This simple strategy, executed with limit orders, makes slippage your friend.
The extended Take Profit sets no limits to profits, often profits far above the normal scalping profit are achieved. See screenshots below.
No martingale, no grid, always just one order open with StopLoss.
The default settings are for GBPUSD M5 chart.
Timing is important! Set SetUTC (GMT) according to the timezone of your broker! More info in Comments.
For a correct backtest download M1, M5, H1, D1 and W1 data for the test period.
SetUTC – timezone. Default set UTC=2 is best, used by many brokers
Pair: Future versions may trade other currency pairs (in preparation)
Auto_Moneymanage: automatic money management On or Off
MiniLots: if true, Auto_Moneym. has steps of 0.01 lot
MaximumRisk: % of account free margin set on risk for a trade
Lots: lot size if Auto_Moneym. is disabled
StopLossBuy: distance of stop loss
TakeProfitB: points profit when a buy order is closed
Then follow same setting for Sell orders
HrFriStop: hour EA stops opening orders Fridays (24 = disabled)
HrFriClose: hour when the EA closes open orders Fridays (24 = disabled)
magic: magic number
DrawLines: draws Highs and Lows of former days, weeks in the chart. Mouseover shows the name of the line.
- The EA orientates on these lines. More info in the description of the indicator: Support Resistance Free
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SetUTC – timezone. Default set UTC=2 is best, used by many brokers
Pair: Future versions may trade other currency pairs (in preparation)
Auto_Moneymanage: automatic money management On or Off
MiniLots: if true, Auto_Moneym. has steps of 0.01 lot
MaximumRisk: % of account free margin set on risk for a trade
Lots: lot size if Auto_Moneym. is disabled
SetUTC – timezone. Default set UTC=2 is best, used by many brokers
Pair: Future versions may trade other currency pairs (in preparation)
Auto_Moneymanage: automatic money management On or Off
MiniLots: if true, Auto_Moneym. has steps of 0.01 lot
MaximumRisk: % of account free margin set on risk for a trade
Lots: lot size if Auto_Moneym. is disabled
StopLossBuy: distance of stop loss
TakeProfitB: points profit when a buy order is closed
Then follow same setting for Sell orders
HrFriStop: hour EA stops opening orders Fridays (24 = disabled)
HrFriClose: hour when the EA closes open orders Fridays (24 = disabled)
magic: magic number
DrawLines: draws Highs and Lows of former days, weeks in the chart. Mouseover shows the name of the line.
- The EA orientates on these lines. More info in the description of the indicator: Support Resistance Free
StopLossBuy: distance of stop loss
TakeProfitB: points profit when a buy order is closed
Then follow same setting for Sell orders
HrFriStop: hour EA stops opening orders Fridays (24 = disabled)
HrFriClose: hour when the EA closes open orders Fridays (24 = disabled)
magic: magic number
DrawLines: draws Highs and Lows of former days, weeks in the chart. Mouseover shows the name of the line.
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