SnapBack Scalper
- Experts
- Marcus Vinicius
- Version: 1.1
- Updated: 6 August 2024
- Activations: 10
The SnapBack Scalper is an advanced Expert Advisor that identifies zones where the asset is overbought or oversold based on the RSI technical indicator. It uses the ADX to filter signals generated through the crossing of the +DI and -DI lines, opening buy or sell positions only when the ADX Main Line is above 25, indicating a strong market trend. The SnapBack Scalper incorporates an intelligent Trailing Stop system, where the trailing stop value is determined by the Parabolic SAR, relieving the trader from manually setting it. The Trailing Step serves as a trigger to activate the Trailing Stop, and once activated, the trailing stop is adjusted again only if the price moves 30 points relative to the last Parabolic SAR adjustment.
Position Opening Conditions:
- The EA checks if there are no open positions with the same Magic Number.
- If the ADX Main Line is above 25 and the current spread is below the user-set maximum limit, the EA checks the RSI conditions:
Overbought (RSI > 70): Indicates that the asset may be overbought. The EA checks for a crossing of the +DI and -DI lines of the ADX (from above to below) and opens a sell position.
Oversold (RSI < 30): Indicates that the asset may be oversold. The EA checks for a crossing of the +DI and -DI lines of the ADX (from below to above) and opens a buy position.
Parameters:
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Magic Number: The Magic Number is a unique identifier associated with each asset configured in the EA. It is crucial to assign a unique Magic Number for each asset and symbol, ensuring that operations are correctly identified and managed by the EA.
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Timeframe: Defines the chart period on which the EA operates, such as M1 (1 minute), M5 (5 minutes), M15 (15 minutes), M30 (30 minutes), among others.
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Deviation: The maximum amount of pips the price can vary from the requested price when opening a position.
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Max Spread: The maximum allowed spread for order execution. The EA will open positions only if the current spread is below this value, helping to avoid high transaction costs.
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Lotsize: Defines the lot size to be traded in each operation. This value should be adjusted according to the account size and the trader's risk management.
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Takeprofit: The take profit level defines the price at which the position will be automatically closed to secure a predetermined profit.
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Stoploss: The stop loss level defines the price at which the position will be automatically closed to limit losses.
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Trailing Step: The Trailing Step is the trigger that activates the Trailing Stop. Once activated, the trailing stop is adjusted only if the price moves 30 points relative to the last adjustment of the Parabolic SAR.
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RSI Period: The period used to calculate the Relative Strength Index (RSI).
- ADX Period: The period used to calculate the Average Directional Index (ADX).
