Forex Night Scalper Expert Advisor review:
The Night Scalper EA is a fully automated Expert Advisor that trades at night and relies on price reversion. The EA trades using market orders and uses time averaging to improve performance. This EA works best on EURUSD using the M5 timeframe, but will also work on AUDUSD, GBPUSD, NZDUSD, USDCAD, USDCHF and likely many more. A VPS is advisable when trading this system and a low spread and commission based broker is best. Check the comments for back test results and optimized settings.
- Fully automated
- High win rate aggressive scalping
- Risk money management
- Always a stop loss in place
- This system is NFA/FIFO compliant
- All you need is a VPS
- MagicOrderNumber – Unique number for the EA to identify its trades. Any integer.
- Lots – Number of fixed lots per trade if money management is off. Values from 0.01 to 50.0.
- Slippage – Slippage in pips. Values from 1 to 10.
- MoneyManagement – If turned on trade lot sizes are calculated on account risk, true/false.
- MoneyManagementRisk – Risk per trade if money management is on. Values from 0.01 to 0.1.
- AllowNewTrades – Turn this of to disable new trades, true/false.
- AccountProfitLock – If money management is on the EA will stop trading if the account balance drops to this fraction of the maximum account balance (0.5 = 50% of account balance). Values from 0.0 to 1.0.
- PositionComment– Allows you to set the position comment.
- TimeFrame – Timeframe drop-down selection to lock EA to a timeframe so that selection of the chart timeframe doesn’t affect the EA. When testing ensure the tester timeframe is set to the same value.
- CloseTimeFrame – Timeframe to use when looking to close positions.
- MaxSpread – Maximum spread in pips that the EA will trade. Values from 1.0 to 10.0.
- TakeProfit – The take profit (Setting to 0 disables). Values from 0 to 100 depending on the pair being traded.
- StopLoss – The fixed stop loss visible to the broker – Values 25 to 200 depending on the pair being traded.
- GMTOffsetHours – Offset in hours for your broker’s time zone – Values -12 to 12.
- StartCandleHour – Start bar hour – Values 0 to 24.
- EndCandleHour – End bar hour – Values 0 to 24.
- RSIPeriod – The RSI period used as entry signal – Values 1 to 40.
- RSIThreshold – The RSI threshold used as entry signal (Setting to 0 disables) – Values 0 to 40.
- RSIThresholdBuy – The RSI threshold used as entry buy signal (Setting to 0 disables) – Values 0 to 40.
- RSIThresholdSell – The RSI threshold used as entry sell signal (Setting to 0 disables) – Values 0 to 40.
- RSIClosePeriod – The RSI period used as close signal – Values 1 to 40.
- RSICloseThreshold – The RSI threshold used as close signal (Setting to 0 disables) – Values 0 to 40.
- RSICloseThreshold2 – The RSI upper threshold used as close signal (Setting to 0 disables) – Values 0 to 40.
- TakeProfitReductionMins – The reduction of TP in minutes – Values 0 to 1000.
- TakeProfitMin – The minimum TP for reduced TP over time – Values 0 to 10.
- ClosePositionsFriday – If enabled open positions are closed on Friday at the set time, true/false.
- ClosePositionsFridayLastHour – The hour to close positions on Friday – Values 0 to 24.
- ClosePositionsFridayMinutes– The minute to close positions on Friday – Values 0 to 59.
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)