it with Heikin Ashi candles to filter out as much noise as possible as these often have an improved ability to capture high-quality trends.
If you are new to trading and/or technical analysis in general, we always recommend a demo account (“paper-trading”) until you become familiar with how to use the indicator.
When using the Alert function, use the “Once Per Bar Close” configuration and wait for bar close to confirm entry/exit signal. The Scalp Trader Pro is a non-repainting indicator (the signals do not change or disappear after bar close).
All our indicators are developed for TradingView. For more info on adding an indicator to your charts and to adjust settings, go to: How it works
Settings
The default settings for Scalp Trader Pro are optimized for a 5 to 15 minute timeframe. If you use the indicator to trade lower or higher timeframes, you may need to adjust the default settings a bit to optimize it for your trading style.
Each financial instrument has its own rhythm and oscillation, so if you want to optimize your trading results, you must learn to tweak the indicators to improve signal generation accuracy. You also need to test different settings of the indicator as this will help you finetune the signals. Settings can sometimes be very personal, depending on your trading style and the timeframe used.
Different settings may apply to different instruments and also to different market periods. A more volatile market regime may require a different approach and strategy for the same instrument. You must try to find the best settings for your strategy or stick to the default settings (optimized by the TradingCanyon team).
To use as a trading strategy alone or just to confirm the trend (for trading on shorter timeframes), we suggest you try to use the following custom settings:
- close, -1, 0.64, 1.2, 45, 19, 4, 21
- close, -1, 0.58, 1.2, 45, 19, 4, 21
- close, -1, 0.58, 1.2, 5, 19, 4, 21
- close, -1, 0.58, 1.1, 5, 69, 11, 20
- close, 0, 0.52, 0.7, 4, 20, 6, 28
- close, 0, 0.53, 0.9, 5, 28, 7, 21
- hl2, -1, 0.40, 0.8, 31, 12, 4, 21
New! Noise filter – a “Noise filter” has been implemented in v2.0 to filter out false signals and market noise. Default value for the “Noise filter” is: 0 (0 = zero noise reduction). Try to tweak the settings so that you get accurate signals for the instrument and the selected time frame. Recommended setting for the “Noise filter” is somewhere between: 0 – 20. A higher value (> 0) will generate less market noise and more accurate signals.
-> If you want to update indicator version from v1.0 to v2.0: Delete the v1.0 indicator version from your chart, make sure to refresh you web browser, then go to “Invite-only scripts” in TradingView and add the new v2.0 indicator to your chart.
(The default value of the “Noise filter” = 0 corresponds to the same setting / signals generated as from the previous version of Scalp Trader Pro v1.0.)
Tips: Using Line Break bars (number of Lines: 1) can generate very accurate signals:
1. Change the Candle bars -> to Line Break
2. Go to Settings (“Chart Settings”, you can right-click anywhere in the chart) and change “Number of Line” to: 1
3. Then click Ok.
Indicator settings to use for Line Break bars:
- close, -1, 0.64, 1.2, 45, 19, 4, 21
- hl2, -1, 0.40, 0.8, 31, 12, 4, 21
Backtesting
Backtesting refers to applying a trading system to historical data in order to verify how a system would have performed during the specified time period and with the current data sample. Backtesting and optimizing provide many benefits to a trader, but this is only part of the process when creating a trading system or strategy. You also have to use forward testing and live trading.
Over the past 24 months, we have tested all our algorithms and indicators across a wide range of instruments and timeframes to ensure maximum and optimal performance. The results vary slightly, depending upon instrument type and timeframe used, but overall, the Scalp Trader Pro indicator has a very high average success ratio on all instruments tested. We have also successfully performed forward testing when developing the algorithms, posting high win-rates. During the last 12 months, we have also used the indicators ourselves when trading live, and with great results.
The Scalp Trader Pro indicator is a great trading tool as it will generate fantastic trading signals for you! You can use the Free Trial to test it out.
FAQs
The TradingCanyon indicators are compatible with the TradingView platform.
Under the tab How it works you will find information on how to get started and how you add a TradingCanyon indicator to your chart in TradingView.
After signing up, it usually takes between an hour to a few hours to grant you access to the Invite-only scripts on TradingView.
It is a manual process done by us, and it depends somewhat on the number of inquiries/orders and the time of day. Typically during the day (CET, Central European Time), full access is granted much faster, and you will receive an email with additional instructions.
If you are missing delivery on your free trial or subscription order, please do not hesitate to contact us immediately at: [email protected]
Our algorithms were built in-house. We have extensive experience in trading and over the past 24 months have developed the algorithms by using Pine script coding (programming language at TradingView). All our indicators have passed through a vigorous back-testing process.
All our indicators generate very accurate trading signals and are used by many successful traders.
Trading in the financial markets can be challenging and they take time to learn, regardless of the high probability signals in your chart. Whether you succeed or not is entirely up to you. You will need to develop your own trading style and strategy.
By using the TradingCanyon indicators, you will increase your chances of success dramatically. Our indicators will generate very high probability signals. We have developed the indicators and trading signals to appear when there is most likely going to be a move in the market; the signals reveal when it is optimized to enter or exit a position.
If you’re new to trading and/or technical analysis in general, we recommend a demo account (“paper-trading”) until you become familiar with how it works.
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