Forex Pips Scalper Expert Advisor review:
The Forex Pips Scalper Expert Advisor uses a simple universal scalping strategy based on speed of price movement. The EA’s logic: buy if the price spikes up 10 pips in less than 15 seconds, and the opposite for selling. Trading decisions can be reversed. The ReverseSignal parameter is responsible for this action. If ReverseSignal = true, we sell if the price spikes up 10 pips in less than 15 seconds, and the opposite for buying. Trading is performed by market orders, Market Execution is used, Take Profit and Stop Loss are placed after order execution, they are modified in accordance with the EA settings.
There is always one market order, and number of trades depends on a time frame selected on this currency pair — maximum one trade per one bar. It uses tick data for signals, so a reliable broker and good Internet connection are required. It is recommended to use the EA on VPS.
Remember that tick scalpers are very demanding of operational environment. Variable spreads and slippage decrease the mathematical expectancy of trades, and stop levels undermine your ability to secure profits.
- BalanceRisk — traded lot is calculated based on risk per trade;
- Lots — fixed lot if BalanceRisk = 0;
- TakeProfit — take profit;
- StopLoss — stop loss;
- MaxSpread — maximum spread for opening trades;
- Comment — a comment to trades;
- Magic — magic number;
- Acceleration — price acceleration step;
- PriceSpeed — price acceleration speed in seconds;
- ReverseSignal — trading signal reverse;
- MaxAttempts — the maximal number of attempts to open an order;
- DelaySeconds — pause between attempts;
- Slippage — maximum slippage;
- ShowInfo — display/hide information on the trading;
- TextColor — displayed data color.
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)