Candle Scalper EA
The Candle Scalper EA is a fully automated Expert Advisor that trades based on price action. The EA trades using market orders and uses averaging to safely turn otherwise negative trades positive. This EA works best on EURUSD using 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
- Not sensitive to spread
- Always a stop loss in place
- Hedge accounts only
- All you need is a VPS
- MagicOrderNumber - Unique number for the EA to identify its trades. Any integer.
- Lots - Number of lots for the first trade in a group. Values from 0.01 to 50.0.
- Slippage - Slippage in pips. Values from 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 from 0.01 to 0.1.
- StartLotBasedOnBalance - If enabled lots are increased based on the account balance, true/false.
- StartLotBalance - Account balance per lot increase. Values 200 to 2000.
- AllowNewTrades - Turn this of to disable new trade groups, true/false.
- AccountProfitLock - If money MoneyManagement is on and StartLotBasedOnBalance is off 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 from 0.0 to 1.0.
- PositionComment - Allows you to set the position comment.
- 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 - The fixed stop loss - Values 25 to 200 depending on the pair being traded.
- TakeProfit - The invisible take profit. Values from 2 to 20 depending on the pair being traded.
- TakeProfitCommissionPips - Adjustment of take profit to cover commission costs and improve gain - Values 0.0 to 3.0.
- RSIPeriod - The RSI period used as entry signal - Values 1 to 40.
- RSIThreshold - The RSI threshold used as entry signal (Setting to 0 disables) - Values 0 to 40.
- MAPeriod - The RSI Average period used as entry signal - Values 1 to 200.
- TS - Stop loss distance calculation factor 1 - Values 0.5 to 10.0.
- TM - Stop loss distance calculation factor 2 - Values 0.5 to 10.0.
- Averaging - If turned on averaging is used to recover negative trades, true/false.
- AveragingIgnoreEntrySignal - If enabled averaging trades ignore the entry signal, true/false.
- AveragingStep - The negative move in pips against the current trade to trigger the next averaging trade. Values 5 to 100.
- AveragingMultiplier - The lot multiplier for averaging trades. Values 1.0 to 2.0.
- TakeProfitStaging - If enabled take profit is reduced depending on the number of positions open, true/false.
- TakeProfitStaging1PositionCnt - Number of positions before stage 1 take profit is used. Values 1 to 20.
- TakeProfitStaging1TakeProfit - Take profit in pips for stage 1. Values 0 to 100.
- TakeProfitStaging2PositionCnt - Number of positions before stage 2 take profit is used. Values 1 to 20.
- TakeProfitStaging2TakeProfit - Take profit in pips for stage 2. Values 0 to 100.
- TakeProfitStaging3PositionCnt - Number of positions before stage 3 take profit is used. Values 1 to 20.
- TakeProfitStaging3TakeProfit - Take profit in pips for stage 3. Values 0 to 100.
Optimization & Defaults
Default input values are for EURUSD M5. If optimizing, optimization of RSIPeriod, RSIThreshold, MAPeriod, TS, TM, TakeProfit, StopLoss and AveragingStep are needed to find the best results.