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Here is some help for scalpers who don't know or don't want to learn MQL.
These scripts are used to quickly setup a LONG or SHORT position with predefined TakeProfit and StopLoss values using basic money management.
The money management is implemented to ensure that you will not loose more than a predefined amount of you margin account.
The scripts have the following variables, which are used for fine tuning the script:
Code:
int Risk = 10; // Percent of acount to risk in percents
int TakeProfit = 10; // Take Profit in Pips
int StopLoss = 10; // Stop Loss in pips
int Slippage = 2; // Slippage in pips
bool ConsiderSpread = true; // Consider spread when calculating stop loss and take profit.
//+------------------------------------------------------------------+
//+------------------------------------------------------------------+
double MinimumLotSize = 0.1; // Use minimum lotsize of 0.1 lots
double MaximumLotSize = 10; // Use maximum lotsize of 10 lots
//+------------------------------------------------------------------+
//+------------------------------------------------------------------+
bool AskForConfirmation = true; // Show a confirmation dialog box before placing the order to market
( NOTE: The default risk factor is at 10% - relatively high, so you probably want to lower this to something like 2% depending on your risk tolerance )
Place both scripts in your experts/scripts folder and restart your MT4 terminal.
Thanks Nix, i've been looking for a script like this.
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Metatrader 4 - EA Live and Demo Hosting Solutions http://www.omegasupreme.com & Omega Trading Blog!
Hi, I'm newbie. I jus t wanna know what exactly scalping is, and which definitions are most common between brokers? which brokers with low spread allow this technique?
Hi,
I don't recommend to use NonLagDots at all because it's based on one of early versions of NonLagMA and uses wrong settings(don't use ColorBarBack=2).
When indicator re-paints on current bar - it's OK.
But when it re-paints previous bars - it's wrong (excluding some channels and fitting tools).
Please Check your PM, I need to talk with you, please PM me as soon as posibble
I am testing your setup the second day already.
I selected most difficult pair: GBPJPY. because we can expect most biggesr drawdown on this pair, and because of volatility of this pair, and because I expected many false signals (i just wanted to test).
First of all it is not the scalper in the way as brokers understand it: I set take profit to 20 pips and many orders are keeping opened for more than 1 or 5 minutes. It is just a trading on M5 timeframe. I mean that brokers will agree with this kind of trading.
I am using exact indicators you posted on the first page + some other indicators:
- Zee Zee indicator (it is same as CCI);
- some T3 indicator T3
So to use this system as manual trading it is necessary to open the orders using the scripts and to close the orders using close_order scripts and it is necessary to have some EA (there are a lot of them) to manage the trades according to the profit or equity.
How often this system is trading?
I opened just one order in the morning just to test: it still works or not.
To say a true: no any valid signals were on this system for GBPJPY since this morning up to now. So, if you are trading system system so you will probable will not trade often.
Instead of Stochastic_T3 (which is in elite section sorry) you may use standard Stochastic with the settings 5/3/3, MA method 'Linear Weighted'.
I am using all the Stochastic indicators and ZZi/CCI indicators are for estimating oversolded/overbought market condition. For example (from "Technical Analysis from A to Z"):
Code:
The CCI typically oscillates between ±100.
To use the CCI as an overbought/oversold indicator,
readings above +100 imply an overbought condition
(and a pending price correction)
while readings below -100 imply an oversold
condition (and a pending rally).
Code:
There are several ways to interpret a Stochastic Oscillator. Three popular methods include:
Buy when the Oscillator (either %K or %D)
falls below a specific level (e.g., 20) and
then rises above that level. Sell when
the Oscillator rises above a specific level
(e.g., 80) and then falls below that level.
And some more rules (thanks to nix as he estimated the general rules on the post #8 of this thread):
- everything is above pivot line is buy (i mean: if the price is above pivot line - uptrend generally).
- everything is below - sell.
- don't trade if the price is too far from the pivot line. Simple don;t trade this day.
- we can trade counter trend but it is difficult and I may explain more about it later. But it is more risky. But for now: open the order on the direction of the trend.
- don't keep the orders opened for the next day/week.
- don't use take profit less than 15 or 20 pips (because losses may kill your account if your profit is abouit 10 pips or less).
It is some my conclusion as a results of 2 day forward testing this system.
Why i like this system?
Because in some cases we may open the order on every close bar (in some cases) and we can use any MM we want including matingale and so on (it depends on deposit size as well).
-I have to decide manually the LONG or SHORT positions. EA will be opening the same positions until I reset EA and decide to take some other direction.
-EA will be opening for example long positions. Each time it will set TP=10 and SL=150. After it hits TP it will immediately open another position- direction is the one I set inside the EA (long or short)
This EA would fork fine in the trending markets, like is happening at the moment (USD). There is a strong trend, I can see it so I manually decide to take against USD (EURUSD -LONG).
Is there any EA which would be working like I described above? Is this EA considered as scalping EA?
-I have to decide manually the LONG or SHORT positions. EA will be opening the same positions until I reset EA and decide to take some other direction.
-EA will be opening for example long positions. Each time it will set TP=10 and SL=150. After it hits TP it will immediately open another position- direction is the one I set inside the EA (long or short)
This EA would fork fine in the trending markets, like is happening at the moment (USD). There is a strong trend, I can see it so I manually decide to take against USD (EURUSD -LONG).
Is there any EA which would be working like I described above? Is this EA considered as scalping EA?
Pipmaker Neo_Enhanced, modified by tiger wong (with SL)have this function.
U just need to set the right setting..
Find it in pipmaker thread.
Pipmaker Neo_Enhanced, modified by tiger wong (with SL)have this function.
U just need to set the right setting..
Find it in pipmaker thread.
Thank you, but Pipmaker is a sort of martingale strategy. In my situation, I don't want that EA opens another position until the first one is closed with SL or TP. When it hits SL or TP, then it should open a new positions with the direction which I decided to take.
For example, last few months we have strong uptrend at EURUSD. I would like to set EA that it will be opening the LONG trades all the time, but it will open a new trade after it closes the old trade (no matter if it hits SL or TP). So all the time there should be only one open trade with TP=10 and S=L150.
Is there any similar EA?
No indicators, just TP, SL and the function to open a trade LONG/SHORT.
Linear Mode
