Advisor Ray Scarlper
Scalping, as a trading style, is considered one of the most difficult to implement, since it requires the trader to have nerves of steel and complete presence at the monitor all day long.
Many operations, psychological pressure and many other factors sooner or later lead to big mistakes, not to mention a simple nervous breakdown.
Unfortunately, the most profitable and promising trading style, which almost all beginners dream of mastering, turns out to be the most difficult.
That is why, as a rule, scalping tactics are usually automated, which completely removes the human factor.
Advisor Ray Scarlper is a popular representative of scalping advisors, which has dynamic stop orders, profits and independently adapts to the market.
Ray Scarlper was successfully used in 2012-2013, but after reading reviews on various forums, our team learned that it has its own fans who use it to this day.
Installation of Ray Scarlper
In order to use Ray Scarlper and conduct preliminary testing of it in the strategy tester, you will need to install it in the MT4 trading terminal. To do this, go straight to the end of the article and download the archive in which you will find Ray Scarlper. Next, you should open the terminal data directory, which can be accessed through the file menu in the running MT4.
After you have launched the directory, the MT4 system folders will appear in front of you, among which find the folder called expert and place Ray Scarlper in it.
For Ray Scarlper to appear in the list of advisors, you just need to restart the trading platform or make an update in the navigator panel. To start trading, just drag the advisor onto the fifteen-minute chart of the euro/dollar currency pair. Strategy and Settings
Ray Scarlper has extremely complex trading tactics and a number of conditions that he observes before opening a position.
So, first of all, the expert studies and analyzes the opening and closing prices on the weekly chart of the last candle in order to determine the global direction of the trend. Next, having determined the global trend, Ray Scarlper determines the support and resistance levels on the hourly chart, and also marks the rays on the fifteen-minute chart.
After the expert has determined all levels, an analysis is carried out using the Envelopes and Bolinger Bands indicators. To ensure that the advisor adapts to volatility, the ATR indicator is used to set stop orders and profits.
The Ray Scarlper advisor allows you to use either a dynamic lot and increase the position volume as your deposit grows, or work with a static lot.
In order for the expert to open positions with a static lot, specify its value in the FixedLot line. If you prefer to use a certain percentage of the margin, then indicate the risk per trade in the Max Allocation Per Trade line. To influence the dynamic profit setting, you must change the multiplier by which the ATR indicator is multiplied in the FinalTarget x H1 ATR line.
To change the stop order, you can change the multiplier in the StopLoss_x_H1_ATR line. The Ray Scarlper Expert Advisor has trailing, which is also dynamic and depends on the ATR indicator .
In order to change trailing, you just need to change the multiplier in the Trail StopLoss x H1 ATR line, and also indicate the level from which trailing will begin in the Trail Trigger x H1_ATR line. The Expert Advisor also implements a filter for prohibiting trading on Fridays, which you can activate in the Friday Trade line.
Preliminary testing in the strategy tester
Despite the fact that Ray Scarlper's settings are clearly outdated, since it is not 2013, we still decided to conduct a preliminary test of it for the entire 2015 with default settings.
As the expert requires, testing was carried out on the euro/dollar currency pair on a fifteen-minute chart. The test result is shown below:
For obvious reasons, the expert showed rather poor results, although he did not completely lose the deposit. To revive the Expert Advisor, we decided to carry out a simple optimization of the profit and stop order multipliers. The result of a simple optimization can be seen below:
In conclusion, I would like to note the fact that Ray Scarlper is still relevant today, the only thing that should be optimized is the calculation of stop orders and profits.
I would also like to note that the developers of Ray Scarlper actively monitor the real account, so there is no doubt about the effectiveness of the expert. Download Advisor Ray Scarlper