Forex NY Close Scalper Robot review:
Before you buy a night scalper please be aware of the risks involved:
1) Past performance is no guarantee of future profitability (the EA could also make losses).
2) The backtests shown (e.g. in screenshots) are highly optimized to find the best parameters but therefore do not give a realistic prediction of future profitability.
3) Any mean reversion can get caught on the wrong side of a fast movements due to unexpected news or flash crashes. This strategy will always use a stop loss, but still execution of the SL depends on your broker.
4) Night scalpers are dependent on good brokerage conditions, like low spread and slippage, which might be worse on high lot sizes.
This is a mean reversion strategy around the close of the New York session. It does not use martingale or grid and uses fixed stop losses for every position.
Symbols: EURUSD, GBPUSD, EURCHF, USDCHF, USDCAD, EURAUD, EURCAD
Time frame: M5
Max. drawdown in 16 year backtest: $56 per 0.01
- dailyEquityStopPercentage: IMPORTANT: please read point 6 in the blog post.
- orderComment – Each trade will show this comment in history tab.
- magicNumber – individual magic number. The EA will only manage position of the chart symbol with this magic number.
- lotType – “fixed” or “increasing”, where the lot size is calculated automatically.
- fixLots – fixed lot size in case lotType = fixed.
- lotStep – how much the lot size should be increased every equityPerStep (if lotType = increasing).
- equityHardStop – if the equity falls below that level the EA will close open positions (only of this strategy) and will not open any new positions.
- pipInPoints – for 5-digit brokers, this should be 10, for 4-digit brokers 1.
- slippagePoints – Slippage used in OrderSend() function (points, not pips).
- maxSpreadPips – maximum spread allowed for entry. If smaller 0, auto settings will be used, which are different for each currency pair.
- liveGMToffset – To set GMT offset manually. Usually this is not needed.
- skipSunday – if true the EA will not open positions on Sunday (GMT).
- startHourGMT – when to start trading (GMT).
- endHourGMT – when to stop trading (GMT).
- waitMinutesBetweenSameSideEntry– After a buy position another buy position will only be allowed after the given time. Same for sell positions. If you are sleeping during the trading hours you could limit the potential total risk with this parameter. If the last hour was a loss the EA will automatically increase waitMinutesBetweenEntries by 15 minutes.
- dontTradeTripleNegativeSwap – If true, the EA will not open trades on before swapHourGMT when the swap is negative on days with triple swap rate.
- tripleSwapDay – Day at which tripple swap is applied. On most borkers it is Wednesday.
- swapHourGMT – Swap hour used if dontTradeWednesdayNegativeSwap=true.
- testerGMToffset – Only needed for tester because GMT time is not defined in tester and your bar data might have a GMT offset.
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)