ExoraScalper is a breakout-capturing momentum scalper designed to efficiently capture sharp price movements moments before they occur.
The core strategy logic is based on the concept of finding the rate of change of price movement and immediately placing pending orders in the direction of that movement. If the move is fast enough it will trigger the pending order. If not, the pending order will be canceled after a defined period of time. This is different from the usual "HI-LO" support/resistance channel breakout strategies commonly out there. In this system, no technical analysis indicators are necessary as entry points are based on a mathematically objective definition of a breakout.
The default stop loss is set to a small size of around 5.0 pips (50 points for 5 digit broker). This ensures risk is very small. There is no take profit limit- the gain potential is infinite.
This system does not use hedging, martingale, grids, or other similar toxic methods of trading. Stop losses are always used for every trade.
Pairs + Timeframes
Start with either GBPJPY and or USDCAD on the M1.
Following pairs can also be used: EURUSD, and GBPUSD on the M1 timeframe.
- Test with minimal risk first
- Use VPS for minimal network latency to the broker's server
- Use a leverage of 1:100 or more
- Low spread + low commission + low slippage is advisable
- Minimum balance best above $100
- Keep total execution time as low as possible (below 300 milliseconds is best) to minimize slippage
- Choose a broker that provides FIX-API accounts and use a FIX-API bridge connector to minimize execution time
- MagicNumber - Must be an integer i.e. "111"
- TradeComment - To add to EA Comment i.e. "EXORA"
- Leverage - The default account leverage i.e. input "500" if leverage of your account is 1:500
- MaxSpread - Must be a value greater than average spread. Default = 2.5
- RecordSpread - Writes the spread in the EA comment
- ShowPanel - Set to true to show panel information on the chart. Set to false for fast backtesting and for efficient live testing
- DeleteObjects - Deletes objects on the main chart
- MaxLots - Set the broker's maximum allowable lot size limit
- UseMM - Set to true to use Money Management based on risk size. Set to false to use fixed lots
- Risk - Risk size amount
- FixedLots - Set a fixed lot size amount if UseMM = false
- StopLoss - Set the strategy stop loss in points. Default = 50 points
- TrailingStep - Points the current price must move to adjust the trailing stop. Default = 30 points
- TrailingStop - Points the trailing stop will trail against the current price. Default = 20 points
- BreakEvenAfter - Threshold the current price must reach before activating breakeven stop. Default = 35 points
- BreakEvenTo - Points where the breakeven stop will be placed from order open price. Default = 25 points
- BuySignal - True to enable buy signals
- SellSignal - True to enable sell signals
- UberMode - This allows for extra pending orders at additional price levels
- Stringency - This sets frequency of trades. Default level is set to 1. For EURUSD set to 0.7. Higher value = less trades + higher expectancy.
- GMTHourOffset - Allows for manually shifting start and end hour to adjust for summer/winter time changes
Version 2.4 - The system has been drastically simplified and the interface made as minimalist as possible for ease of use. No need for complicated parameter settings which lead to curve fit bias. I believe that Occam'z razor applies for the design of financial trading algorithms especially for scalpers and HFT strategies aiming for deposit overclocking where less elements and lines of code means less drag.
It is now possible to backtest using Open Prices model.
Full list of parameter sets files can be found here.
Currently tested this with IC Markets with some success so far. Currently testing with FXPIG. Other brokers and pairs may be tested in the future.
To test for your execution time I recommend using this.
2. Upgraded with faster backtesting
It is now possible to backtest using Open Prices as well as record the current spread in the comment for each pending order and trade.
2. Added the option to use either a system of trailing with a breakeven method or a special class of trailing method, 'SpecialTrail'. The breakeven method is to be used in more noisy markets like XAUUSD which is prone to high slippage. SpecialTrail can be used on more workable pairs like GBPJPY for smoother performance
2. Streamlined more of the code
2. Added extra panel features including average slippage and total trades per strategy
2. Added 'Leverage' to parameter inputs to allow for lot size adjustment when brokers change account leverage i.e. during high impact news
3. Added more detailed panel information for things like risk, loss in pips, slippage, and strategy sets
4. Corrections made for use on 4 digit brokers to test on nano / fixed spread accounts
2. Adjustments made to allow for trading on the XAUUSD pair.
Example: MagicNumber="111" becomes "11101" for strategy 1, "11102" for strategy 2, "11103" for strategy 3.