Triple X Scalper
- Experts
- Stephen Reynolds
- Version: 1.1
- Updated: 31 December 2020
Triple X Scalper is based on 3 types of triangular price patterns along with some volume analysis. It also must be traded at the times in day when the market is most active. The method is inspired by some of Linda Bradford Raschke's trading techniques.
The 3 price patterns are as follows :
System 1 Inside Bar = Looks for a volume spike followed by the inside bar formation. Also known as my indicator 3 Bar Break.
System 2 Triangle by Fractal = Looks for when the 2 previous highest and lowest fractals converge.
System 3 Elliots Triangle = Loos for when there a 5 previous fractals that form a triangular shape.
We can switch each system on or off in user inputs.
According to DOW theory triangles are really moments of equlibrium in the supply and demand of markets. These moments of equilibrium are like pauses in a sentence and so are a good way of getting in on a move early. Also as volume spikes are moments signalling a change in how market participants are fealing they are a good heads up to a possible change of some kind.
This EA places pending orders when these patterns occur and scalp some of the moves.
This EA should work on any market and any timeframe though is optimised for EURUSD 5m timeframe.
Features
- A purely mechanical system. Simply set and leave.
- Risks are small per trade.
- An optional automatic lot adjustment feature that adjusts lot size to the account balance. Or to use a fixed lot size.
- Features a panel showing, bid, ask, spread, lot size balance, equity, profit/loss, stop level and broker execution speed.
- To find broker execution speed we press button Execution Reading.
Settings :
System On/Off
- System 1 Inside Bar - true switches Inside Bar on, false switches Inside Bar off.
- System 2 Triangle Fractals - true switches Triangle Fractals on, false switches Triangle Fractals off.
- System 1 Elliots Triangle - true switches Elliots Triangle on, false switches Elliots Triangle off.
Timer
- Start Hour - On and after this hour the EA will start trading.
- End Hour - On and after this hour the EA will stop trading.
Trade Settings
- Stop Loss - Sets the size of stop loss from opening order price in points.
- Take Profit - Sets the size of take profit from opening order price in points.
- Trailing Stop - Sets the size of our trailing stop in points.
- Minimum Profit To Trailing Stop - Sets the size of profit in points that is required before we activate out trailing stop.
Pending Order Settings
- Pending Buy - Sets the distance in points we place our buystop order from the nearest part of triangle.
- Pending Sell - Sets the distance in points we place our sellstop order from the nearest part of triangle.
- Bar Count - Sets the amount of bars we count before deleting our pending order.
Object Settings
- Lines On or Off - Sets if we want lines to appear on chart outlining the triangle pattern.
- Line Color - Sets which color we want the lines.
- Line Size - Sets the thickness of lines.
