The Scalpel Expert Advisor has been designed to works better in EUR/GBP chart at 1 minute timeframe.
DOWNLOAD
(8.06KB) Version Scalpel_1
Scalpel EA
Expert Reviewed
| Our rating: | Rated 3 out of 5 stars |
| Avg rating: | Rated 0 out of 5 stars |
| Type | EA |
| Pairs | EURGBP |
| Time frames | 1 minute |
| Market sessions | ASIA, AMERICA, EUROPE |
| Required experience | beginner |
| Compatibility | MT4 |
| Code | Source Code |
| License | Free |
Updated: 05/10/2010
Screenshots and Videos
Expert Reviews
Expert Technical Review
by Mario Nuonno - expert rating: Rated 2 out of 5 stars
How the software works
This EA uses a very complex data combination to perform trades, these data come from different sources and three fixed different timeframes: one minute, thirty minutes and four hours.It also uses a CCI indicator applied to the median price (High Low)/2 with customizable period through the respective parameter.
Main settable options
The configurable options of this indicator are:Lots = -5 If Lots are negative, it means the percent of free margin is used.
TakeProfit = 40 TakeProfit in pips.
StopLoss = 340 StopLoss in pips.
TrailingStop = 25 Value for the trailing stop in pips.
CciPeriod = 14 Period for the CCI indicator.
CciLimit = 75 A value level for the CCI indicator. Do not Change.
MaxPos=1 Open positions allowed in one dir.
Interval=0 Minutes before adding a position (0=not used)
Reduce=600 Minutes before reducing TP by one pip (0=not used)
Live=0 Minutes before closing an order regardless profit (0=not used).
Volatility=100 Volatility bars (positive>directional or negative>non dir.)
Threshold=1 Pip threshold for volatility
FridayClose=22 At what time to close all orders on Friday (0=not used)
slippage = 3 Do not Change.
Spreadlimit = 5.5 If the spread is above this level the EA, do not operate.
Magic = 123581321 Do not Change.
Our Technical Verdict
It is not a very easy EA to follow because it uses the high and low prices in combination with the traded volume to define the trades. We can’t say that is very complex, however, it will not be easy to handle for beginners.As with any EA, do not forget to test it first until you are very familiar with it.
Expert Usage Review
by Valeria Bednarik - expert rating: Rated 4 out of 5 stars
Designed for 1 minute charts in EUR/GBP, this expert advisor is designed to work with all Pound crosses. Despite it also works for 5 or 15 minutes time frames, the developer has made a point stating he always prefers the 1 minute chart, clearly indicating his scalping strategy, that may not suit for all kind of traders.
Scalping, which consists in taking advantage of small price movements, requires a quick mind and hand, and probably using an EA is the best way to avoid doubting and losing the quick entrance, and so the trade.
Keep in mind you have to have your 1 minute history data downloaded and complete to make this EA work, check here:
- Download Historical Data for Metatrader 4
- Strategy Tester Mismatched chart errors
I will highly recommend to test this EA before using it in real accounts, and apply it to 5 minute charts, where it also works fine, avoiding the extreme 1 minute volatility, and be extremely careful with stop loses.
Scalping, which consists in taking advantage of small price movements, requires a quick mind and hand, and probably using an EA is the best way to avoid doubting and losing the quick entrance, and so the trade.
Keep in mind you have to have your 1 minute history data downloaded and complete to make this EA work, check here:
- Download Historical Data for Metatrader 4
- Strategy Tester Mismatched chart errors
I will highly recommend to test this EA before using it in real accounts, and apply it to 5 minute charts, where it also works fine, avoiding the extreme 1 minute volatility, and be extremely careful with stop loses.
Loading. Please wait...
Leave a Comment
Notify me when someone comments
The FXstreet.com’s Metatrader section only provides information about addons and acts like an open database of technical indicators, expert advisors and scripts. The Metatrader section, including addons, reviews and backtests, may also be subject to change without any previous notice. Addons, reviews and Backtests are for educational purposes only and are not meant to be interpreted as trading recommendations. All addons, backtests and reviews are developed by third part developers and FXstreet.com can not be held responsible for the eventual inaccuracies, losses and profits that might occur when using those tools. All Addons must be tested in a demo account before using in a real account.
hai, how to make it work? thanks