RMI Scalper EA

The RMI Scalper EA is a fully automated Expert Advisor that trades pullbacks from the major trend using RMI and limited averaging. The EA trades using market orders and uses averaging to safely turn otherwise negative trades positive. This EA works best on USDJPY, EURUSD, GBPUSD, USDCAD, USDCHF, AUDJPY, EURCAD, EURGBP and EURJPY using the M30 timeframe and has the option to trade multiple pairs but only one pair at any one time to increase trade frequency without increasing draw down. A VPS is advisable when trading this system. Check the comments for back test results and optimized settings.

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

Features

Fully automated
Not sensitive to spread
Risk Money Management
Works on any account size
Always a stop loss in place
Hedge accounts only
This system has the option to be NFA/FIFO compliant
No Grids
No Martingale
All you need is a VPS

Input Settings

Order Settings

MagicOrderNumber – Unique number for the EA to identify its trades. Any integer.
Lots – Number of fixed lots per trade if money management is off. Values from 0.01 to 50.0.
Slippage – Slippage in pips. Values from 1 to 10.
MoneyManagement – If turned on trade lot sizes are calculated on account risk, true/false.
MoneyManagementRisk – Risk per trade if money management is on. Values from 0.01 to 0.1.
AllowNewTrades – Turn this of to disable new trades, true/false.
AccountProfitLock – If money management is on the EA will stop trading if the account balance drops to this fraction of the maximum account balance (0.5 = 50% of account balance). Values from 0.0 to 1.0.
NFA_FIFOCompliant – Turn this on if you need this to be NFA and FIFO compliant, true/false.
MultiPairSingleTrade – Turn this on to trade multiple pairs (Multiple chart windows with this EA attached) but limit to only having trades open on one pair at a time, increases trade frequency without increasing draw down, true/false.

Entry Settings

TimeFrame – Timeframe drop-down selection to lock EA to a timeframe so that selection of the chart timeframe doesn’t affect the EA. When testing ensure the tester timeframe is set to the same value.
Trend1TimeFrame – Timeframe drop-down selection for the first trend detection.
Trend2TimeFrame – Timeframe drop-down selection for the second trend detection.
MaxSpread – Maximum spread in pips that the EA will trade. Values from 1.0 to 10.0.
TakeProfit – The take profit (Setting to 0 disables). Values from 0 to 200 depending on the pair being traded.
StopLoss – The fixed stop loss visible to the broker – Values 25 to 4000 depending on the pair being traded, should be high when averaging is enabled.
Averaging – If turned on averaging is used to recover negative trades, true/false.
AveragingStep – The negative move in pips against the current trade to trigger the next averaging trade. Values 5 to 100.
AveragingBars – The number of bars from previous trade before AveragingStep gets ignored. Values 1 to 1000.
AveragingMultiplier – The lot multiplier for averaging trades. Values 1.0 to 2.0.
AveragingCount – The maximum open trades before the trade group is considered a loss and closed. Values 1 to 20.
BreakEven – If turned on a break even is performed, true/false.
BreakEvenStartPips – The number of pips before break even is performed. Values 1 to 100.
BreakEvenPips – The number of pips infront of position open to place the stop loss. Values 0 to 100.
TrailingBars – A trailing stop is performed based on this number of previous bars (Setting to 0 disables). Values 0 to 10.
TrailingBarsTimeFrame – Timeframe drop-down selection for trailing stop bars.
MinTrailingStopLoss – The minimum stop loss distance when trailing stops are enabled. Values 0 to 100.
RMIPeriod – The RMI period. Values 2 to 50.
MomPeriod – The momentum period used to calculate RMI. Values 2 to 50.
RMIThreshold – The RMI threshold, the smaller the value the less trades will be triggered. Values 5 to 45.

Optimization & Defaults

Default input values are for USDCAD M30. If optimizing, optimization of TakeProfit, AveragingStep, AveragingMultiplier and AveragingCount are needed to find the best results.