FRZ Bitcoin Scalper is a pattern based expert adviser/robot optimized for trading Bitcoin (BTCUSD) on MT4 that trades quick price action moves. Whenever a price action pattern is detected, the EA will place a buy or sell order according to the signal type. It also uses a optional DCA averaging strategy with a built in new filter. You can also set a stop loss based on the lowest equity allowed.
Backtesting: Back testing would not provide accurate results as some of the functions of the EA does not work well on back testing. However, you can do a back testing to get a rough idea.
Installation Steps
1. Go to MT4 => Options=>Expert Advisers and allow automated trading, DLL imports, and Web Requests and add following URLs to allowed URLs (for news filter).
http://ec.forexprostools.com
http://worldclockapi.com
2. Place EA file in the Experts folder of your MT4
3. Refresh/restart MT4
4. Open the BTCUSD chart and load the EA
5. Change the lot size and other settings as necessary
EA Specs
| Product name | FRZ Bitcoin Scalper MT4 |
| Platform Supported | MT4 |
| Time frames supported | 5 Mins chart is recommended but it works on any timeframe. |
| Trading pair | BTCUSD |
| Suitable market sessions | Works on any session |
| Recommended broker | Any broker with low spreads |
| Recommended Minimum deposit | $500 Minimum on 500:1 leverage. If leverage is less than this, you may have to increase the minimum deposit. Cent accounts can also be used. Recommended lot size: 0.01 per each $500 per pair. 0.01 for each $1000 would be of lower risk. |
| Recommended leverage | Higher, the better (Minimum recommended 1:500) |
| Current version | 3.1 |
Settings
Settings Explanations
1.Lot Size => Recommended lot size: 0.01 per each $500 (0.01 per each $1000 recommended for lower risk use). It
works on cent accounts too. For instance, if you have $5000 deposit and you want to go lower risk, then your lot size would be 0.05 or else it would be 0.1 lot.
2.Virtual Stop Loss=> You can set a virtual SL as 14-period ATR distance (Not in pips). Example: If the current ATR is 50 pips, and you add 1 here, then it means the SL is 50 pips. However, the ATR is dynamic and it changes every time you enter a trade. Also, this stop loss does not close the trades but this stop level serves as the minimum distance to open an additional trade when price goes against us.
3.Take Profit => You can set the TP as 14-period ATR distance (Not in pips). Example: If the current ATR is 50 pips, and you add 1 here, then it means the TP is 50 pips. However, the ATR is dynamic and it changes every time you enter a trade.
4.Enable Equity Guard=> The EA has only an equity based stop loss which you can enable or disable here.
5.Lowest Equity Allowed=> If you have enabled the previous setting, you can set the lowest equity you can have in your account. If the equity goes below this amount, all the trades will be closed and no new trades will be opened.
6.Maximum Concurrent Trades=> This number determines the maximum concurrent no of trades you can have at any given time arising from the DCA averaging function. If you set this as 1, then the DCA function will be disabled.
7.Enable Drawdown Email Alert => You can enable an email alert on specific drawdown level (NB: You need to have setup the SMTP email under MT4 options before you can receive emails).
8.Drawdown Email Alert Level => This is the drawdown % based on equity that makes the email alert.
9.Drawdown Alert Email Frequency => This is the emailing frequency.
Magic Number => You can change this if necessary but it is recommended NOT to change it. You can leave it the same on all charts.