Wave Scalper EA MT4
- Experts
- Robots4Forex Ltd
- Version: 1.9
- Updated: 1 July 2020
The Wave Scalper EA is fully automated scalping system that uses price action to identify good scalping trades and executes them with an invisible trailing stop loss.
It also includes a money management feature which calculates lot size based on account size and risk with an option to set a maximum draw down at which the EA will stop trading.
This is a long term strategy combined with money management which works well on most pairs, but predominantly GBPUSD, USDCAD, EURUSD, AUDUSD & USDJPY.
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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Monitoring Signals - https://www.mql5.com/en/signals/author/robots4forex?orderby=gain
Features
- Fully automated
- Risk Money Management
- Works on any account size
- Only one trade open at any time
- Always a stop loss in place
- No Grids
- No Martingale
Input Settings
General Settings
- TextColour - Colour of screen text
Order Settings
- MagicOrderNumber - Unique number for the EA to identify its trades - Any integer
- Lots - Number of fixed lots per trade if money management is off - Values 0.01 to 50.0
- Slippage - Slippage in pips - Values 1 to 10
- MoneyManagement - If turned on trade lot sizes are calculated on account risk - TRUE/FALSE
- MoneyManagementRisk - Risk per trade if money management is on - Values 0.01 to 0.1
- AllowNewTrades - Turn this of to disable new trades - TRUE/FALSE
- AccountProfitLock - If money management is on the EA will stop trading if the account balance drops to this fraction of the maximum account balance (0.5 = 50% of account balance) - Values 0.0 to 1.0
Entry Settings
- 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 1.0 to 10.0
- StopLoss - The fixed stop loss visible to the broker - Values 25 to 100 depending on the pair being traded, should be more than the inivisible stop loss
- InvisibleStopLoss - The stop loss invisible to the broker - Values 3 to 10 depending on the pair being traded
- TakeProfit - The take profit - Values 5-40 depending on the pair being traded
- BarLookBack - A bar count used by the algorithm - Values 5-30
- TooCloseBars - A bar count used by the algorithm - Values 5-30
- MaxLookBackBars - The maximum bar count that the algorithm will process - Values 500-1000
- TrailingStop - Enable an invisible trailing stop - TRUE/FALSE
- TrailingStopStart - Profit in pips where the trailing stop will start - Values 1.0-10.0
- TrailingStopPrecentage - Percentage of trailing stop - Values 10.0-30.0
- LimitedTradeHours - Limit hours of trading by listing hours not to trade comma separated - e.g. 5,8,12-15
Optimization & Defaults
Default input values are for GBPUSD, if using on other pairs optimization of InvisibleStopLoss, TakeProfit, BarLookBack, TooCloseBars, TrailingStopStart & TrailingStopPrecentage are needed to find the best results. Turn money management off when optimizing so that performance in the latter half of the test isn't weighted and better overall results are easier to spot. When optimizing, test over the last six month period, and when checking which settings are best, test a longer period of atleast two years to check out of sample data, this will reduce the chance of settings being overfitted.
