Buy the dip - sell the spike.
This simple strategy, executed with limit orders, makes slippage your friend.
The extended Take Profit sets no limits to profits, often profits far above the normal scalping profit are achieved. See screenshots below.
No martingale, no grid, always just one order open with StopLoss.
Live Signal: https://www.mql5.com/en/signals/1495331
Reaching 5% profit on that account at weekend the purchase price rises to USD 399.
The default settings are for GBPUSD M5 chart.
Timing is important! Set SetUTC (GMT) according to the timezone of your broker! More info in Comments.
For a correct backtest download M1, M5, H1, D1 and W1 data for the test period.
SetUTC - timezone. Default set UTC=2 is best, used by many brokers
Auto_Moneymanage: automatic money management On or Off
MiniLots: if true, Auto_Moneym. has steps of 0.01 lot
MaximumRisk: % of account free margin set on risk for a trade
Lots: lot size if Auto_Moneym. is disabled
StopLossBuy: distance of stop loss
TakeProfitB: points profit when a buy order is closed
EntryB: points the limit buy is set higher or lower, more info in comment #2
Then follow same setting for Sell orders
HrFriStop: hour EA stops opening orders Fridays (24 = disabled)
HrFriClose: hour when the EA closes open orders Fridays (24 = disabled)
magic: magic number
DrawLines: draws Highs and Lows of former days, weeks in the chart. Mouseover shows the name of the line.
- The EA orientates on these lines. More info in the description of the indicator: Support Resistance Free
Following settings for advanced users to deactivate trading at certain hours.
Start, stop and a pause can be set, seperate for buy & sell and for every day of the week. For Monday buy:
Then follow the sell settings and the same for next days. A day is completely deactivated if HourStart & HourStop are equal.
Note: A pause can be one hour or up to 10 hours.
The 'hundreds' before the 'pause-hour' number determines how many hours more the pause lasts.
A setting like: TueHourPauseS=509 means:
The pause for sell starts at 9 and goes on the 5 following hours, so here from 9-14. (14 included, still pause)
In the 'Experts' log a pause is indicated at the start of every hour with pause, for the case above: Pause Tue Sell hr 9-14
Before version 1.5 the Limit Scalper start and end hours were limited internally from 9 -19h.
With the added settings it is also possible to widen the trading hours- or to check if the strategy works with other pairs at certain hours.