Histo Scalper Expert Advisor For MT4

Histo Scalper Expert Advisor For MT4



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:

  1. Histo Scalper Expert Advisor For MT4
  2. The Histo Scalper Expert Advisor For MT4 – Entry Criteria
  3. The Histo Scalper Expert Advisor For MT4 – Exit Criteria
  4. The Histo Scalper Expert Advisor For MT4 – Rooms for Improvement


The Histo Scalper Expert Advisor For MT4 is an advanced algorithmic trading system developed for MT4 platform. As a scalper, the robot attempts to acquire a few numbers of pips on every trade and then patiently waits on the sidelines for the next trading opportunity to present itself. This trading system uses multiple confirmation tools for trade entry. Eight technical indicators are utilized for this purpose. All of them must be in agreement before a trade entry is taken.

This robot is suitable for use by intermediate and advanced algorithmic traders. For the most part, the eight technical indicators used must be exported to the correct folder in the MT4 directory to allow the robot to read their data. This is because the robot uses the iCustom function to get values from the custom indicators. If they are not placed in the default indicators directory, no trades will be executed on the trading account. In addition, the system provides several options for the user to work on, and it is important that the settings are carefully chosen so that the robot works as intended and generates a profit.

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The Histo Scalper Expert Advisor For MT4 – Entry Criteria

The Histo Scalper Expert Advisor for MT4 runs routine checks on every new candle prior to looking for trade opportunities. First, it checks if the active chart has enough number of bars. Also, the account’s free margin is inspected to find out if the trading account has enough free money to take on new trades. When the checks are successful and the options for opening trades are enabled, the robot will loop through all the indicators to look for trade entry.

The eight technical indicators being used are not the typical indicators everyone normally sees online and uses in their trade analysis. These indicators are custom indicators created by the robot developer. As can be seen in the image above, the eight indicators are plotted on separate sub-windows in the current symbol and are displayed as histograms. The histogram can only be empty or filled. If empty, the histogram gives a bullish signal. If filled, the histogram is considered bearish. A valid buy signal occurs if all eight indicators have empty histograms, and a valid sell signal takes place when all eight indicators have filled histograms (see image above for a sample sell trade).

The indicators used by this trading system and their default settings are defined below:

  • Custom average directional movement index (period 14, price close) – The ADX is used to gauge market momentum. If the positive DI is above the negative DI, this is a buy signal. If +DI is below -DI, it is a sell signal. This custom indicator uses a histogram to display the signal on the chart.

  • Custom average true range (14) – The ATR measures market volatility. In this custom indicator, a value above 25 is bullish signal, below it is bearish.

  • Custom Bollinger bands (period 20, deviation 2) – This is the standard setting for Bollinger bands. How the robot determines a bullish or sell signal rests on the code used in the custom indicator.

  • Custom bears-bulls indicator (period 14) – This is not a standard indicator, possibly a combination of the Bulls Power and Bears Power built in MT4 platform and used as oscillators.

  • Custom commodity channel index (period 14) – This is the standard setting for the CCI. As an oscillator, the CCI gives overbought and oversold readings. If the CCI line is above 100, that is considered overbought, so a bearish signal is indicated. If below negative 100, it suggests that the security being considered is oversold, so the market might reverse in the near term; thus, the signal is bullish.

  • Custom moving average convergence divergence (12, 26, 9) – This is the standard MACD setting. In theory the MACD indicator can be traded in numerous ways. A crossover of the main line and signal line is one type of entry. Crossing the zero line from below is a bullish signal, and crossing it from above is a bearish signal. One popular way of using the MACD for trading is divergence. This means that the indicator gives a signal opposite to price movement. The MACD is a powerful tool for trend and momentum trading as well as it is derived from moving averages. Normally, when MACD line is above zero, this is considered a bullish signal, below zero is bearish.

  • Custom relative strength index (14) – This is also standard RSI. Like the MACD, the RSI oscillates between two extremes, normally 30 and 70. Beyond 70, the RSI is said to be overbought, below 30 oversold. An overbought reading is considered a bearish signal, and an oversold reading is taken as a bullish signal.

  • Custom stochastics (5, 3, 3) – This standard stochastics deviates between the 20 and 80 levels. A value above 80 is read as a bearish signal (overbought), and a value below 20 is considered a bullish signal (oversold).

The trading system requires all eight indicators to give one signal (buy or sell) before a trade entry is taken. If that signal exists, a buy or sell trade is immediately executed, and only one trade can exist on the current symbol at any one time.

The Histo Scalper Expert Advisor For MT4 – Exit Criteria

The Histo Scalper Expert Advisor for MT4 always sets a stop loss and take profit to all open trades. The default stop loss is 20 pips, and the default take profit is five pips. Managing open trades is simple, and by default the robot does not actively monitor open trades. Live trades are closed when price hits either the stop loss or take profit price. Breakeven and tailing stop functions are available, but they are disabled by default.

The Histo Scalper Expert Advisor For MT4 – Rooms for Improvement

The Histo Scalper Expert Advisor for MT4 is not yet suitable for live trading as the strategy tester gives uninviting results at the time of testing. Further demo testing in various trading instruments might present different results. Though time-consuming, back-testing using optimization might give a clue as to the potential of the robot in the long term and uncover some hidden combination of parameters that will lead to profitability. One area that every interested user should look into more deeply is how the trading system performs with different adjustments of stop loss and take profit. As agreed by most traders, the ratio between risk and reward can make or break a trading system, manual or automated.


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