NIGHT OWL is a night scalper that trades during the most quiet times of the market.
Markets tend to range in that period and the EA will trade those ranging movements.
Each trade will have an initial stop loss and take profit, but the EA uses also advanced SL management algorithms that will evaluate the strength of the trades and close out early if necessary.
The EA works on all pairs that have stable spread and quiet moves during the night. But it is programmed to also handle bigger spreads without too much loss of performance.
The EA also has a spread filter and slippage filter to prevent trades being opened in markets that are moving too volatile.
The user can also set the desired trading hours for each day.
Already optimized for EURUSD, USDCHF, GBPUSD, USDCAD, GBPAUD, GBPCAD, GBPCHF, EURCHF, EURAUD, EURCAD and AUDCAD!
For latest presets: https://www.mql5.com/en/users/strueli/blog
- Trades during quiet market hours
- SL on each trade to protect capital
- Smart SL and TP management based on market movements
- Good Risk/Reward, especially for a scalper
- Developed for M15 timeframe
- Spread filter
- Slippage filter
- Backtests show stable result from 2007-2017
- Comment - define the 'comment' of the trades
- MagicNumber - define the unique magic number of the trades
- Max Slippage Allowed - set the maximum allowed slippage
- Max Spread Allowed - set the maximum allowed spread
- Maximum Daily Range size - define the maximum range of the Day
- AutoLotMode - set the lot size management type
- StartLots - fixed lot size to be used
- Risk_Per_Trade - define the max risk when trades hit SL
- LotsizeStep - set the amount of capital to be used for each 0.01 lot
- OnlyUp - when enabled, the EA will never lower lot size when using autolotsize
- Max number of Trades - maximum allowed open trades
- Minimum distance between trades - minimum distance between two trades
- Range size - Define the relative size of the range to trade (by determining how many candles to use)
- Range Roughness - defines the edge of the range
- Range entry Point - defines how from the edge the entry should be
- Range strength - defines how strong the liquidity should be
- Use only BID price for calculations - when enabled, the EA will only use the BID price for all calculations
- Stop Loss - initial stop loss
- Take Profit - initial take profit
- Trailing SL Start - when to start the trailing SL (0=de-activated)
- Trailing SL Size - size of the trailing SL
- Trailing SL Step - minimum step before changing the Trailing SL
- BreakevenStart - when to set breakeven
- BreakevenPlus - extra amount above breakeven to set the SL
- Close all open trades when total pips in profit - when set to X pips, the EA will close all open trades if the total pips are equal to these X pips
- Close Trades after X minutes and Y Minimum pips profit - time based exit strategy
- Minimum pips profit - minimum pips profit when using the time based exit strategy
- Close trade at X pips from other side of range - how far from opposite side of range should trades be closed
- Minimum pips profit before close at other side of range - minimum pips profit when using the opposite range side closing
- Time filter - set the start time and stop time for trading each day
- StartHour - hour on which the trading should start (for each day)
- StartMinute - minute of that hour on which the trading should start (for each day)
- StartHour - hour on which the trading should stop (for each day)
- StartMinute - minute of that hour on which the trading should stop (for each day)
Notice: The default trading hours are set for brokers with GMT+3 (summer) and GMT+2 (winter). Please adjust to your broker's GMT timing!
- Added support for EURUSD M5
- Added new parameter "Use only BID price for calculations"
- Added GBPUSD support
- fixed minimum distance problems
- Added choice of entry modes