🤖 EA name: Best Free Scalper EA
📦 Version: 1.6.2
💻 Platform: MT4
📈 Strategy: Night scalping
⏰ Timeframe: M5
🌍 Currency pairs: EURCAD, EURCHF and other
🌓 Trading time: Night session (USA, Asia)
📊 Monitorings: https://www.myfxbook.com/members/forexwallstreet/bf-scalper-ea/3231573
⏳ Test period: 2018.03.01 – 2023.04.01
🏛 Tick Data Provider: RannForex (TDSv2)
Real spread: ✅
Slippage: ❌
In order to download an adviser with tests, go to our telegram channel 👇
Job description of a trading advisor
The logic of the Best Free Scalper EA trading algorithm is very simple but effective – the EA uses Bollinger Bands breakouts to enter and exit signals. In my opinion, Bollinger Bands is the best technical indicator ever created – Thank you Mr. John Bollinger! I have tried many other indicators and strategies over the years, but Bollinger Bands have proven to be the best indicator for scalping market volatility.
Keep in mind that the effectiveness of this kind of trading is severely limited by the conditions of the brokers – do not even think about trying it on random brokers – only on well-known ECN brokers with tight spreads.
Acceptable stop loss levels vary from 20 to 60 pips. You can use a small fixed TP between 4-8 pips, or leave the exit logic to take care of the position.
The exit logic is also based on the BB indicator and closes the trade even at a loss when the price is near or breaks the opposite BB line. This commands the “BandBreakExit” parameter, which works best from minus one to plus one-two.”
Description of the trading advisor settings
Magic – magic number – it is extremely important to keep this different for all robots
MaxSpread – maximum allowed spread
TicksTrade – if it is “false” the logic will be executed at the beginning of M1 bar, otherwise it will calculate and trade on a new price tick. The TicksTrade is potentially more profitable, but I prefer to use M1 open for testing and optimizations as this is the only reliable method for EA testing and tuning.
StopLoss – stop loss value in standard 4 digit pips
TakeProfit – take profit value in standard 4 digit pips
BandPeriod – the period of the Bollinger Bands indicator
BandBreakEntry – breakout in 4 digit pips of the BB line to initiate an opposite trade (the value could be negative)
BandBreakExit – breakout in 4 digit pips of the opposite BB line to initiate closing of the existing trade (the value could be negative)
UseTrendFilter – change this to “true” if you want to trade only in the direction of the trend defined by the two MAs below. If you use the trend filter for Asian session scalping you will get higher profit factor, but less trades. Generally, you do not need trend filter for Asian session scalping, but if you want extra safety it will help.
MA_Fast_Period – period of the fast moving average
MA_Slow_Period – period of the slow moving average
MA_Trend_TF – timeframe of both MAs
TimeRestriction – by default this is “true” so the EA will trade only in the hours listed below. If you do not want to use the time filtration, change this parameter to “false”.
CTHour1 – 6 – six possible slots for trading hours. Values 0 – 23 activate the slot. Enter a large value like 55 to deactivate the slot. Best results from our experience are achieved 21 and 22 GMT. You absolutely must adapt this hours to your brokers GMT shift.
RecoveryMode – this parameter activates the drawdown recovery. Works when AutoMM>0
FixedLots – fixed trading lots when AutoMM=0
AutoMM – value greater than zero activates proportional money management, as example AutoMM=5 means 0.05 lots at 1000 account.
AutoMM_Max – maximum allowed value of the proportional money management when RecoveryMode is used.
MMTrades – number of history trades on base of which the drawdown of the RecoveryMode function is calculated
RecoveryFactor – drawdown positive compensation in percent of the drawdown
RecoveryMultiplier – trading volume multiplier in RecoveryMode
LossPausePips – pause after loss algorithm – loss in pips
LossPauseHours – pause after loss algorithm – pause in hours after loss greater than LossPausePips
The EA has high spread protection – this is crucial, because if you use limit orders as example you can’t control this and you will take some trades with 10 or even 20 pips spread – one such trade will erase the average profit from 10 good trade as the best average expectancy of this type of trading is 2-3 pips in the best case.
Conclusions on the trading advisor
The Best Free Scalper EA trading algorithm is a night trading scalper that exploits trading inefficiency during the night trading session – a return to the average price of a financial instrument. For profitable work, a broker with good conditions for the execution of trading orders and a low spread is required.
In order to download an adviser with tests, go to our telegram channel 👇