The Midnight Scalper MT5
- Experts
- Stephen Reynolds
- Version: 1.0
It uses multiple indicators for precise entry and exits with a basic fixed stop loss and take profit as part of its money management strategy.It does not put your funds at high risk with such methods as martingale, grid, averaging positions or no stop loss trading. ECN broker is required with a tight spread and low commission.
NOTE : After as has been pointed out in comments the spread widens at 00:00 till 01:00 then reverts to a smaller spread. When I first realised this system I overlooked this fact. I have since made the EA so it will not open a trade at 00:00 - 01:00. So, now the default of 23 is preferred.
Features :
- Based on a sound trading principle.
- A purely mechanical system. Simply set and leave.
- No martingale, grid averaging or no stop loss trading.
- 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 :
Magic Number & Slippage
- Magic Number - A unique value to this EA so that if used alongside other EA's within MT4 it can differentiate between all orders placed and only adjust orders placed by this EA.
- Slippage - If trade is opened and its past the expected price of trade by x points as specified here then the trade will not be opened.
Lot Size
- Lot Size - Adjusts the size of trade exposure we have. EG 0.10 on the EURUSD will mean every micro incremental point move will equal 10 pence.
Spread
- Maximum Spread - Allows only trades when market is less than or equal to the spread as input by user.
Trade Management
- 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.
Money Management
- Money Management - True means we will adjust lot size as a percentage of our trade capital. As set in Percentage Risked Per Trade. False means we will use fixed lot specified under Lot Size above.
- Risk Percentage - Percentage we risk per trade. EG 1 = 1% of our total trade capital will be risked per trade. This we be calculated using both stop loss and account size.
Start Hour
- Start Hour - The hour of day you want the EA to start trading. DEFAULT 23 IS BEST SETTING!
How to trade this product :
I have set this EA to use the following settings :
Stop Loss = 500
Take Profit = 500
Trading Requirements :
Best Market :
EURGBP
Other Markets :
EURUSD, EURCHF, , GBPUSD CHFJPY, EURAUD, USDCAD.
Ideal Timeframe :
15m timeframe is best though experimentation with other timeframes is encouraged.
Unlike ZZ Scalper this is not highly broker sensitive but the following requirements will still improve performance :
A broker with fastest execution of < 150ms is preferred. We use the execution reading button on panel to find brokers speed.
Low spread typically EURUSD 0 to 1-2 points (Not Pips but points!)
Low Commission
Stop level = 0
True ECN
Fast VPS
