NY Close Scalper MT5
Before you buy a night scalper please be aware of the risks involved:
1) Past performance is no guarantee of future profitability (the EA could also make losses).
2) The backtests shown (e.g. in screenshots) are highly optimized to find the best parameters but therefore do not give a realistic prediction of future profitability.
3) Any mean reversion can get caught on the wrong side of a fast movements due to unexpected news or flash crashes. This strategy will always use a stop loss, but still execution of the SL depends on your broker.
4) Night scalpers are dependent on good brokerage conditions, like low spread and slippage, which might be worse on high lot sizes.
This is a mean reversion strategy around the close of the New York session. It does not use martingale or grid and uses fixed stop losses for every position. The same trading logic is also available as a MT4 version.
It is only designed for symbols: EURUSD, GBPUSD, EURCHF and USDCHF on M5 timeframe.
There are also auto settings EURGBP, but I am not using it on my signal account.
Backtests were done with the MT4 version.
Please read the blog post for instructions on how to set up the EA.
Because the EA will trade around the New York close time (16:00 - 18:00 New York time), the GMT time will be different in summer compared to winter (DST: daylight saving time). But the EA has daylight saving times stored internally, so there is no need to adjust the trading hours manually.
Please allow webrequests to the following URLs for the news filter and automatic GMT offset calculation:
For backtest you should use the correct GMT offset with testerGMToffset. However, the available data from MT5 brokers might not have a consistent GMT offset. Because this strategy is trading around swap time the spread can be very large. It is important to use real spread in backtesting and not some fixed spread. But be aware that the spread can be very different between brokers at that time.
The portfolio backtest image below is the result of MT4 real tick backtests using Tick Data Suite.
The EA should be turned off on days of important events, for example general elections in UK, US or Europe!
Be aware that past performance is no guarantee of future profitability and that optimized backtest results cannot provide a realistic prediction of future profitability.
- orderComment - Each trade will show this comment in history tab.
- magicNumber - individual magic number. The EA will only manage position of the chart symbol with this magic number.
- lotType - "fixed" or "increasing", where the lot size is calculated automatically.
- fixLots - fixed lot size in case lotType = fixed.
- lotStep - how much the lot size should be increased every equityPerStep (if lotType = increasing).
- equityHardStop - if the equity falls below that level the EA will close open positions (only of this strategy) and will not open any new positions.
- pipInPoints - for 5-digit brokers, this should be 10, for 4-digit brokers 1.
- slippagePoints - Slippage used in OrderSend() function (points, not pips).
- maxSpreadPips - maximum spread allowed for entry. If smaller 0, auto settings will be used, which are different for each currency pair.
- liveGMToffset - To set GMT offset manually. Usually this is not needed.
- skipSunday - if true the EA will not open positions on Sunday (GMT).
- startHourGMT - when to start trading (GMT).
- endHourGMT - when to stop trading (GMT).
- waitMinutesBetweenEntries - The EA will not check for new positions during the given duration. If you are sleeping during the trading hours you could limit the potential total risk with this parameter. If the last hour was a loss the EA will automatically increase waitMinutesBetweenEntries by 15 minutes.
- dontTradeTripleNegativeSwap - If true, the EA will not open trades on before swapHourGMT when the swap is negative on days with triple swap rate.
- tripleSwapDay - Day at which tripple swap is applied. On most borkers it is Wednesday.
- swapHourGMT - Swap hour used if dontTradeWednesdayNegativeSwap=true.
- testerGMToffset - Only needed for tester because GMT time is not defined in tester and your bar data might have a GMT offset.
1) Version 2.0 will not be able to read historic data files from earlier version. Therefore, if you don't want to miss a trading day please upgrade during the morning of a weekday (not weekend).
2) Please check that the new parameter dailyEquityStopPercentage is correct for your risk settings. The EAs will stop trading and close open positions if the equity falls below this level (in percent) compared to the equity at 17 GMT (or at initialization if initialized afterwards). If you withdrew or deposited money after 17 GMT it would cause this logic to not work correctly. Please see the blog post for more information:
- There are also default settings for two new pairs, USDCAD and EURAUD.
Backtests can be found in the blog post. They look good, but I only started to test them live in 2019. Therefore, I will only use them on small risk and also not on all signals.
- The EA will now use news filter on all symbols, but with shorter pause times after events compared to NightWalker.
- Added exitLossesOnStockMarketCrashTrigger parameter. Set it to true if you want the EA to close filled positions when the crash filter triggers. Default is false.
- Added parameters stopDayDecember and startDayJanuary so that users can decide whether or not to pause trading during the low liquidity period around New Year.
stockIndexSymbol - Here you have to insert the symbol for the S&P500 index, which is used for this filter. The default is set for ICMarkets where it is called "US500", but it might be different on your broker. To disable this filter, set the parameter to an empty string.
maxPercentageDecline - to prevent trading on days with an extreme decline in stock market during the last 8 hours. If it is 0, auto settings will be used, which are different for each pair in the range of 1.3 to 2.2 percent.
maxPercentageIncrease - to prevent trading on days with an extreme increase in stock market during the last 8 hours (0 = auto settings for each pair).
The EA has historic SP500 data stored internally since 2003, so it will also work on backtest (until the date of the last update). You don't have to change the stockIndexSymbol for backtests.