NY Close Scalper
This is a mean reversion strategy around the close of the New York session. It is a very simple strategy, but still it has been successful historically.
It is only designed for symbols: EURUSD, GBPUSD, EURCHF and USDCHF on M5 timeframe.
There are also auto settings EURGBP, but I am not using it on my signal account.
I would not use this as your only strategy, but it is a good addition to any portfolio. It will work effectively during times where other strategies that need volatility, like momentum or breakout strategies, will not.
Because the EA will trade around the New York close time (16:00 - 18:00 New York time), the GMT time will be different in summer compared to winter (DST: daylight saving time). But the EA has daylight saving times stored internally, so there is no need to adjust the trading hours manually.
For backtest you should use GMT offset 0 (or set testerGMToffset to the correct value) and don't adjust for DST, the EA will do the adjustment itself.
You can find backtest in the comment section. Because this strategy is trading around swap time the spread can be very large. It is important to use real spread in backtesting and not some fixed spread. But be aware that the spread can be very different between brokers at that time.
The EA should be turned off on days of important news, for example general elections in UK, US or Europe!
- orderComment - Each trade will show this comment in history tab.
- magicNumber - individual magic number. The EA will only manage position of the chart symbol with this magic number.
- lotType - "fixed" or "increasing", where the lot size is calculated automatically.
- fixLots - fixed lot size in case lotType = fixed.
- lotStep - how much the lot size should be increased every equityPerStep (if lotType = increasing).
- equityHardStop - if the equity falls below that level the EA will close open positions (only of this strategy) and will not open any new positions.
- pipInPoints - for 5-digit brokers, this should be 10, for 4-digit brokers 1.
- slippagePoints - Slippage used in OrderSend() function (points, not pips).
- maxSpreadPipsEURUSD - maximum spread allowed for entry on EURUSD.
- maxSpreadPipsGBPUSD - maximum spread allowed for entry on other symbols.
- skipSunday - if true the EA will not open positions on Sunday (GMT).
- startHourGMT - when to start trading (GMT).
- endHourGMT - when to stop trading (GMT).
- waitMinutesBetweenEntries - The EA will not check for new positions during the given duration. If you are sleeping during the trading hours you could limit the potential total risk with this parameter. If the last hour was a loss the EA will automatically increase waitMinutesBetweenEntries by 15 minutes.
- testerGMToffset - Only needed for tester because GMT time is not defined in tester and your bar data might have a GMT offset.
- To calculate GMT offset it will use MetaTrader 4 GMT time which depends on local PC time.
- Use MetaTrader 4 broker time for minutes and seconds (because local PC time could be off by a few seconds or more).
- Check only once on connection to the broker's server whether the MetaTrader 4 GMT time is correct. If it is not correct, an alert message will be shown.
Therefore, now the EA will determine the GMT offset itself and use broker time to calculate GMT time.
You have to allow web requests to http://currencystrength.de to use the automatic GMT offset calculation.
Also added a parameter testerGMToffset to enable backtests with GMT offset. Daylight saving time will still be applied automatically, so don't backtest with DST!