Prospector Scalper EA MT4
The Prospector Scalper EA is a fully automated Expert Advisor that scalps during high volatility periods using a hybrid lot multiplication algorithm. The EA trades using market orders and hides its decision making from the broker. This EA will work on any pair but works best on EURUSD and USDJPY on the M5 timeframe. A VPS is advisable when trading this system. Check the comments for back test results and optimized settings.
Please note: I have made the decision to give this EA away and many more for free with limited support so that I can concentrate on Custom EA. If you wish to use this EA it will need optimising, and if you feel like sharing your settings please do so in the comments.
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- Fully automated
- Drawdown risk control
- Always a stop loss in place
- Only one trade open at any time per pair
- Hedge and Net account compatible
- This system is NFA/FIFO compliant
- No Grids
- All you need is a VPS
- MagicOrderNumber - Unique number for the EA to identify its trades. Any integer.
- Lots – Starting lot. Values from 0.01 to 0.02.
- LotMultiplier – Last trade loss lot size multiplier. Values from 1.5 to 2.0.
- LotMultiplierStart - Which trade in the sequence to start multiplying lots, higher values reduce chance of drawdown. Values from 0 to 100.
- LotLimit – Maximum lot size before giving up on the trade sequence. Values from 10 to 100.
- Slippage - Slippage in pips. Values from 1 to 10.
- AllowNewTrades - Turn this off to disable new trade sequences, true/false.
- TimeFrame - Timeframe drop-down selection to lock EA to a timeframe so that selection of the chart timeframe doesn't affect the EA. When testing ensure the tester timeframe is set to the same value.
- MaxSpread - Maximum spread in pips that the EA will trade. Values from 1.0 to 10.0.
- StopLoss – Stop loss per trade in pips. This is only an emergency stop loss, should be set higher than TakeProfitMax. Values from 50 to 200.
- TakeProfit – The invisible take profit increments in pips, should be small. Values from 3 to 8.
- TakeProfitStart – The initial invisible take profit in pips, should be small. Values from 3 to 8.
- TakeProfitMax – The maximum target profit in a sequence of trades. Values from 40 to 100.
- StopLossMultiplier – The invisible stop loss ratio to invisible take profit. Values from 0.4 to 1.0.
- EnterOnATR – Starts trade sequences on ATR increase, true/false.
- ATRPeriod – The ATR period used for volatility detection. Values from 3 to 28.
- ATRThreshold – The ATR threshold limiting when new trade sequences can start. Values from 4 to 14.
- ReverseEntry – Starts trade sequences against the current trend, true/false.
- LimitedTradeHours – Limit hours of trading by listing hours not to trade, separated by commas, for example: 5,8,12-15.
Optimization & Defaults
Default input values are for EURUSD M5. If optimizing, optimization of ATRPeriod, ATRThreshold, ReverseEntry, StopLossMultiplier and TakeProfit are needed to find the best results.