FrankoWarhead EA is a new type of mean-reversion night scalper that trades an hour before spreads widen at night up to when spreads return to normal, 5 days a week. It has 6 built-in strategies and is already fully optimized for multi-currency pairs trading.
The core strategy logic relies on a long-only bias of the market price action. Exit mechanism is dynamical and stop losses are always used for every trade (set at 50 pips / 500 points). The EA is designed to operate at extremely high spreads i.e. greater than 10 pips (100 points).
This system does not use hedging, martingale, grids, or other similar toxic methods of trading.
Pairs + Timeframes
This system operates on 17 pairs: AUDNZD, CADCHF, CHFJPY, CHFSGD, EURCHF, EURGBP, EURNZD, GBPAUD, GBPCAD, GBPCHF, GBPNZD, GBPSGD, GBPUSD, NZDUSD, USDCAD, USDCHF, and XAUUSD on the M1 timeframe.
- Test with minimal risk first on an ECN account i.e. 1% per pair
- Minimal balance best above $100 per pair
- Use VPS for minimal network latency to the broker's server
- Use a leverage of 1:100 or more
- MagicNumber - Must be an integer i.e. "555"
- TradeComment - To add to EA Comment i.e. "FW"
- Leverage - The default account leverage i.e. input "500" if leverage of your account is 1:500
- CommissionPerLot - Add the currency commission per round lot. Default = 7
- MaxSpread_1 - Maximum allowed spread for strategies 1-3
- MaxSpread_2 - Maximum allowed spread for strategies 4-6
- RecordSpread - Writes the spread into the EA comment
- ShowPanel - Set to true to show panel information on the chart
- DeleteObjects - Deletes objects on the main chart. Useful to improve performance during live trading
- MaxLots - Set the broker's maximum allowable lot size limit
- UseMM - Set to true to use Money Management based on risk size. Set to false to use fixed lots
- Risk - Risk size amount
- FixedLots - Set a fixed lot size amount if UseMM = false
- StopLoss - Set the strategy stop loss in points. Default = 500 points
- Strategy 1-3 - These 3 strategies operate during the hour of spread widening
- Strategy 4-5 - These 2 strategies operate an hour before spread widening
- Strategy 6 - This strategy operates on the hour before the Friday closing time
- OneTradePerSession - Strictly only allows one trade to execute per session
Note that for Strategy 6, both long and short positions are taken, and stop losses are added into an open trade only upon the Monday market opening; weekend gaps render stop losses useless for weekend trades and opening price on the Monday may exceed the stop loss. If or when that happens, a dynamic stop loss mechanism will handle the rest of the trade to ensure a suitable exit.
- GMTHourOffset - Allows for manually shifting start and end hour to adjust for summer/winter time changes
- EA can be backtested using Open Prices
- Parameters window is kept simplified for ease of use
- EA is not strictly broker dependent due to ability to handle larger spread with large stop loss
- Set files can be downloaded as a complete Profile folder here
- Made adjustments to Strategy 6 to add the stop loss to weekend trades on the Monday opening