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Euro Scalper is an MT4 expert advisor for EURUSD on the M5 chart. It opens trades in the direction of the trend when a short-term price impulse is large compared with the recent trading range.
Get one message the moment it launches, with its price.
Euro Scalper is an expert advisor for MetaTrader 4 that follows short-term momentum on EURUSD. It measures the width of the recent trading range, compares the latest price movement with it, and opens a trade in the trend direction only when the movement is large enough.
The core idea is simple. The expert advisor calculates the trading range over a chosen interval and then looks at price movement over short intervals. When the size of that impulse passes a set percentage of the range, and the impulse passes an additional filter, it opens a position in the direction of the move.
Decisions are made on formed bars only. The expert advisor does not use tick history inside a bar to evaluate impulses. This makes behaviour in the strategy tester more consistent, puts less load on the terminal, and allows testing and optimisation in Open prices only mode.
Stop loss and take profit for new positions are calculated as percentages of the impulse. A separate stop input caps the stop loss in points if the calculated value would be too wide. A trailing stop and partial closing levels are also available.
Because it waits for a sufficiently large move, expect it to trade less often than a typical scalper. Check the trade frequency in your own tests on your broker's data.
| Input | Purpose |
|---|---|
| Magic | Magic number used to identify the expert advisor's own orders, useful when several advisors or manual trading share one account. |
| Percent | Impulse size required to trigger a trade, as a percentage of the trading range. |
| TakePercent | Take profit as a percentage of the impulse. |
| StopPercent | Stop loss as a percentage of the impulse. |
| Stop | Maximum stop loss in points, applied when the percentage-based stop would be larger. |
| Tral | Trailing stop distance in points. |
| Lots | Fixed lot size used when money management is off. |
| PartCloseLevels | Number of profit levels used for partial closing. |
| DigitsInLot | Number of decimal places in the lot size. |
| GMT Offset | Difference between the broker's server time and GMT. |
| MM | Money management. A value of 1 means 0.1 lot per 1,000 of deposit, 1.5 means 0.15, and 0 switches it off in favour of Lots. |
| Info | Shows or hides the information panel on the chart. |
Default values are not listed here. Check the inputs shown when you attach the expert advisor, and confirm them against your broker's lot step, spread and server time.
Every open position can lose money, and the stop loss may be filled at a worse price during fast markets or wide spreads. Higher money management values increase lot size and therefore potential drawdown. Start with a demo account or the smallest lot your broker allows.
Trading carries risk, and past results, including backtests, do not predict future ones. Only trade with money you can afford to lose.
| Product type | Expert Advisor |
|---|---|
| Platform | MetaTrader 4 |
| Strategy focus | Scalping, Trend |
| Delivery | Download from your account after purchase |
| License key | Not needed |
| Status | Launching soon |
| Category | Expert advisor |
| Symbol | EURUSD |
| Timeframe | M5 |
| Trade style | Scalping, trend following |
| Position sizing | Fixed lot or money management percentage |
| Requirements | Algo trading enabled; broker server time offset set correctly |
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This listing is for MetaTrader 4 only. It will not load in MetaTrader 5, which needs a separate build of the expert advisor.
The expert advisor is designed for EURUSD on the M5 chart. Running it on other symbols or timeframes is outside its intended use, so test any change thoroughly on a demo account first.
Copy the expert advisor file into the MQL4/Experts folder through File, Open Data Folder in MetaTrader 4. Restart the terminal or refresh the Navigator, attach it to an EURUSD M5 chart and make sure algo trading is switched on.
Yes, the GMT Offset input tells the expert advisor how far your broker's server time is from GMT. Check your broker's server time and enter the matching value, as a wrong offset can affect how the range is calculated.
If the money management input is set to 0, the fixed Lots value is used. If it is above 0, the lot is scaled to the account balance, with a value of 1 meaning 0.1 lot per 1,000 of deposit in the account currency. Check your broker's minimum lot and lot step before running it.
Because the logic works on formed bars, testing in Open prices only mode is a sensible starting point and is faster. Results from any test do not predict live results, so also run it on a demo account before using real funds.
Euro Scalper MT4
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