Advisor Ray Scarlper
Scalping, as a trading style, is considered one of the most difficult to implement, as it requires nerves of steel and full presence in front of the monitor throughout the entire working day.
Numerous transactions, psychological pressure, and many other factors sooner or later lead to major 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.
This is why scalping tactics are typically automated, completely removing the human factor.
The Ray Scarlper Expert Advisor is a popular scalping EA, featuring dynamic stop orders, profit targets, and automatically adjusting to the market.
Ray Scarlper was successfully used in 2012-2013, but after reading reviews on various forums, our team discovered that it has its fans, who continue to use it to this day.
Installing Ray Scarlper
To use Ray Scarlper and conduct preliminary testing in the strategy tester, you'll need to install it in your MT4 trading terminal. To do this, skip to the end of this article and download the archive containing Ray Scarlper. Next, open the terminal's data directory, which is accessible via the File menu in MT4.
After you launch the catalog, you'll see your MT4 system folders. Find the folder named "Expert" and place Ray Scarlper there. To make Ray Scarlper appear in the list of Expert Advisors, simply restart the trading platform or refresh the navigator panel. To start trading, simply drag the Expert Advisor onto the 15-minute EUR/USD chart.
Strategy and Settings:
Ray Scarlper has a highly complex trading strategy and a number of conditions it observes before opening a position. First, the Expert Advisor studies and analyzes the opening and closing prices of the last candle on the weekly chart to determine the global trend direction.
After determining the global trend, Ray Scarlper then determines support and resistance levels on the hourly chart and marks the rays on the 15-minute chart. After the Expert Advisor determines all levels, it analyzes them using the Envelopes and Bollinger Bands indicators. To ensure the Expert Advisor adapts to volatility, the ATR indicator is used to set stop orders and take profits.
The Ray Scarlper Expert Advisor offers the option to use a dynamic lot, increasing the position volume as the deposit grows, or a static lot. To have the Expert Advisor open positions with a static lot, specify its value in the FixedLot field. If you prefer to use a specific percentage of the margin, specify the risk per trade in the Max Allocation Per Trade field.
To influence the dynamic profit setting, you must change the multiplier by which the ATR indicator is multiplied in the FinalTarget x H1 ATR field. To change the stop loss, you can change the multiplier in the StopLoss_x_H1_ATR field.
The Ray Scarlper Expert Advisor features a trailing stop, which is also dynamic and depends on the ATR indicator . To change the trailing stop loss, simply change the multiplier in the Trail StopLoss x H1 ATR field and specify the trailing start level in the Trail Trigger x H1_ATR field.
The expert advisor also features a filter that prohibits trading on Fridays, which you can activate in the Friday Trade line.
Preliminary testing in the strategy tester.
Although Ray Scarlper's settings are clearly outdated, as this isn't 2013, we decided to conduct a preliminary test for the entire year of 2015 using the default settings. As required by the expert advisor, the test was conducted on the EUR/USD currency pair on a 15-minute chart. The test results are below:
For obvious reasons, the expert advisor showed rather poor results, although it didn't completely wipe out the deposit. To revive it, we decided to perform a simple optimization of the profit multipliers and stop orders. The result of this simple optimization can be seen below:
In conclusion, I'd like to point out that Ray Scarlper remains relevant today; the only area that needs to be optimized is the calculation of stop orders and profits. I'd also like to point out that Ray Scarlper's developers actively monitor real accounts, so there's no doubt about the expert advisor's effectiveness.
Download the Ray Scarlper expert advisor
