GCA Scalping Ranges EA
In the simplest terms this is a contrarian intra-day scalping system. Built to try and let correct trades run as far as possible and flip the trade when indicated.
The EA looks at historical daily trading ranges to lay out levels at which it takes long and short positions based on the statistical levels.
this system allows you to run back-tests to see which entries work best in the current market conditions and allows you to toggle them on and off for higher win rates if you so choose.
The EA takes 5 different trades, it takes an opening directional trade based on either VWAP or MA, this trade is set based on day trading session determined by the user.
The other 4 trades are based on contrarian trading, placing trades at the intra-day levels expecting reversion.
The system is built around index futures, mainly around S&P and the DOW but can be used an any futures contract mainly using AMP Futures to trade. The system is based on a statistical math equation so it could function with a little tweaking on any underlying that is a tradeable instrument such as crypto, forex, stocks, futures, even binary options could be interesting. However this is not the current functionality and the EA was not built around these products and my not function as intended on them, please be aware of this functionality and with request could come in the future.
The system has been run and tested extensively on /ES and /YM on the 5min and 15min timeframes with 15min seeming to be optimal.
Main EA Settings
- Magic Number
- Opening Trade Indicator: selection between moving average and volume weighted moving average
- VWAP Buffer: change the VWAP level that the system takes into account for the opening trade
- Trade On New Session: when loading the EA on a chart do you want the system to immediately enter a trade or wait for a new session
- Trading Session Open/Close: this is a time setting, telling the system when to start trading, close positions, and when create the daily trading range. This is set for CST/Chicago for trading the index futures translated to CST it is 5:00pm to 4:55pm
- Initial Trade bar Shift: this shifts the initial trade over to the next bar, set for 2 bars so this would enter the initial trade on the second bar after the session time started
- Lot Size: how many lots, contracts, shares, etc.
- Candle Close For Initial Stop Loss: this setting determines if the trades are exited upon touching the stop loss or if it exits upon candle close, statistically this is a coin toss for me. I have been trying to decide what I think is better and currently I default it to False, so the trade exits upon touch
- Market Open Entry: take a trade on market open
- +LVL 1 Short Entry: take a trade on the +LVL 1 level
- +LVL 2 Short Entry: take a trade on the +LVL 2 level
- -LVL 1 Long Entry: take a trade on the -LVL 1 level
- -LVL 2 Long Entry: take a trade on the -LVL 2 level
MA Indicator Settings
- MA Lookback Length: how far back do you want the MA opening trade indicator to look
- MA Shift: shifts the MA lookback
- MA Type: changes the type of MA used for initial trade signal
- MA Price Calculation: what point in the bar do you want the system to create the MA on
VWAP Indicator Settings
- VWAP Type: UNUSED, don't change
- VWAP Price Type: what do you want the VWAP to base its calculation on
- Enable (Daily, Weekly, Monthly, LVL 1, LVL 2, LVL 3, LVL 4, LVL 5): these are all to turn on or off the setting when using that buffer setting
- LVL (1, 2, 3, 4, 5) Lookback: user defined bar lookback for VWAP calculation
Scalping Range Indicator Settings
- Max EA Lookback: this is how far back the EA will calculate the levels
- EA Lookback: this setting determines the daily session range lookback, larger numbers increase the number of sessions that it pulls to determine the levels
- Session Box: used more for debugging, but is a nice visual to see session and make sure your time settings are correct
- Session Box Color: changes the color of the box