Order Block Scalping System
The system uses H4 Order Blocks and enters using a limit order that is automatically set when a H4 engulfing candle closes, at this time there is a stop loss and target automatically set and an alert sent to the user on the MetaTrader platform. The system has an 8-hour timeout which automatically removes the limit order if the trade has not been activated within the 8 hour period (MetaTrader must be open and running for this to take place). The system has the stop loss position pre determined and hard-coded into the EA, this stop loss position is based on the order blocks high or low (depending of the trade direction) this is automatically set and can not be adjusted in the settings although you may manually move the stop loss once the system has placed it. The take profit target is configurable and pre-set by the user, once it has been pre-set, it will automatically be placed at the requested risk:reward by the system on each trade.
The user can set the account risk but we have limited this to 3% max. The user can also pre-set the number of trades they would like to allow open at any one time.
When the trade reaches a risk:reward ratio that is pre-set by the user, the system can automatically move the stop loss to break even, this is to protect the account balance. The stop loss can also be left in the initial location.
The window in which the system is looking for the setup is configurable by the user. During back testing, it is recommended assessing which currency pairs work best for each trading time window that is applied and sticking to those currency pairs during that time window.
The user can choose which currency pairs are traded by typing each currency in the 'symbols' box in the system settings (each symbol must be separated by using a comma (,)