Scalping is attractive because it allows you to quickly take advantage of small but frequent price fluctuations.
However, scalping can be exhausting if you are doing it manually because you have to watch the monitor all the time. For this reason, we recommend using an automated trading software (EA) if you want to do scalping more efficiently.
This time, let's introduce “FXR_Scalper”, which is an MT4 expert advisor based on this scalping strategy found on our site here.
· EMA (period is 3)
· Bollinger band (period is 18)
This EA will place a buy order if the following conditions are met (a sell order is placed in the reverse conditions).
- EMA surpassed Bollinger Band's moving average
- MACD is 0 or more
- RSI over 50
This entry logic is only confirmed when a new candlestick is created.
For buy orders, stop loss is set 4 pips below the Bollinger band moving average (4 pips above the moving average for sell orders).
In the case of a buy order, the exit is done if one of the following conditions is met (the opposite is true for a sell order):
- EMA below Bollinger Band Moving Average
- MACD is 0 or less
- RSI 50 or less
You can also set take profit via the EA’s parameters. ATR stop and trailing stop can also be used.
This trading strategy is perfect for accurately capturing the beginning of a trend. In the test results, the win rate is never high (at around 30% or less), but the profit of winning trade is much greater than the average loss of losing trade.
- UseATRStop - Defines whether the EA uses ATRStop or not. If true, the EA sets stop-loss based on ATR.
- ATR - Multiplier of ATRStop.
- Lots - Order quantity
- BandPeriod - The period used for BolingerBands calculation
- MAPeriod - The period used for MA calculation
- Shift - Shift of indicators
Note: Backtest results may be optimized. Also, the backtest results may differ from the trading results when using a live trading account. Please understand this point before you use this EA.
Download the "FX_Scalper" MT4 EA from the button below
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.