The logic behind BF Scalper EA is very simple but effective – the EA uses breakouts of the Bollinger Bands for entry and exit signals.
Reasonable stop loss levels vary between 20 and 60 pips.
You can use small fixed TP between 4-8 pips or leave the exit logic to take care of the position.
The exit logic is also based on the BB indicator and it will close the trade even on a loss when the price is near or breaks the opposite BB line. This is commanded by the BandBreakExit parameter which works best from minus one to plus one-two.
Recommended timeframe: M15
Supported currency pairs: GBPUSD, EURUSD, EURCHF, EURAUD, GBPCAD, USDCAD, USDCHF and USDJPY
The default settings are for GBPUSD. I have prepared set files for other supported pairs too. Since I cannot include them here, please contact me, and I will send them to you.
IMPORTANT: Pay attention to the CT Hour 1-6 parameters! They are very important! In order to get proper results, you have to set them correctly according to your broker GMT Offset. Read carefully the parameters explanation below!
BF Scalper Free MT4 EA
- TicksTrade – if “false”, the logic will be executed at the beginning of M1 bar, otherwise it will calculate and trade on a new price tick.
- StealthMode true/false – conceal stop loss and take profit levels in program logic making them invisible to brokers. If you use this mode, the stop loss and take profit orders are not located in the trading server.
- EmergencyStopDist – second level of protection, when StealthMode is used. At values greater than zero, it activates a second level of true (Emergency) StopLoss on a greater distance than the virtual hidden StopLoss is located. In such case, the value of the new emergency StopLoss will be the sum of the EmergencyStopDist value plus the value of the hidden StopLoss.
- MinEquity – minimal equity needed for trading.
- BandPeriod – Bollinger Bands period.
- BandBreakEntry – breakout in 4-digit pips of the BB line to initiate an opposite trade (the value could be negative).
- BandBreakExit – breakout in 4-digit pips of the opposite BB line to initiate closing of the existing trade (the value could be negative).
- UseTrendFilter – change this to “true” if you want to trade only in the direction of the trend defined by the two MAs below.
- MA_Fast_Period – fast moving average period.
- MA_Slow_Period – slow moving average period.
- MA_Trend_TF – timeframe of both MAs.
- TimeRestriction – by default, this is “true” so the EA will trade only in the hours listed below. If you do not want to use the time filtration, change this parameter to “false”.
- CTHour1 – 6 – six possible slots for trading hours. Values 0 – 23 activate the slot. Enter a large value like 55 to deactivate the slot. Best results from our experience are achieved at 21 and 22 GMT. You absolutely should adapt this hours to your brokers GMT shift. The default values are adapted for GMT +2 (winter time).
- WednesdaySwapFilter true/false – Wednesday swap filter cancels all trades in Wednesday evening in the direction of the negative swap, if the swap is worse than MaxNegSwapPips parameter.
- MaxNegSwapPips – minus 0.5 pips seems reasonable threshold.
- RolloverTimeFilter true/false – switch on/off the rollover time filter.
- MinutesBefore – minute time interval before midnight, in which all trading operations will be canceled.
- MinutesAfter – minute time interval after midnight, in which all trading operations will be canceled.
- x_MaxSpreadFilter – switch on/off the rollover additional spread filter.
- x_MaxSpread – multiply the initial MaxSpread, which will be allowed in general, before canceling all trading operations. As an example, if the MaxSpread is 6 and x_MaxSpread is 2, all trading operations will be canceled if the spread exceeds 6×2=12 pips.
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