Thank you for trying the Scalprobot. We are pleased with any feedback so feel free to give some.
This EA is not made to produce triple digit monthly returns, but to help traders getting more consistency in their trading. However the strategy is very suitable to make steady results with a minimum time of monitoring. Yes, ALWAYS keep monitoring.
The interesting thing of this EA is that it enters trades when markets retrace.
The scalp robot builds a sequence of trades where you can decide when to start it, which profit you like and which money to risk.
Below we explain about the different settings and what it means.
Below the setting for a $1K account using the scalprobot.
You can use the M5 default set files for demo testing or back testing. Make sure your broker offers enough tick data or the back test will be useless.
If you prefer to trade not often, but with high risk reward ratio, increase the time frame.
In all cases a VPS is recommended or leave your computer ON.
Swing distance: default 150
The price move before a trade is entered calculated in points distance from the 200EMA
Lot size: 0.01 (from 1K account size)
Recommended is 0.01 lot per $250 account size.
Take profit in points: default
SL option: Fixed points
Put that on fixed points. SL in account % could be tricky, since some brokers use different calculations for this.
SL in points: default (600 pips). If you set it at 20 pips, each single trade will be stopped out at 20 pips loss. The higher the SL, the longer it will trade in grid mode.
Account risk %: default
The scalpmode means that TP is taken fasten then when you put this on false. In case its FALSE the TP will be exactly the amount that you enter in “Profit in $ to Close Overall Trades”.
Long trades: true
High swap rates could make you go long or short
Short trades: true
High swap rates could make you go long or short
Use collective close: true
This means that all open trades will be closed when the TP in USD is hit.
Profit in $ to close overal trades: $5 per 0.01 lot (i.e. $10 when trading with 0.2 lot size)
This is the amount you want to make to take profit using all open trades.
Max spread: 30 point (eurusd but in gbp pairs set it at 90 points) Make sure you set this wide enough in order to not miss any trades.
Distance between trades in points: 60 points (M5)
This is the difference between consecutive trades. On M15 you can choose 60 points to 300 points. Both settings work, although 300 is considered as less risky.
Number of candle distance: default
Use price move: false
Number of days to hold: default
Send Email: false
Magic number: default (in case you use the EA in multiple charts – make sure to change each magic number per chart into a random 5 digit number)
Make sure your max spread input is corresponding with the selected pair. By default you could set it at 90 for back testing purposes.
After you tested this EA you can start playing around with the preset files and see if you can optimize your EA for the maximum results.
Bear in mind there is no “perfect setting” due to constant changing market conditions.
If you switch this off the EA will only take a profit if the Profit in USD is hit. The scalpmode means it will hit take profit sooner.
Try to put it on 150 and run it in a M15 chart. Eurusd is the pair to test it. You will see much more trades coming though. The swing mode is the difference in points between the entry price and the 200 EMA.
Single trade mode
We prefer this EA running in a grid mode, but you can opt to make it a single trade EA.
Settings for that are as follows:
Take profit in points: 300 (100 pips)
Stop loss in points: 200 (50 pips)
Use collective close: false
Distance between trades: 500
Now the EA will enter a trade with a SL and TP per trade
Put it on “true”
Candle level: 60
This means the EA will enter after a reversal once the trend happened for a longer period. You can test it from 30 to 120. The higher the number, the less trades you will see.
Price move in points
Keep it at false.
Days of week
We have experienced that over time the EA performs better if no trades are taken on on Fridays. Therefore we usually switch off the EA on Thursday night, but only when there are no open trades. In case there are any, just leave the EA running.
Long / Short
For testing purposes we long and short are enabled by default. However, if a market tends to look oversold or the swaps are killing, you can opt for just long or short.
Please note that an EA is not a matter of plug and play. Always monitor your account and try to avoid high volatility.
Although this EA can run in full auto mode, we highly recommend to manually set up this EA when possible. Thats why we built the long/short trade parameter.
Set up an H1 chart like showed below using the following indicators:
RSI (levels 20/80)
Bollinger bands (standard deviation 3)
As you can see the market seems oversold.
Zoom in on M5 chart:
Change the parameter in the settings to
long trades: true
short trades: false
Now the EA will not take any short position, but only long if all rules are met. We like to do this set up one hour before a session starts, but it should work 24 hours. Your entry will take place anywhere within the red square.
People ask us many times “can you not program these extra indicators to automate this?”. Yes, of course we can. However, in case there is some volatile news, you might not enter any trade. Therefore we push our users to always have a look first before entering a trade.
If you feel the odds are in your favor, you could set scalpmode at OFF. This means that the TP in USD will be the target.
Risk warning: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particularly trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk. Variables such as the ability to adhere to a particular trading program in spite of trading losses as well as maintaining adequate liquidity are material points which can adversely affect actual real trading results. Currency trading involves high risk and you can lose a lot of money.
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