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:
- Scalper Expert Advisor For MT4
- How the Scalper Expert Advisor For MT4 works
- Scalper Expert Advisor For MT4 - INPUTS
- Scalper Expert Advisor For MT4 - BACKTESTING
- Scalper Expert Advisor For MT4 - CONCLUSION
When trading High-Frequency systems, most of us are limited by the time we have to spend in front of charts, other physiological factors or human emotions such as greed, fear, tiredness etc. Most of traders are limited by these factors, it makes trading harder, especially if we’re trading scalping systems which require high focus & attention.
This is where Expert Advisors come into play. Trading with a robot (EA) makes life easier for traders, basically a computer makes quicker & better decisions. Expert Advisors can be a life-saver especially for scalpers.
Expert Advisors can be good or bad. It all depends how you trade with it. If you pay no attention to it, Expert Advisors can blow your account. But if you pay attention on how you can improve your EA, you can do wonders with it.
Basically, an Expert Advisor does only what you tell it to do. It basically ignores any other factor which you / or your programmer, have not accounted for. Things like news, trading hours, outside factors etc. Which affect price movement, might put you in a large drawdown if you’re not careful.
But if you focus on limiting trading hours & finding your edge, you can make your life easier using an Expert Advisor.
I’m going to show you a Scalper Expert Advisor For MT4. This EA is called Parwaz & it works wonders on smaller timeframes. It has a dashboard which shows Total Trader & Profit/Loss. It works best whenever price moves quicker.
How the Scalper Expert Advisor For MT4 works
How it works is basically it places BUY/SELL Stops whenever price moves a certain way. It trails the stop whenever price moves in profit, if price moves against the trading direction, it will open a hedging stop X pips above the price.
This EA is designed to trade with small Stop Losses and bigger Take Profit. Unlike your regular 1 to 3 risk to reward ratio, this EA works best whenever we have a bigger risk to reward ratio. The default settings are 1.5 pips for Stop Loss and 30 pips for Take Profit. This is changeable but I’ve gotten fantastic results with these default settings.
This EA opens BUY/STOP orders, hedging current losing positions. It trails the stop every step (in pips), this is also changeable on input. This EA takes a lot of trades, it works best on active Major Pairs.
Scalper Expert Advisor For MT4 - INPUTS
If you’re trading with Expert Advisors, the best thing is to have it customized. The more you can play with your EA, the more you can optimize it to find the best results.
PendingOrderDist - This input sets the distance between pending orders, in pips. The default settings is 0.0. When this input is 0.0, the distance between pending orders is automatically set to the current order Stop Level.
StepModify – This input sets the distance between modyfing orders / trailing stop loss. The default setting is 2.0, so 2 pips. This indicates that the EA will trails the stop loss whenever price moves 2 pips in profit.
StopLoss – This input sets the stop loss of pending orders (in pips). The default setting is at 1.5 pips. You can obviously play around with it & figure out which setting works best, but as I stated before, this EA works best with a High RRR.
TakeProfit – This input sets the Take Profit of pending orders (in pips). The default setting is at 30 pips.
MoneyManage – This is a boolean input, which means you can either set it to True or False. If this setting is True, each order will be risking a % of account size (which you can control with PercentRisk input). If this setting is False, each order will have a fixed Lot Size.
PercentRisk – This input sets the risk of trades in percent. Current setting is 10.0 which is way too high in my opinion. You can play around with it and see what works best for you.
LotSize - This input controls the LotSize of trades. Works only if MoneyManage is False.
UseTimeFilter – This input allows you to make the EA trade only during certain time periods.
TimeStartTrade – This input controls the starting time for trading (Works only if UseTimeFilter is True)
TimeStopTrade – This input controls the ending time for trading (Works only if UseTimeFilter is True)
MaximumSpreadLimit – This input controls the Maximum Spread allowed for trading
As you can see, you can play around with the setting & figure which works best for you. You have a lot of options here. My favorite setting is UseTimeFilter. This allows us to trade during a certain time, which is the most important factor when Scalping.
Scalper Expert Advisor For MT4 - BACKTESTING
Here we go, I know all of you have been waiting for this part. At the end all we care about is results. To be honest, this EA’s backtesting results depend a lot on the pair & time of backtest. For example, we got these results testing on USD/CHF (10/20-11/20, 15m TimeFrame).
USD/CHF Backtest -
GBP/USD Backtest -
As you can see, we didn’t get the best results. The EA went up to +40% in profit but ended up losing the momentum & going in large draw-down (-72%). This is the reason why we need to restrict trading times for scalping EA’s & monitor it very carefully.
But hold on, we’re not done yet. When testing on other pairs such as GBP/USD, we get way different results. (10/20-11/20, 15m TimeFrame).
Here we have gotten much better results. As you can see, we ended up profiting +40% just from a month of trading. The EA went +100% in profit but it lost some of its momentum later during the month. The Win Rate was way higher than on USD/CHF. This shows that trading successfully with Expert Advisors has to do a lot with What and When. Meaning what do we trade and when do we trade.
Scalper Expert Advisor For MT4 - CONCLUSION
This Scalper Expert Advisor can be very profitable if used carefully. If you backtest it enough & find your sweet-spot with a certain Pair & trading-time, you can make a lot of money with it. You need to be careful to not blow your account / risk a lot of money though when trading with this Scalper EA. It all depends on your patience & rational thinking as a trader.