Forex Advanced Scalper Expert Advisor review:
Advanced Scalper is the result of more than 15 years of studying the markets and programming expert advisors. It uses very advanced exit-algorithms and has a build in spread-filter and slippage-control algorithms. It is fully customisable to suit the client’s needs and offers many setup possibilities. Of course there are also recommended settings which will be available in the comments-pages.
The basic logic of the EA is already running for more than 3 years on live accounts with success. These results will also be posted in the comments-pages.
In theory, the EA can be applied to any low spread market that has good liquidity, though I recommend these currency-pairs in particular: EURUSD, USDJPY, GBPUSD and XAUUSD.
The EA can be used in 2 ways (at the moment):
- Fully automatic trading, using a High/Low breakout system for entry calculations. This mode can be run on any timeframe, but for more secure entry points, I recommend using H1 or H4.
- As a tool for manual trading strategies, where the trader can pick the entry points, or in combination with other EA’s for setting the entry points, and the Advanced Scalper EA will use its advanced exit-algorithms to follow up those trades.
In the future, new entry-strategies and/or exit-strategies might be added to the EA, but only if they pass my strict quality control.
Main Characteristics of the EA
- Strict use of stoploss on every trade
- very advanced SL-management
- spread filter to avoid trading during bad market conditions
- slippage control algorithm, to avoid bigger losses during heavy slippage
- fully automatic mode, with adjustable entries
- exit-strategy can be used on any manual trade(s) or on trades from other EA’s
- survives strict high quality backtests, with real variable spreads, commission and random slippage at 99% tickquality
- Proven live results on “high balance” accounts and with several different brokers.
It is recommended to use the EA on brokers with low spread, low commission and fast execution. Also a broker with STOPLEVEL=0 will work best (=minimum distance to put SL).
Most ECN Brokers have these qualities.
- spread/slippage filters -> Here you can set the spread filter and the slippage control
- time filters -> here you can set friday-stophour as well as the NFP filter
- other filters -> here you can set various options, like Virtual SL mode and preferred chart-information
- Strategy 1 – Trade Entry management -> here you can set the various parameters to determine the entry of the trades
- Strategy 2 – Manual trade settings -> here you adjust the selection of trades for manual trading, or monitoring of trades from other EA’s
- Trade Exit management -> here you can set all the different exit-strategies, SL and TP management
- Lotsize Settings -> here you can set the method of calculating the lot size for Strategy 1
- Trading Hours -> here you can determine during which hours the EA should be active (for Strategy 1)
Copy and paste the file into the MQL4 Experts folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Experts (paste here)