ZZ Scalper MT5 Free (mql5 ea)

ZZ Scalper MT5 Free

This EA is the free version of ZZ Scalper. It is limited to only 0.01 lots so the user can test it and make sure it works on a live account before purchasing the paid for version that allows any lotsize.

It works by exploiting the inevitable behaviour of price fluctuations and breakouts. Because market prices will always fluctuate to higher highs before ebbing down to lower lows, breakouts will occur. 

ZZ Scalper will open a trade in anticipation of catching some of the profits from these breakout moves. We use the fixed exit methods of Stop Loss, Take Profit and Trailing Stop in such a way so 

that we will scalp small but consistent profits. 

No martingales needed, just a simple but excellent proven strategy with fixed trade management settings. 

FEATURES

• A purely mechanical system. Simply set and leave.
• No martingale.
• Risks are small per trade.  
• An optional automatic lot adjustment feature that adjusts lot size to the account balance. Or to use a fixed lot size.
• Features a panel showing, bid, ask, spread, lot size balance, equity, profit/loss, stop level and broker execution speed. To find broker execution speed we press button Execution Reading.  

SETTINGS

SECTION_A

• Magic Number - A unique value to this EA so that if used alongside other EA's within MT4 it can differentiate between all orders placed and only adjust orders placed by this EA.

SECTION_B

• Lot Size - Adjusts the size of trade exposure we have. EG 0.01 on the EURUSD will mean every micro incremental point move will equal 1 pence. FIXED AT 0.01 LOTS IN FREE VERSION  

SECTION_C

• Maximum Spread - Allows only trades when market is less than or equal to the spread as input by user.

SECTION_D

• Stop Loss - Sets the size of stop loss from opening order price.
• Take Profit - Sets the size of take profit from opening order price.
• Trailing Stop As Percentage -  Sets the size of our trailing stop as a percentage of our profit when our minimum profit is met as set in Minimum Profit.
• Minimum Profit - Sets the size of profit that is required before we activate out trailing stop.

SECTION_E

• Use Money Management - True means we will adjust lot size as a percentage of our trade capital. As set in Percentage Risked Per Trade. False means we will use fixed lot specified under Lot Size above.
• Percentage Risked Per Trade - Percentage we risk per trade. EG 2 = 2% of our total trade capital will be risked per trade. This we be calculated using both stop loss and account size.

SECTION_F

• Buy Pending Order Pip Offset - Sets how far we want our order to be placed from the recent highest high found. 
• Sell Pending Order Pip Offset - Sets how far we want our order to be placed from the recent lowest low found.
• Bars Till Order Placement - Sets how many bars we count till we place our orders. Recommended as 4.

SECTION_G

• Buy - Sets if we want to open buy orders.
• Sell - Sets if we want to open sell orders.

SECTION_H

• Start Hour - Sets the starting hour we allow our EA to look for trades.
• End Hour - Sets when we want to stop our EA looking for trades.

How to trade this product :

I have set this EA to use the following settings :

Stop Loss = 100

Take Profit = 0

Trailing Stop As Percentage = 20.0

Minimum Profit Till Trailing Stop = 20

This to me shows best long term profitability. We mainly will win most trades and some will catch the exceptionally good moves that occur on breakouts due to the percentage of profit feature. 

Also there is something to be said for only allowing sell trades because due to the psychology of selloffs that tend to happen quicker than rallies and so lend themselves well to this system.

Trading Requirements :

I recommend to first try the demo product ZZ Scalper Free which i have made with a fixed 0.01 lot for small volume trades. Make sure it works on a live account before thinking about purchasing the main ZZ Scalper for larger lot trades.  

Works best on the 1HR charts due to the nature of this strategy. 

This is a highly broker sensitive EA so the following are essential requirements : 

A broker with fastest execution of < 150ms is prefered 

Low spread typically EURUSD < 5 points (Not Pips but points!)

Stop level = 0 

True ECN   

Fast VPS  

Expert Images

                              Free Download

Author : Stephen Reynolds

Source : mq5.com