The Rebate Scalper EA's operation is based on the grid strategy with averaging by martingale and ability to lock the whole grid in case of its drawdown.
The EA trades by a signal of the Ozimandias indicator. If the signal of the indicator is found in the red zone, a sell order is opened. If the signal is in the blue zone, a buy order is opened.
The EA does not wait for a change of the signal, it trades all the time. I.e. if an order is closed by take profit, a next order is opened right away. In doing so, the EA performs a great number of trades and gives a trader an opportunity to make money not only from the trade profit but also on rebates.
Advantages of the Expert Advisor
The EA is not a "black box" with odd lot sizes, averaging ratios and buy signals. A vast and intuitive list of external variables allows a trader to set the EA according to his/her trading preferences. Cautious trading with small lots and reasonable profit or aggressive trading strategy with large drawdown - everything can be set as a trader wishes. Also:
- any timeframe (recommended one is М15)
- any currency pair, metals
- selection of a trading direction (BUY and/or SELL)
- placing a lock order with a ratio (unlocking the hedge)
- only one grid order is opened on one bar
- the grid is plotted by limit orders (accurate entry, no re-quotes)
- the EA works only with its own orders
- the EA determines a number of decimal places (set values as for 4-digit quotes)
- drawdown is limited (in account currency and/or as percentage of the deposit)
- breakeven level is displayed on the chart; its size and color are adjustable
- Trade Buy - allow Buy trading;
- Trade Sell - allow Sell trading;
- Grid Step, pips - step between grid orders in points;
- TakeProfit, pips - take profit in points;
- Initial lot - initial lot size;
- MaxGridLevel - maximum number of grid orders;
- MaxLot - maximum size of the lot in the grid;
- LotMult - lot multiplier for the second and subsequent orders;
- Magic EA - EA's magic number;
- Lock USE - enable/disable a lock option;
- LockDist, pips - distance from the last order in the grid to place a locking order. If set to 0, the distance is equal to spread;
- KLock - lock order multiplier; not used if set to 1;
- SLLock - stop limit for a lock order; not used if set to 0;
- MagicLock - magic number of a lock order;
- Breakeven - show breakeven levels;
- ColorBuy - breakeven level color for Buy;
- WidthBuy - width by Buy;
- ColorSell - breakeven level color for Sell;
- WidthSell - width by Sell;
- MaxDD - maximum allowed drawdown in base currency units (disabled if set to 0);
- MaxDDPercent - the same as MaxDD but as percentage of the deposit balance (disabled if set to 0);
- Amplitude - indicator setting.
If the trader sets the levels of SLLock, SLKLock and LockDist variables to values less than spread size, the locking orders will be placed with the following conditions:
for SLLock and SLKLock - spread*1,5;
for LockDist - spread*2.
1. The lock order is split in two
the first one (Lock) - lock order equal to the volume of the grid locked orders.
the second one (KLock) - lock order multiplied by KLock.
2. If SLLock is 0, two oppositely directed KLock orders are placed.
The first one is at a Lock order level, while the second one is at an order grid breakeven level.
The entire order grid is closed only after one of KLock orders reaches the breakeven.
Attention! SLKLock level should not exceed an opposite Klock order one.
KLock - lock order multiplier;
SLLock - stop limit for a lock order (if 0, the algorithm for using two KLock orders is enabled);
SLKLock - stop loss level for KLock orders;
MagicLock_k_sell - magic number for Sell grid lock orders;
MagicLock_k_buy - magic number for Buy grid lock orders;
TradeMaxxDD - trade after MaxDD limitation is triggered.