The Stalker Elite

This is a simple but sophisticated scalper designed to grab the big, quick moves - always ready to pounce.

The STALKER ELITE works by waiting for when the market starts moving quickly and then pounces with quick acting trades. It does this by placing pending buy and sell stop orders above and below the current market price and regularly updates these orders regularly to ensure no false triggers. If the market has a sudden move in any direction, one of these trades will be triggered and the money management system kicks into place to complete the trade. It is ALWAYS stalking the market so we do not miss any unexpected moves.

Features

• Operates on market action only - no complex indicators or theories. If the market is moving, this strategy will take advantage of it
• Simple fast acting scalper probing for quick market movements
• NEWS FILTER to keep out of messy times around big news events (optional)
• TIME FILTER: Have EA running only in the times and markets you want
• Tight stop losses to protect capital
• Tight trailing stop to lock in quick profits
• Best pairs are USDJPY, EURJPY, EURUSD and GBPUSD
• Performs best in volatile or quick moving markets
• Quick spread protection
• Extremely low drawdown

Inputs

• Money Management: You can choose to trade a percentage of your balance (e.g. 10%) or at fixed lots
• Pending Distance: Distance (in pips) above and below the current price where it places pending stop orders
• Pending Update (seconds): Time in seconds when it updates pending orders
• Maximum Spread (pips): Upper limit of maximum spread before orders are deleted
• Seconds to wait after maximum spread is reached: When spread protection is activated, it waits for a period of time before placing orders again
• Stop Loss (pips): Initial hard stop loss that is placed with an order
• Take Profit (pips): Initial take profit that is placed with an order
• TRAILING MODE: You can toggle this field to choose either 'percentage of profit' or 'fixed pips'
• Breakeven: Value in pips of where it will place a breakeven level to ensure trade is not a loser
• TRADING TIMES (GMT): You can set the EA to start and stop at certain times of the day
• NEWS FILTER: You can turn this on, so that it will close all orders before major news events. This is a great feature and we generally only use it for high impact news events
• Currencies for news: Simply input the three-letter currency code in capital letters with a space in between for all news events that you want to stay out of
• Show news on chart: By turning this on, you will have a list of all upcoming news events associated with your currency pairs
• Minutes to close orders before news: Type in minutes before news to close all pending orders
• Minutes to open orders after news: Type in minutes after news that you want pending orders to be placed again
• Magic Number: This can be any number as long as it is unique for all EAs on one account. This helps manage multiple trades from different EAs without getting confused with each order
• Order Comment: You can use this to help identify where the trades were initiated from
• Points in 1 pip: If you like to use points instead of pips, you can change this value
• Open Trade with SL and TP: This is for brokers accepting instant orders with complete SL and TP in original order. If your broker does not, set this to false and an initial order will be placed and then modified instantly.

Important requirements

To make the NEWS FILTER work

• Since we cannot use DLLs in MQL5, we use a different method and you have to make an adjustment in MetaTrader 4...

In Tools->Options->'Expert Advisors' tab, there is "Allow WebRequest for listed URL:" list. Put http://www.forexfactory.com/ff_calendar_thisweek.xml in there to make it work.

As a scalper, it works best with an ECN broker with tight spreads, although settings can be adjusted to accommodate larger spreads with slightly reduced performance.

Use of quality VPS or VIRTUAL HOSTING is important to ensure EA is live 24/7 to catch the moves.

BackTesting: Please backtest with high quality tick data only and you will be in for a pleasant surprise. We have found that backtesting is very close to live results except for spread protection or being disabled at news events.