As far as I see its best to make sure any EA in the marketplace is proven by using your own money on a live account before actually purchasing a paid for product. This Forex Power Bar Scalper Robot is a free versionThe only difference is lot size has been fixed to 0.01 lots.
The concept is simple but effective. It only trades when the previous bar is above average size of the previous 19 bars. Usually, with large powerful bars like this it often means there will be a momentum in the markets in direction of power bar. Its this momentum which is the captured using some basic trade management methods.
- A purely mechanical system. Simply set and leave.
- No martingale.
- Risks are small per trade.
- Magic Number – A unique value to this EA so that if used alongside other EA’s within MT4 it can differentiate between all orders placed and only adjust orders placed by this EA.
- Slippage – If trade is opened and its past the expected price of trade by x points as specified here then the trade will not be opened.
- Lot Size – Adjusts the size of trade exposure we have. EG 0.01 on the EURUSD will mean every micro incremental point move will equal 1 pence. FIXED AT 0.01 LOTS IN FREE VERSION
- Stop Loss – Sets the size of stop loss from opening order price.
- Take Profit – Sets the size of take profit from opening order price.
- Break Even (if true Trailing Stop cancels) – True will move stop loss to break even level when in profit by amount set in Minimum Profit Till Break Even.
- Minimum Profit Till Break Even – The amount of profit required before break even is executed.
- Trailing Stop – Sets the size of our trailing stop.
- Minimum Profit To Trailing Stop – Sets the size of profit that is required before we activate out trailing stop.
- Power Bar – Sets the size needed for power bar to open trades.
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)