The Scientific Scalper indicator is extremely flexible. It works with and complements your existing trading strategy.
The indicator is a panel at the bottom of your chart. The background of the panel is blue in an uptrend, and red in a down trend. So a smart scalper will only take buy signals in the uptrend, and sell signals in a downtrend.
That said, I’d like to give you my personal strategy for scalping with this amazing indicator. This would serve as a useful starting point. So, take this strategy, add your own ideas, test it and make it your own.
This is the only real way to become a profitable trader in the long run.
We set our stop loss at 1.5 x Average True Range (ATR) from our entry price. And our profit target would be two times our stop loss.
For example, if the ATR value for the 15-minute time frame is 10 pips, then we set our stop loss 15 pips away from our entry price. And our profit target would be 2 x 15 = 30 pips
You can easily find the Average True Range, by adding the ATR indicator to your chart. It comes free with every MT4 terminal.