Prospector Scalper EA

The Prospector Scalper EA is a fully automated expert advisor that scalps during high volatility periods using a hybrid lot multiplication algorithm. The EA trades using market orders and hides its decision making from the broker. This EA will work on any pair but works best on EURUSD and USDJPY on the M5 timeframe. A VPS is advisable when trading this system. Check the comments for back test results and optimised settings.

Forward testing signals – https://www.mql5.com/en/signals/author/robots4forex

Features

Fully automated
Draw down risk control
Always a stop loss in place
Only one trade open at any time per pair
Hedge and Net account compatible
This system is NFA/FIFO compliant
No Grids
All you need is a VPS

Input Settings

Order Settings

MagicOrderNumber – Unique number for the EA to identify it’s trades – Any integer
Lots – Starting lot – Values 0.01 to 0.02
LotMultiplier – Last trade loss lot size multiplier – Values 1.5-2.0
LotMultiplierStart – Which trade in the sequence to start multiplying lots, higher values reduce chance of draw down – Values 0-100
LotLimit – Maximum lot size before giving up on the trade sequence – Values 10-100
Slippage – Slippage in pips – Values 1 to 10
AllowNewTrades – Turn this off to disable new trade sequences – TRUE/FALSE

Entry Settings

TimeFrame – Time frame drop down selection to lock EA to a time frame so that selection of the chart timeframe doesn’t affect the EA. When testing ensure the tester time frame is set to the same value.
MaxSpread – Maximum spread in pips that the EA will trade – Values 1.0 to 10.0
StopLoss – Stop loss per trade in pips, this is only an emergency stop loss, should be set higher than TakeProfitMax – Values 50 to 200
TakeProfit – The invisible take profit increments in pips, should be small – Values 3 to 8
TakeProfitStart – The initial invisible take profit in pips, should be small – Values 3 to 8
TakeProfitMax – The maximum target profit in a sequence of trades – Values 40 to 100
StopLossMultiplier – The invisible stop loss ratio to invisible take profit – Values 0.4 to 1.0
EnterOnATR – Starts trade sequences on ATR increase – TRUE/FALSE
ATRPeriod – The ATR period used for volatility detection – Values 3 to 28
ATRThreshold– The ATR threshold limiting when new trade sequences can start – Values 4 to 14
ReverseEntry – Starts trade sequences against the current trend – TRUE/FALSE
LimitedTradeHours – Limit hours of trading by listing hours not to trade comma separated – e.g. 5,8,12-15

Optimisation & Defaults

Default input values are for EURUSD M5. If optimising, optimisation of ATRPeriod, ATRThreshold, ReverseEntry, StopLossMultiplier and TakeProfit are needed to find the best results.