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Power Bar Scalper Free

As far as I see its best to make sure any EA in the marketplace is proven by using your own money on a live account before actually purchasing a paid for product. This EA is a free version of the EA Power Bar Scalper. The only difference is lot size has been fixed to 0.01 lots.  

The concept is simple but effective. It only trades when the previous bar is above average size of the previous 19 bars. Usually, with large powerful bars like this it often means there will be a momentum in the markets in direction of power bar. Its this momentum which is the captured using some basic trade management methods.

Although this is a Scalping EA it doesnt relly on tight stop loss and take profit rules. But works quite okay with Stop Loss and Trailing Stop settings of 100 points.

No martingales needed just a simple but excellent proven strategy. It is best traded as is on the 1Hr chart. I see it works on many markets and timeframes so i will say is down to the user to test 
and find their best market and settings. My favoured settings are : 

Stop Loss = 100
Take Profit = 0
Break Even = False
Trailing Stop = 100
Minimum Profit = 100
Power Bar = 0.3

Market = EURUSD 1Hr

With Power Bar setting you will find the higher, this number is the better the Profit Factor Ratio but the fewer the trades. I find 0.3 the most efficient setting.

I recommend playing around with settings till you find the best for your particular trade goals.   



FEATURES
  • A purely mechanical system. Simply set and leave.
  • No martingale.
  • Risks are small per trade.  


SETTINGS

SECTION_A

  • Magic Number - A unique value to this EA so that if used alongside other EA's within MT4 it can differentiate between all orders placed and only adjust orders placed by this EA.
  • Slippage - If trade is opened and its past the expected price of trade by x points as specified here then the trade will not be opened.  

SECTION_B
  • Lot Size - Adjusts the size of trade exposure we have. EG 0.01 on the EURUSD will mean every micro incremental point move will equal 1 pence. FIXED AT 0.01 LOTS IN FREE VERSION  

SECTION_C
  • Stop Loss - Sets the size of stop loss from opening order price.
  • Take Profit - Sets the size of take profit from opening order price.
  • Break Even (if true Trailing Stop cancels) - True will move stop loss to break even level when in profit by amount set in Minimum Profit Till Break Even.
  • Minimum Profit Till Break Even -  The amount of profit required before break even is executed. 
  • Trailing Stop  -  Sets the size of our trailing stop.
  • Minimum Profit To Trailing Stop - Sets the size of profit that is required before we activate out trailing stop.

SECTION_D   
  • Power Bar - Sets the size needed for power bar to open trades.   


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