ElliotScalp EA

🔹 Overview

ElliotScalp EA is an advanced MT5 Expert Advisor designed for scalping and short-term trading using a smart combination of Elliott Wave structure, RSI, and Stochastic indicators.
It is built to trade efficiently in hedging accounts, allowing multiple positions and advanced loss-management techniques.

The EA focuses on high-probability breakout entries, strong risk control, and flexible position management.

✅ Key Advantages

✔ Intelligent Entry Logic

• Uses Elliott Wave–style price structure (based on fractals) to identify strong market impulses

• Confirms entries with RSI and Stochastic filters to avoid weak or false signals

• Trades only when conditions align, reducing over-trading

✔ Advanced Loss Management

• Multiple options to manage losing positions:

  • Averaging (Add Volume)

  • Averaging (Multiply Volume)

  • Fixed Stop Loss

  • Wait for Take Profit

• Full control over:

  • Averaging distance

  • Maximum number of trades

  • Maximum volume per trade

✔ Flexible Risk & Lot Control

• Supports multiple volume calculation modes:

  • Fixed lot size

  • Dynamic lots per balance

  • Risk percentage–based calculation

• Built-in limits to protect account from over-exposure

✔ Built-in Trade Protection

• Maximum spread filter to avoid bad market conditions

• Minimum distance between trades to prevent over-stacking

• Day & time filter to trade only during preferred sessions

• Optional Stop Trading mode to manage existing positions only

✔ Trailing Stop & Break Even

• Optional Trailing Stop Loss

• Optional Break Even after defined profit

• Helps lock profits and reduce drawdown automatically

✔ Manual Control Panel

• On-chart panel showing:

  • Open positions

  • Buy / Sell counts

• Buttons to:

  • Close all positions

  • Close only Buy or Sell positions

✔ Multi-Symbol & Multi-Chart

• Can be attached to any symbol

• Can run on multiple charts at the same time

• Use different Magic Numbers for full separation

⚠ Important Notes

• ✅ Designed for HEDGING accounts only

• ❌ Netting accounts are not supported

• All point-based inputs are optimized for 5-digit brokers

  • For 4-digit brokers, use 0.1× values

🎯 Who Is This EA For?

• Traders who prefer structured, rule-based trading

• Users who want controlled averaging, not aggressive grid gambling

• Scalpers looking for fast optimization and flexibility

• Traders who want manual override + automation together

🧪 Optimization Friendly

• Limited but powerful parameters

• Very fast optimization in Strategy Tester

• Works well across multiple timeframes (M5 to D1)