Million Dollar Pips Advisor
Scalping is one of the most attractive tactics in the Forex market, as it provides an acceptable return in a short period of time.
However, there's an even more profitable and radical approach: scalping .
Unlike scalping, where it's crucial for a trader to anticipate a potential price move and set a target of 15-20 pips, even if it's short-term, scalping offers a trader a potential profit of 1-2 pips, meaning the trade is held for seconds.
Naturally, while scalping can be done by anyone with a strategy and reaction time, scalpers execute their trades exclusively with the help of an expert advisor.
Incidentally, scalpers are the biggest enemies of dishonest brokers who don't place their trades on the interbank market.
The Million Dollar Pips Advisor is the most popular tick scalper available for free access, although its international counterparts are still trying to sell their development on various services.
The advisor is designed for trading the euro/dollar currency pair on a minute chart.
Installing the Million Dollar Pips Advisor
The Expert Advisor was created long before the MT5 trading platform was released, so it's designed for trading only in MT4, meaning it must be installed first. To do this, download the Expert Advisor file and its library at the end of this article and place them in the "expert" and "libraries" folders.
You can access these folders by opening the root directory, which is located in the "File" menu of a running MT4. After updating the installation files, the Expert Advisor should appear in the list of experts in the "Navigator" panel. To begin, drag the Expert Advisor onto the minute chart of the EUR/USD currency pair :
Advisor Strategy. Settings and Account Requirements.
The Million Dollar Pips Advisor is a scalping tool that works only with five-digit quotes and on ECN accounts . It's important to note that the EA can open a series of orders and close them in a split second, so your broker must offer market execution and close orders quickly, otherwise you'll incur losses.
Before installing the robot on a live account, it's important to carefully read the client agreement and ensure there's no time limit on open orders.
After the introduction of Million Dollar Pips, many DCs imposed time limits on open trades and canceled profits for scalping clients, so be sure to check this.
Regarding the strategy, the EA uses a clear and simple algorithm based on standard indicators such as Bollinger Bands, Force Index, and Williams' Percent Range. The idea is to trade from the Bollinger Bands channel boundary, with the signal confirmed by other indicators.
So, if the price touches the lower boundary of the Bollinger Bands channel, the Williams' Percent Range is in the oversold zone, and the Force Index is negative, the EA will buy.
If the price touches the upper boundary of the Bollinger Bands channel, the Williams' Percent Range is in the overbought zone, and the Force Index is positive, the EA will sell. An example of the EA's performance using the tester is shown below:
The EA settings don't include entry point parameters, but Million Dollar Pips does have capital settings.
The TakeProfit and StopLoss lines specify the profit and stop loss in points for five-digit quotes. The Max Lot line specifies the maximum lot, and the Min Lot line specifies the minimum lot.
These values are especially important if you've set a specific risk based on the deposit per trade in the Risk line. By default, the EA operates with a static lot.
Testing:
In accordance with the developers' requirements, we tested the EA on the EUR/USD currency pair on a minute chart with the Alpari . Since testing the scalper for a year is incredibly time-consuming, we tested it for the first half of 2015. Test results with default settings:
As you can see, the yield curve can impress even the world's biggest critic of expert advisors. However, despite the yield curve, the profit was quite weak, so we decided to test not with a static lot size, but with a 3% risk per trade, using a dynamic lot size.
The test results for the same period, but with the new settings, can be seen below:
The chart shows how the EA earned over $2 million in six months. Many people claim that the EA can peer into the future during testing, but this is not true.
The strategy tester is unaware of concepts such as requotes and the slow order opening and closing speeds that occur when trading real money.
Therefore, we recommend testing the EA on a demo and finding a broker that can meet all the EA operating requirements and, in terms of regulations, won't wipe out all your profits.
Download the Million Dollar Pips EA.
