Prospector Scalper EA

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


  • 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.