FRZ Gold Scalper MT4 is a scalping expert adviser/robot optimized for gold trading (XAUUSD) on MT4. The EA will place a buy or sell orders automatically according to the price action it recognizes. The EA has its own algorithm to filter out low probability trades and it also features an inbuilt news filter that will prevent new trades near the high impact news. The lot size can be set as a percentage of the balance so that the lot size would be proportionately increased with your account growth. Once the EA is setup on a VPS, it will work 24/4 automatically with no human intervention.
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.
1. Enable Auto trading on your MT4
2. 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
3. Place EA file in the Experts folder of your MT4
4. Refresh/restart MT4
5. Load the EA on the XAUUSD chart
6. Change the settings if you want
|Product name||FRZ Gold Scalper|
|Time frames supported||5 Minute Charts|
|Suitable market sessions||Works on any session|
|Recommended broker||Any broker with low spreads|
|Recommended min. deposit/lot size||$500 Minimum (considering at least 1:500; if the leverage lower, deposit has to increase proportionately).|
1. Lot Size => Lot size is set as a % of the balance (not in lots)
2. Virtual Stop Loss (ATR Multiplier) => You can set the SL as an ATR multiplier (Not in pips). For instance, if the 14-period ATR is 10 pips and if you put 2 here, your actual stop loss would be 20 pips. Stop loss is virtual and the EA may use an averaging system to optimize the entry price.
3. Take Profit (ATR Multiplier) => You can set the TP as an ATR multiplier (Not in pips). TP is virtual and the EA may adjust the TP as necessary considering the averaging system.
4. Lot Maximizer => You may integrate a mild lot maximizing method to improve the efficiency of the averaging system. You can set this as 1 to stop lot maximizing. E.g. if you set this as 1.1 and the EA enters a trade with 1 lot, then any additional lots would be multiplied by 1.1.
5. Max Spread => Here you can set the maximum spread in pips you can allow. If the spread is more than this amount, the robot will not take trades.
6. News Filter => Enable or disable news filter here.
7. Enable Equity Guard => Here you can enable or disable equity based account guard (kind of stop loss).
8. Lowest Equity Allowed => This is the limit for the above equity guard. If the equity goes beyond this limit, EA will close all trades and will not make new trades.
9. Max Concurrent Trades => You can limit the no of maximum concurrent trades.
10. Max Trades to Close on Breakeven => If the no of concurrent trades are more then this number, EA will attempt to close the trades in order to minimize drawdown.
11. Max Time to Close on Breakeven => If an initial trade is older than this time, EA will attempt to close the trades in order to minimize drawdown.
12. 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).
12. Drawdown Email Alert Level => This is the drawdown % based on equity that makes the email alert.
13. 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.