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Solomon Chest

Solomon's Chest is fully automated scalper Forex robot which trades on ranging and slightly trending market. The trade entries are based on dynamic zones in all timeframes and with the most recent 30bars of all timeframes. Once opportunity level is determined, it will open trades right away. Each order is protected with hidden calculated Stop Loss level. Take profit level is also calculated. The real profit most of the time is actually taken from the trailing stop and with a breakeven point of 5.5pips. Base lot size is set to 0.01. Subsequent lot sizes are automatically calculated based on account equity and position of all open trades.


Features

  • A scalping EA that works best in M5.
  • It takes advantage of the ranging market that gives more accuracy.
  • You can use time filter on trading in case you don't want to trade at specific time. Broker's time is used in the filter.
  • You can choose day-of-week to trade.
  • Easy to set up.


Requirements

  • Symbols: EURUSD.
  • Timeframe: M5.
  • Maximum Leverage 1:500.
  • Minimum Leverage 1:200.
  • Fund deposit: Below $200o is risky. $2,000 or more is ideal fund to start.
  • Account type: non-ECN and ECN-ready.
  • Account currency: USD.
  • Can be used with any non-ECN broker.


Parameters

  • TargetAmount - Account Balance plus 10% (Less than 10% is safer).
  • CycleProfit - If a certain profit is reached at the Account Equity level, it will close all open trades to avoid too much reversal or drawdown.
  • Multiplier - default is 1.1. Setting to 1 makes it conservative. Higher than 1.1 is risky.
  • AllowedFreeMargin - default is 2,000. Lower is very risky. Higher is safer.
  • MaxRunningLoss - Running negative value of profit. When value is reached it will stop opening new trades.
  • iMagicNumber - Trades magic number.
  • BarsToCheck - Dynamic Zones strategy number of bars to check.
  • EntryPeriod - Number of bars to consider on one of the entry filter, Exponential Moving Average.
  • Conservative1 - Enables the filter to limit entry at the middle if Dynamic Zones.
  • Conservative2 - Set to 'true' to enable filter on Bar direction checking on H1, H4 and D1 timeframes.
  • Conservative3 - Set to 'true' to enable filter on Bar direction checking on W1 timeframe.
  • Conservative4 - Set to 'true' to enable filter on Bar direction checking on MN1 timeframe.
  • Conservative5 - Set to 'true' to enable filter on Reversing Bar direction checking on W1 timeframe.
  • Conservative6 - Set to 'true' to enable filter on Reversing Bar direction checking on MN1 timeframe.
  • EnvelopeIdea - Enables the filter using Envelope indicator.
  • ReverseTrade - Enable if you want reverse trade.
  • MaximumTrade - Maximum number of simultaneous open trades.
  • RSIob - Overbought checking using RSI.
  • RSIos - Oversold checking using RSI.
  • ProfitProtector - If trades are in the positive profit, this will ensure profit to be taken before reversing.
  • Trailing - Trailing stop.
  • Sure - Breakeven plus a certain number of pips to ensure profit.
  • -
  • Tail: Reversing bar tail length for checking.

Trading Days and Time

  • Sunday: default 'false' - It will not trade on Sunday.
  • Monday: default 'true' - It will trade on Monday.
  • Tuesday: default 'true' - It will trade on Tuesday.
  • Wednesday: default 'true' - It will trade on Wednesday.
  • Thursday: default 'false' - It will not trade on Thursday.
  • Friday: default 'true' - It will trade on Friday.
  • Saturday: default 'false' - It will not trade on Saturday.

Time Filter

  • UseTimeFilter: default 'false' - Set it to 'true' to trade specific hours on each day.


Recommendations

  • Use EURUSD M5 chart for better performance.
  • Use a dedicated low-spread (2.5pips and below).
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