Price Action Scalping EA is an automated Forex EA MT4 that is Free to Download. It works based on a Combination of RSI and Bollinger Bands indicators plus Special Price Action Intelligence algorithms.
It is designed to work on TimeFrame M1 or M5, and both are equally successful. It works best in highly volatile markets, so it’s best on GBPUSD, GBPJPY, and USDJPY. The default settings of this EA are optimized for these pairs and TimeFrames. It is enough to just drag/drop on the chart, and everything is set and forget This EA has a very small DD and makes a profit quite quickly.
It does not use dangerous trading methods such as Martingale, hedging, or network. If there is no volatility in the market, there is no trade. So From this, it is clear that it needs massive volatility in the market. It makes about 2 to 8 trades per day and can go a day or two without trading. Also, This EA doesn’t open more than one trade at a time. and every simple trade is protected by a small Stop Loss.
It can trade with a fixed lot or use an auto lot and increase the size of the transaction automatically according to the specified criteria. The maximum drawdown percentage is low for this EA, which allows using this adviser on a small deposit.
Please test in a demo account first for at least a week. Also, Make yourself familiar with and understand how this Price Action ScalpingRobot works, then only use it in a real account.
Recommendation for Bar Price Action Scalping
- Minimum account balance of 100$. (It could even work with 25$)
- Work best on GBPUSD, EURUSD, GBPJPY, USDCHF, EURCHF, AUDJPY, and USDJPY. (Work on any pair)
- Work best on M1 and M5 TimeFrames. (Work on any time frame)
- it’s susceptible to slippage, spread, and slow execution.
- It doesn’t trade if the spread is high; you can change it using the input parameters. Still, I recommend finding a 0 spread broker.
- This Price Action Scalping Forex EA should work on VPS without interruption and low latency to reach stable results. So We Highly Recommend running this free forex EA on a reliable VPS (Reliable and Trusted FOREX VPS – FXVM)
- Low Spread, Slippage, and quick execution account is also Highly Recommended (Find the Perfect Broker For You Here)
- Fixed Lots Size = 0.0: If this field > 0 that means do not allow compound interest bellow
- Lots Size Per $1000 = 0.3
- Greater than 0.3 If the leverage > 1:100, anything else please use this equation ;- Lots = Margin * Leverage / Contract
- Ex: GBPusd, Lots = 1000GBP * 30 / 100000 = 0.3 lots (should be < 0.3 – the balance is 1000GBP, Leverage=1:30)
- -Minimal Lots Size = 0.01
- -Maximal Lots Size = 60
- Maximal spread to entry (PiP) = 1.3 pips
- Bollinger Bands period (Fixed) = 23 (Fixed)
- RSI period (Fixed) = 18 (Fixed)
- Stoploss (PiP) = 3.0 (in pips)
- Magic number = 68000
- Comment = Price Action Scalping v1.68
Warning! Please read the MetaTrader EA Installation Tutorial if you do not know how to set up this forex expert advisor.
Do you have any more suggestions regarding this forex EA? You can always discuss the Price Action Scalping with the other traders and MQL programmers on our forum.