The Short Term Scalper MT4 is an Expert Advisor designed for short-term Forex trading. Its unique approach lies in its ability to work in the short-term direction and its use of a tight stop loss invisible to the broker. This EA, however, doesn’t work in a flat, making it suitable for highly volatile currency pairs such as EURUSD, GBPUSD, AUDUSD, USDJPY, USDCHF, USDCAD, NZDUSD, and XAUUSD.
Trade Management with Scalper MT4
The Scalper MT4 is designed to manage only one order per currency pair at a time, reducing the risk of overlapping trades. It exhibits an innovative approach to trade management. When the short-term trend changes, the EA changes the type of the pending order, deletes the old one, and places a new order. This ensures that the pending order is always in sync with the market’s short-term movement.
Optimum Currency Pairs for Scalping
Forex scalping requires currency pairs with high volatility. The EA is designed to work best with such pairs. Among the recommended pairs for this EA are EURUSD, GBPUSD, AUDUSD, USDJPY, USDCHF, USDCAD, NZDUSD, and XAUUSD. The EA’s performance is most prominent in these currency pairs, bringing out its proficiency in short-term trading.
Trading Timeframe and Order Management
Short Term Scalper MT4 operates on an M30 timeframe, which can be defined in the settings. The EA makes a relatively small number of trades, making it an ideal addition to a manual strategy or to complement another EA. It distinguishes its trades using a unique magic number, ensuring that each trade is individually identifiable. Additionally, the EA ensures that no market order or pending order is left for weekends, closing them 10 minutes before the end of trading on Friday.
Parameters and Settings
The EA comes with several adjustable parameters. ‘LotsFor1000’ allows users to set the lot size per 1000 units of base currency. ‘NumberOfBars’ determines the number of bars for identifying the short-term trend. ‘DistanceOrders’ sets the distance to pending orders in pips, while ‘TimerSecond’ sets the timer in seconds for modifying pending orders at new prices. Maximum spread for the EA’s operation can be set with ‘MaximumSpread’, and ‘StopLoss’ and ‘TakeProfit’ can be defined in pips. Users can also set the trailing stop distance (‘TrailingStop’) and trailing step (‘TrailingStep’). ‘MagicNumber’ sets the magic number, and ‘OrdersComment’ allows adding comments to orders.
Availability and Testing
Independent testing of the Short Term Scalper MT4 is available on forexroboteasy.com. Users can also subscribe for updates on the testing results of this product. While the EA is designed for long-term use, it is important to remember that there can be unprofitable days or even weeks, as the number of trades largely depends on market volatility.
FAQ Section
What is the recommended minimum deposit for the Short Term Scalper MT4?
The recommended minimum deposit is 100 units of the base currency per 0.01 lot.
Does the Short Term Scalper MT4 leave orders open over the weekend?
No, all orders are closed 10 minutes before the end of trading on Friday.
Can I use the Short Term Scalper MT4 on all currency pairs?
The EA is designed for highly volatile currency pairs such as EURUSD, GBPUSD, AUDUSD, USDJPY, USDCHF, USDCAD, NZDUSD, and XAUUSD.
How often does the Short Term Scalper MT4 trade?
The EA makes a small number of trades, the frequency of which mainly depends on market volatility.
We invite readers who have used the Short Term Scalper MT4 to share their experiences and insights. This review is an independent analysis of the product and does not represent the views of any organization or individual.
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