DO NOT BACKTEST/RUN EA WITH DEFAULT PARAMETERS, RECOMMENDED SETTING CAN BE FOUND IN COMMENTS
Steady Scalper is an EA designed for high-winning ratio to stably increase your equity. SL and TP are always used. No dangerous strategies like martingale/grid are involved. Four trading strategies are designed to capture the daily trend comprehensively. All of them consider daily pivot points, resistance and support levels, and open trades based on high-frequent RSI (the applied time-frame) information. The differences of the strategies exist in the way how an intraday trend is determined
1. Use daily high and low prices;
2. Use daily open, high and low prices;
3. Use daily open and current prices; and
4. Use daily high, low and current prices.
Monitoring signal: https://www.mql5.com/en/signals/713223
(GBP/USD, m1, recommended parameters, fixed 0.01 lot, and all strategies are allowed).
At all times, only one open trade per direction is allowed, to reach the maximum risk/reward ratio. Also, this EA does not trade often, only
5-8 trades per month to maintain a steady growth of your balance. Trading strategies have their own advantages. To help you understand this,
please see the last screenshot, where complete runs of optimization over 2016-19 were peformed with 0.01 lot per $100 balance, and all
possible combinations of turn on/off the four trading strategies. You can customize the trading portfolio at your own demand.
Trades are only opened during quiet times (usually before daily rollover time), so no harsh requirements on ping speed are needed, and no need to turn it off during news time. As a scalper type EA, the TP level is small so that a broker with tight spread/low commission is recommended. Leverage level depends on your risk appetite, and a low leverage 1:30 is usually enough for a small lot, say $100 balance per 0.01. If you are an aggressive trader and can tolerate more temporary losses, then a high leverage above 1:100 is recommended.
The recommended timeframe is M1 and the pair is GBP/USD. The recommended parameters are optimized
for M1 of GBP/USD, and you only need to adjust the risk level you want, e.g. fix lot amount or money management style. It is possible for the EA to
trade more pairs and timeframes. If experienced in backtesting, you are welcome to work on your own choices. The recommended backtesting
datasource is Tick Date suite v2 (99.90% quality) with variable spread. If use the broker's tick data, please select a spread of 10.
The backtests shown in the screenshots are performed using recommended parameters and the 99.9% quality data with
variable spread. The % profit wins exceeds 97% over 2016-2019, with an incredible net profit % with high risk tolerence,
i.e. 0.01 lot per $25 balance (over 50000%). Even with relatively low risk (0.01 lot per $100 balance), over a longer period of 2011-19, net
profit % still exceeds 1000%, % profit wins is 95+%, and a low DD <30% is maintained. Please see screenshots for details.
The recommended parameters can be found below (or in 2nd screenshot), please change them manually for m1 GBPUSD.
See https://www.mql5.com/en/market/product/47294 for a lite version of this EA.
Parameters ( recommended value as in comts):
FLots ( 0.01) – fixed lots;
MM ( true) – Money management, no (fixed lots) or yes (variable lots);
Bal ( 100) – if MM=yes, then per $bal will open 0.01 lot. For example, if you want to open 0.01 lot per $100 balance, set bal=100;
Rsi ( 8) – averaging period for the RSI calculation;
rh ( 80) – overbought level of RSI;
rl ( 20) – oversold level of RSI;
TP ( 80) – takeprofit level, in points;
SL ( 800) – stoploss level, in points;
DD ( 50) – used for strategy 1 only, how many points lower/higher than PP shall we tolerate to consider a change of direction;
St1-st4 (all true) – strategy indicator, yes/no for 1-4;
Mon-Fri (all true) – trading days indicator, yes/no;
TradeHour ( true)– trading hour indicator, yes/no for strategies 1-3;
StartHour - EndMinute (start in 23and 00, end in 23and 50) – start hour/minute and end hour/minute for trading strategies 1-3;
SHour4 ( 18) - EHour4 ( 23)– Start/end trading hours for the strategy 4;
MAGICMA (any number but 0) – magic number;
EAcomment (any) – EA comment.