15 Minute Scalper Expert Advisor For MT4
WE IMPROVED THIS EXPERT ADVISOR FOR YOU!!!
PLEASE NOTE: This expert advisor was publicly available for free usage on other websites and is not programmed by us. We explain the functionality and possible improvements of the EA. Furthermore, we are convinced that fully automatic Expert Advisors will fail in the long run. On the other hand, our semi-automatic approach with detecting the best setups and then activating our Expert Advisors (e.g. V-Power EA, EdgeZone EA) produced many successful traders and some of them even got prop traders at prop trading firms. Therefore, we added a similar semi-automatic trading feature (to allow only buy or only sell trades) to the free Expert Advisors. You can download the modified version here and enjoy!
Table Of Contents:
- 15 Minute Scalper Expert Advisor For MT4
- The 15 Minute Scalper Expert Advisor For MT4 – Entry Criteria
- The 15 Minute Scalper Expert Advisor For MT4 – Exit Criteria
- The 15 Minute Scalper Expert Advisor For MT4 – Room for Improvement
The 15 Minute Scalper Expert Advisor uses multiple technical indicators to enter trade positions. Unlike many other scalping systems, this trading system does not take too many trades as observed in back test. One possible reason for this is that the robot requires all technical indicators to agree first before it takes a trade signal.
Testing the expert advisor using limited amount of test data resulted in minimal loss for the trading account. This test result should warn everyone not to apply the robot yet in real trading, not just yet. Running the robot in testing using different instruments is a good idea if one wants to see its capability to capture profits in the financial markets.
The 15 Minute Scalper Expert Advisor For MT4 – Entry Criteria
The 15 Minute Scalper Expert Advisor runs the trading algorithm on every new candle. First, it checks the drawdown if it is within acceptable limits. Second, it goes through the trade pool to find trades whose stop losses can be moved to breakeven or beyond via the trailing stop function. If everything works fine so far, the robot takes a look at the free margin if additional trades can be possibly taken. Then it counts the open trades, if there are any, if the number is less than 10.
The trading system allows the trader to control some aspects of the trading operation in order to achieve his specific goals. The following options are available to the trader to adjust in Inputs:
- MagicNumber = 1234 – The expert advisor uses this unique identifier for trades it has taken.
- Lots = 0.01 – A lot size of 0.01 is used throughout trading this expert advisor unless adjusted by the user.
- TrailingStop = 40 – If a trade gains 40 pips, the robot will start trailing its stop loss.
- Stop_Loss = 20 – This number is the distance in pips between trade entry price and stop loss price.
- Take_Profit = 50 – This number is the distance in pips between the open price and take profit price.
- SlowMA = 85 – The slow-moving average has a period of 85.
- FastMA = 6 – The fast-moving average has a period of 6.
- Mom_Sell = 0.3 – The momentum value should not be greater than 0.3 for a sell signal to be valid.
- Mom_Buy = 0.3 – The momentum value should not be greater than 0.3 for a buy signal to be valid.
- UseEquityStop = true – The parameter can be either true or false. When the default value of true is used, open trades are closed forcibly once drawdown reaches a certain percentage of the account balance.
- TotalEquityRisk = 1.0 – Open trades are liquidated for a loss if the drawdown climbs to one percent of the maximum equity reached.
- Max_Trades = 10 – There can be as many as 10 trades on the current symbol with this default value.
The expert advisor employs a number of technical indicators when searching for trade opportunities and confirming trade signals. The indicators used are enumerated below, together with their settings and the manner of interpreting conditions for trade entry.
- Stochastic (5 %K, 3 %D, 3 slowing, simple mode, main mode) – This is the standard setting for the stochastic indicator. The values used for generating signals are obtained from the two previous candles of the current period and symbol. As an oscillator, the stochastic is used here as an indicator for overbought and oversold conditions. A bullish signal is given if the oscillator dips below the 20 level on the second candle and then goes above 20 on the next candle, and a bearish signal is indicated if the oscillator pushes above the 80 level on the second candle and then immediately goes down 80 on the next candle.
- Parabolic stop and reverse oscillator (0.02 step, 0.2 maximum) – The parabolic SAR indicator is a useful tool in defining the protective stop of a trade position. However, as in this case, it can also be used for trade entry especially in combination with other indicators. As a trend indicator, it can tell if short-term momentum is bullish or bearish and then trade accordingly. If the value of the parabolic SAR is less than the open of the previous candle, this is taken as a bullish signal. If the parabolic SAR is above the open of the previous candle, it is considered a bearish signal.
- Moving averages (period 6 and 85, linear weighted, price typical) – This pair of moving averages is used as another criterion to filter trade signals. Values of the moving averages are generated from the current candle on the next lower timeframe of the active symbol. A signal for buy entry is indicated if the 6 LWMA is above the 85 LWMA, and a signal for sell entry is provided if the 6 LWMA is below the 85 LWMA.
- Momentum (period 14, price close) – The momentum indicator is used to check if the underlying market has enough momentum to carry a trade forward in one direction or the other. Momentum values are obtained from the three previous candles of the next higher timeframe for the active symbol. Just one of these three values must be less than 0.3 for a buy or sell signal to be confirmed.
When a trade signal has been generated and confirmed, the expert advisor will open a trade with a trade volume of 0.01. The trade thus executed comes with a discrete take profit and stop loss. While the stop loss appears to be 20 pips in expert settings, the actual stop loss value is greater than this nominal value by the amount of the spread at the time of trade execution. Meanwhile, the actual take profit value is not the same as the nominal value defined in Inputs (50 pips), but rather less than this value by the spread amount.
The 15 Minute Scalper Expert Advisor For MT4 – Exit Criteria
In testing, it appears that the 15 Minute Scalper Expert Advisor takes only one trade at a time. However, as testing continued, it became clear that the trading system can actually take more than one trade at a time. Trades taken by the expert advisor may be closed if they hit the take profit or the stop loss value. However, this is not always the case since the trail and breakeven functions are utilized.
When a trade bags at least 30 pips, its stop loss is immediately shifted to the entry price. After a while, if the trade gains more pips, its stop loss can be moved further when a total of 40 pips is earned. After this point, whenever the trade gains one or more points, the stop loss is adjusted continually until the trade hits the take profit, which is barely 10 pips ahead, or touches the new stop loss. Whatever the case, the trade under discussion is a sure winner.
The 15 Minute Scalper Expert Advisor For MT4 – Room for Improvement
It is found during testing that the 15 Minute Scalper Expert Advisor started taking trades very late. It did not immediately open trades when testing began. One reason could be that the algorithm considers several factors for trade entry, particularly the four technical indicators.
However, when one or two months passed by and the robot still did not initiate trades, the user might start thinking that there is something amiss with the program. Even so, the robot traded towards the end, and the algorithm seemed to work as designed. Still, users familiar with MQL4 coding are advised to take a look at the code and make necessary changes.