- 7 Post By vincent
Profitable manual scalping system needs to converted into EA
I've been using a mannual scalping system, running either on M5 or M15 with quite good profit. However, it requires very fast actions. So I would like to share the system here and looking for someone to help me code it into fully automated EA.
1. System type: Scalping
2. Time frame: M5 or M15
3. Currency pairs: all - but recommend low spread pairs
4. Indicators used:
- Bollinger Bands (3 band for different deviation)
- Money Flow Index
- Market range filter and trend detection
- Candle reversal confirmation
- Trade on M5 or M15
- Trade when price is within first 2 BB, and there is a candle reversal confirmation signal; do not trade when price exceed first 2 BB and reach 3 BB (as it starts to be breakout)
- Sell only when trend (at least M30 is down), Buy when trend M30 is up
- Enter order in range market (ie. asia session, with low range under 25 pips)
- TP around MA
- Short trailing might be used to extend possible profit
- Using Buy/Sell stop to avoid sudden spike
- Would be great if this can be integrated with some slope indicator to follow trend for safer trade (like when M30 is up, EA open only buy order when there is signal for buy option)
***Optional - controlled martingale ***
As I was recommened by Kor4x, many of you are great at coding martingale systems, so i would describe some more ideas to use martingale for this scalping system.
- When orders are opened, not all the time they are correct; so if we dont want to see SL immediately, martingale can help
- All order levels will be with signal (say no to blind martingale)
- All order levels are processed in two steps (1) scalp for single order and (2) order group
- Need portional order closure. If second order must be opened, it will be treated as a simple scalping order first. If profit can extend to breakeven both order, then close all. Otherwise, just clode order level 2 with profit then close a portion of order level 1 to reduce floating. This can be repeated, so we rarely need to use level 3,4.
- Need to code dynamic lot size management
This could be a little complicated to code, but it really makes profit.
I've been using this method for mannual trade with good suceess but it is very tired to manage all orders.
Pls see attached image for further idea of this system. Trade results are on Instaforex with 3 fixed spreads (very hard to scalp, right); 1 insta lot = 1/10 standard market lot.
Last edited by vincent; 11-20-2012 at 09:45 PM.
can u share u'r arrow indicator in here please my friend
Originally Posted by vincent
please share your indicator in here...
Originally Posted by vincent
Scalping is my favorite system. But be sure you are using broker that allowed you to do scalp. I am using armada markets. They are currently the top forex broker for tick scalping EA's. Perfect trading conditions for scalpers because of the low spreads. Initially I also tried several brokers before choosing Armada, this is caused by a lot of positive reviews from friends who have used this broker.
Otherwise, just clode order level 2 with profit then close a portion of order level 1 to reduce floating. This can be repeated, so we rarely need to use level 3,4.????
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Last edited by Mashallah; 03-02-2016 at 04:58 AM.
where we can download the indicator