Mayfair FX Scalper Pine Script

  

What is the Mayfair FX Scalper?

The Mayfair FX Scalper is a custom indicator tailored for forex scalping enthusiasts. Built on the foundation of dynamic price action and volatility, the tool leverages:

1. Dynamic Bands:

   • Upper and lower bands adapt in real-time based on price volatility.
   • These bands act as support and resistance zones, aiding entry and exit decisions.

2. Real-Time Buy and Sell Signals:

   • The indicator generates visual markers (Buy and Sell) based on precise crossovers and conditions, minimizing guesswork.

3. Shaded Zones:

   • Colored zones between the bands make trends and reversals easier to spot, even in volatile markets.

The scalper is ideal for traders who thrive on smaller timeframes (like 1-minute or 5-minute charts), where rapid price fluctuations offer abundant trading opportunities.

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How Does the Mayfair FX Scalper Work?

The strategy behind the Mayfair FX Scalper revolves around identifying high-probability scalping opportunities by monitoring the interaction of price with dynamic bands. Here’s how it works:

1. Dynamic Bands as Price Zones:

   • When the price moves toward the upper band, it often signals overbought conditions, prompting traders to look for sell opportunities.
   • Conversely, a move toward the lower band indicates oversold conditions, signaling buy setups.

2. Entry and Exit Signals:

   • Buy signals are triggered when the price crosses above the lower band.
   • Sell signals occur when the price crosses below the upper band.

3. Scalping Volatility:

   • The tool adjusts dynamically to market volatility, making it suitable for active traders who rely on precise signals to capitalize on rapid price movements.

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Benefits of the Mayfair FX Scalper

1. Enhanced Precision:

   • Reduces emotional decision-making by providing clear signals.
   • Pinpoints entry and exit levels based on dynamic market behavior.

2. Scalper-Friendly Design:

   • Ideal for shorter timeframes.
   • Suitable for traders who focus on quick trades with tight stop-losses.

3. Customizable Settings:

• Band length and multiplier can be tailored to match specific trading styles and risk preferences.

//@version=5

indicator("MAYFAIR FX SCALPER", overlay=true)

// Inputs

length = input(20, title="Band Length")

mult = input(2.0, title="Band Multiplier")

// Band Calculations

basis = ta.sma(close, length)

upperBand = basis + mult * ta.stdev(close, length)

lowerBand = basis - mult * ta.stdev(close, length)

// Band Colors

bandColorUpper = color.new(color.red, 80)

bandColorLower = color.new(color.green, 80)

// Plot Bands

plotUpper = plot(upperBand, color=bandColorUpper, title="Upper Band", linewidth=1)

plotLower = plot(lowerBand, color=bandColorLower, title="Lower Band", linewidth=1)

// Shading Between Bands

fill(plotUpper, plotLower, color=color.new(color.gray, 90), title="Band Fill")

// Buy/Sell Signals

buySignal = ta.crossover(close, lowerBand)

sellSignal = ta.crossunder(close, upperBand)

// Plot Buy and Sell Markers

plotshape(series=buySignal, title="Buy Signal", location=location.belowbar, color=color.green, style=shape.triangleup, size=size.small, text="Buy")

plotshape(series=sellSignal, title="Sell Signal", location=location.abovebar, color=color.red, style=shape.triangledown, size=size.small, text="Sell")

Instructions:

• Copy the script.
• Paste it into the Pine Editor in TradingView.
• Add it to your chart.