The Hybrid Scalper is a powerful EA designed for traders looking to harness the full potential of MetaTrader 4. This system leverages multiple indicators, ensuring optimal performance especially with 5-digit brokers and true ECN brokers where spreads don't exceed 5 pips.
How It Works:
Trading decisions are based on the direction of the Stochastic and RSI indicators. If a trade is losing, it will be closed based on the RSI level, while profitable trades will be adjusted to ensure they stay in the game with modified stop-loss and take-profit levels.
For a deeper dive, you can check the code for more details.
Volatility Management:
- This EA utilizes Bollinger Bands to determine market stability, refraining from trading during high volatility periods unless you opt to override this setting.
- Keep in mind that the EA will not execute trades at the end of the year, unless you change the market volatility setting.
Additional Features:
- Control trading days (for instance, trade on Monday true, trade on Tuesday false, etc.).
- Set maximum spread limits; the EA will refrain from trading if the spread exceeds your preset limits.
- Utilize different Magic Numbers for two strategies: the primary strategy and a stop-and-reverse strategy.
- Disable the stop-and-reverse strategy by setting "Allow stop and reverse" to false.
- Ensure that each chart running the EA has a unique Magic Number for Strategy 1 and Strategy 2.
- Display account info on your chart by setting it to true, which shows crucial details like name, leverage, equity, and Magic Numbers.
- Enable push notifications to receive alerts and emails for every trade, including key details like the best time to enter/exit a trade, spread, equity, etc.
- Set up a Saturday report to receive weekly updates on balance, equity, total profits/losses, margin, and free margin.
Recommendations:
- This version is still in the works, so it's best suited for demo accounts.
- While the EA has the potential to yield great profits over 3 to 4 years, it also carries the risk of draining your entire account balance in the same timeframe.
- Be sure to keep an eye on the performance graph.
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