Forex Advisors: Ray Scalper

Good day to all readers of the forex blog tradelikeapro.ru! Today we will talk about a new scalping advisor from the authors of the solid Phibase Synergy. This robot is called Ray Scalper, and it is worth noting that this is a completely original development, not yet another remake of Wall Street Forex Robot.

Platform: Metatrader 4
Advisor version: 1.0
Currency pairs: EURUSD
Timeframe: M15
Operating time: Around the clock
Recommended brokers: Alpari, Roboforex

Installation of the Ray Scalper advisor is carried out according to the standard instructions. If you are not very familiar with autotrading, do not know what it is or what it is about, be sure to watch the video course Forex on Autopilot.

The Ray Scalper advisor operates on the M15 timeframe, but in its work it also takes into account what is happening on higher scales. First of all, it pays attention to the High/Low/Close levels of the weekly candle (W1), then calculates shorter-term support / resistance levels on the hourly chart.

Next, the bot waits for the M15 candle to close and releases a fan of rays diagonally upward and downward. If there are no aforementioned levels nearby in the path of price movement, the advisor considers the possibility of opening a trade in that direction. The trend on the hourly chart and M15 analysis using the stochastic indicator, Bollinger Bands, and Envelopes are also taken into account.

Take-profit and stop-loss are set depending on the readings of the ATR indicator on H1 (see the description of the settings below), so their size is not fixed but depends on market volatility. The average profit size is 25 points, the loss is 80 points. The difference is compensated by a high percentage of profitable trades.

EURUSD 2007-2012 (default settings, 99% modeling quality)

As I already mentioned above, the percentage of profitable trades is quite high: almost 84% versus 16% losing trades. The profit/loss ratio is, of course, the weak point of our robot. But automated trading has a number of limitations, a machine cannot think like a person and therefore, when creating advisors, programmers sometimes have to make compromises. After all, what interests us most is that in the end the advisor makes a profit, and Ray Scalper does make one.

The real account monitor from the authors is not very long yet, but it shows good performance.

Max_Allocation_Per_Trade - the percentage of free margin that the advisor will risk in each trade. Money management is activated if the Fixed Lot parameter = 0.

FixedLot - a fixed trading lot. If it is set to 0, automatic money management is used based on the value of the Max_Allocation_Per_Trade parameter.

FinalTarget_x_H1_ATR - the ATR multiplier on H1 for calculating take-profit

StopLoss_x_H1_ATR - the ATR multiplier on H1 for calculating stop-loss

Trail_StopLoss_x_H1_ATR - the ATR multiplier on H1 for calculating the trailing stop. Since the default value is 1, equal to the take-profit multiplier, the trailing stop is not used. If you want to activate it, you need to reduce the value of this parameter by setting, for example, 0.5

Trail_Trigger_x_H1_ATR - the trailing stop activation level. This parameter is used when trailing is activated (see the description of the Trail_StopLoss_x_H1_ATR add-on). It is also expressed as an ATR multiplier.

Friday_Trade - enables/disables trading on Fridays.

MagicNumber - a parameter required by the advisor to distinguish positions opened by it from positions opened by other advisors or manually.

In the form of Ray Scalper, we have an interesting long-term profitable expert advisor. Why long-term?  Because, like Wall Street Robot, the hero of our today's review can remain in drawdown for several months, and it is clearly not worth judging the results by 1-2 weeks. On the other hand, there is no martingale, order grids, or other elements that make some expert advisors potentially dangerous. This makes it possible to put Ray Scalper on a real account without much hesitation.

Important !!!

For the expert advisor to work correctly, the trading terminal must be turned on from the market opening on Sunday evening until its closing on Friday evening. If you do not have the ability to keep your computer running 24/5, then I advise using the VPS server service.

The download link was removed at the copyright holder's request