Scalp Wiz 9001
This professional-grade solution for MetaTrader 4 helps traders achieve greater efficiency in their daily workflow. This Expert Advisor serves as automated trading software. It is utilized to monitor financial markets and execute trades based on predefined algorithmic rules, enabling precise position management without the need for constant manual oversight.
How to Setup and Use Scalp Wiz 9001
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
Description & Settings
Use on EURUSD M1. Values can be optimized for other pairs and I have had good success with NZDUSD and AUDUSD. I would not use this on a live account (yet), but it is a good example of how to trade on large spikes in price on the M1 charts.
The EA looks at the size of the current bar and issues Buy/Buy Stop and Sell/Sell Stop if the bar exceeds the predetermined limits, of which, there are 4. Each limit has a multiplier associated with it. If the bar exceeds the Level1Pips value, it will apply the StengthLevel1Multiplier value and multiply the PercentRisk value supplied to the PercentPerchase function. You can set your PercentRisk is n% of your account balance, which is divided by the current Ask/Bid to get the lot size. You can keep your risk percentage low and the lot size will increase or decrease with your account balance.
You may or may not use buy stops and sell stops. Buy stops and sell stops will expire after 10 minutes, by default. This value can be modified.
At the moment, the EA issues far too many buy and sell commands. It's an easy fix, but I haven't gotten around to it.
