Home Forex Market BEST TradingView Indicator for 5-Minute Scalping with 96.8% WIN RATE

BEST TradingView Indicator for 5-Minute Scalping with 96.8% WIN RATE

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BEST TradingView Indicator for 5-Minute Scalping with 96.8% WIN RATE
BEST TradingView Indicator for 5-Minute Scalping with 96.8% WIN RATE

BEST TradingView Indicator for 5-Minute Scalping with 96.8% WIN RATE

If you’re into scalping on the five-minute time frame, we’ve got an incredible tool for you. This TradingView indicator is so powerful that it can predict market movements with up to 96.8% accuracy. In this post, I’ll show you how to set up your chart on TradingView, provide entry rules for trades, explain where to set your stop loss, and how to take profit to maximize your trades. Plus, I’ll show you how to set up alerts so you don’t have to watch the charts all day.

Setting Up the Chart

Step 1: Change Candles to Heiken Ashi

Start by changing your candles to Heiken Ashi on TradingView. This type of candle helps smooth out price action and reduce market noise.

Step 2: Add the Chandelier Exit Indicator

  1. Go to the indicator section and type in “Chandelier Exit” by Everget.
  2. Click on the settings and make the following changes:
    • Change ATR Period to 1.
    • Change ATR Multiplier to 2.
  3. Under Styles, uncheck everything except for the buy and sell labels.
  4. Move the buy label below the bar and the sell label above the bar for a cleaner look.

Step 3: Add the Zero Lag SMA Indicator

  1. Go to the indicator section and type in “ZLSMA” (Zero Lag SMA) by Verified.
  2. Click on the settings and make the following changes:
    • Change the length to 50.
    • Change the color of the line to white for better visibility.

Trading Strategy and Rules

Long Positions

Entry Rules:

  1. Buy Signal: Wait for a buy signal from the Chandelier Exit indicator.
  2. Price Action Above Moving Average: Ensure the price action is above the white Zero Lag SMA line.
  3. Set Stop Loss: Place your stop loss below the swing low.

Exit Rules:

  • Exit the trade when the price action crosses below the white line.

Example of Long Position:

  • When you get a buy signal and the price is above the white line, enter a long position.
  • Set your stop loss below the most recent swing low.
  • Exit the trade when the price crosses below the white line, confirming a change in trend.

Short Positions

Entry Rules:

  1. Sell Signal: Wait for a sell signal from the Chandelier Exit indicator.
  2. Price Action Below Moving Average: Ensure the price action is below the white Zero Lag SMA line.
  3. Set Stop Loss: Place your stop loss above the swing high.

Exit Rules:

  • Exit the trade when the price action crosses above the white line.

Example of Short Position:

  • When you get a sell signal and the price is below the white line, enter a short position.
  • Set your stop loss above the most recent swing high.
  • Exit the trade when the price crosses above the white line, confirming a change in trend.

Setting Up Trade Alerts

Setting Up Buy Alerts

  1. Go to the Chandelier Exit indicator settings.
  2. Click the three dots and select “Add Alert on CE”.
  3. Choose “Buy once per bar close” to get notified when a buy signal occurs.

Setting Up Sell Alerts

  1. Repeat the process for sell alerts by selecting “Sell once per bar close”.

By setting up alerts, you’ll get notified of buy and sell signals without having to watch the charts all day.

Conclusion

This scalping strategy on the five-minute time frame using the Chandelier Exit and Zero Lag SMA indicators is highly effective, offering a win rate of up to 96.8%. By following the entry and exit rules and setting up alerts, you can maximize your trades and capitalize on market movements.

If you found this guide helpful, please like this post and subscribe to our updates. Drop a comment to let us know where you’re reading from—we love hearing from you! Happy trading!

Simeon Bala
Author: Simeon Bala

An Information technology (IT) professional who is passionate about technology and building Inspiring the company’s people to love development, innovations, and client support through technology. With expertise in Quality/Process improvement and management, Risk Management. An outstanding customer service and management skills in resolving technical issues and educating end-users. An excellent team player making significant contributions to the team, and individual success, and mentoring. Background also includes experience with Virtualization, Cyber security and vulnerability assessment, Business intelligence, Search Engine Optimization, brand promotion, copywriting, strategic digital and social media marketing, computer networking, and software testing. Also keen about the financial, stock, and crypto market. With knowledge of technical analysis, value investing, and keep improving myself in all finance market spaces. Pioneer of the following platforms were I research and write on relevant topics. 1. https://publicopinion.org.ng 2. https://getdeals.com.ng 3. https://tradea.com.ng 4. https://9jaoncloud.com.ng Simeon Bala is an excellent problem solver with strong communication and interpersonal skills.

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An Information technology (IT) professional who is passionate about technology and building Inspiring the company’s people to love development, innovations, and client support through technology. With expertise in Quality/Process improvement and management, Risk Management. An outstanding customer service and management skills in resolving technical issues and educating end-users. An excellent team player making significant contributions to the team, and individual success, and mentoring. Background also includes experience with Virtualization, Cyber security and vulnerability assessment, Business intelligence, Search Engine Optimization, brand promotion, copywriting, strategic digital and social media marketing, computer networking, and software testing. Also keen about the financial, stock, and crypto market. With knowledge of technical analysis, value investing, and keep improving myself in all finance market spaces. Pioneer of the following platforms were I research and write on relevant topics. 1. https://publicopinion.org.ng 2. https://getdeals.com.ng 3. https://tradea.com.ng 4. https://9jaoncloud.com.ng Simeon Bala is an excellent problem solver with strong communication and interpersonal skills.