MetaScalper performs well when the market moves fast and decisively. Pending orders are opened on almost every candle (in the direction dictated by a set of indicators and at the start of each One Hour candle) and in a manner dictated by the sensitivity algorithm. If the market is slow and indecisive, pending orders will be placed further away from price action and vice versa. Opening pending orders is scrutinized by the same sensitivity algorithm and if conditions are not favorable, a pending order is deleted. In addition, the lifespan of each pending order is only one hour.
MetaScalper protects your trading capital by hidden as well as visible stops. Trailing stops and breakeven stops are also utilized by the system and are also not visible to the broker. A perfect trading robot should know when to get in; more importantly, it should know when to stay out; and most importantly, it should know when to get out once it's in. We know nothing is perfect - but we did try and spent the majority of our development work on the "when to get out" and "when to stay out" parts of the total solution. We believe our approach enhanced the stability, profitability and robustness of the system.
Profits are locked in using partial profit taking (as an option) or rely solely on the profits harvested by the trailing stop. MetaScalper also allows you to trade fixed lots, or lots calculated by the robot based on your risk appetite.
Remember – whether you buy an Expert Adviser or develop one yourself – there’s really only one ideal: trusting the system. If you cannot trust the system, you will not accept the losses, and in the end you will remove the system and embark on another search for a new solution or if you are the developer, go back to the drawing board to start coding a new one or make positive changes to the existing one.
MetaScalper extracts profits from up, down or ranging markets, resulting in a return stream that exhibits very low correlation with traditional offerings that has been flooding the market the last few years. This system was not built to fit the past – it contains as much common sense as analytic firepower.
Find the right broker
- Only ECN Brokers with deep liquidity.
- Only VPS setups within milliseconds from Data Center.
- Real HFT scalping.
Do not even consider purchasing MetaScalper if you cannot find a suitable broker.
Although we tested the EA on quite a number of currency pairs, we would advise the users of this system to trade the EURUSD exclusively. However, if you find a broker that can indeed supply proper spreads, commissions and stop levels for some or all of the other pairs, proceed to test them all on demo accounts first. The possibility of creating a powerful portfolio of currency pairs is then quite real. The Executive Reporting Panel is already structured for a portfolio.
- OnScreenReporting - if yes, the Executive Reporting Panel will be visible on the chart.
- KeepChartClean - if yes, the system will clear the screen of lines and arrows, etc.
- DynamicLotSize - if yes, the system will calculate appropriate lot sizes. If not, the system will look for a fixed lot size.
- EquityPercent - if system hits Stop Loss, the trader will lose this percentage of his trading capital.
- FixedLotSize - just what it says - the system will use this lot size for trading (fixed).
- MaximumLots - maximum lot size the system is allowed to trade.
- doTrailing - give the system permission to use trailing stops.
- doBreakEven - give the system permission to set a proper breakeven.
- doPartialClosings - proper objectives are available to the trader.
- BrokerSL - broker will be able to see this stop loss.
- PendingPips - for pending orders.
- MaxSpread - set proper spread.
- Slippage - set proper slippage.
These are just basic settings for general testing purposes. For the clients who bought the system, the full set of parameters will be forwarded.
This is a 1 Hour system BUT the client can attach the EA to a 30 MIN chart as well in order to trigger more trades. Only EUR/USD pair at this stage. The clients are welcome to test other pairs as well on demonstration accounts.
The methodology of triggering Buy Stop Orders and Sell Stop Orders was changed to accomplish above mentioned objectives.
Reporting (on screen) was adapted to reflect some of the changes.
(b) The Executive Summary has been updated to show more detail of the spreads that we see on our charts.
(c) A further reminder would be that there are a few outstanding issues that need to be addressed in the next few weeks regarding PORTFOLIO TRADING. So - once again - only trade the EURUSD pair at the moment. We will let you know when the final testing regarding PORTFOLIO TRADING is concluded.