This MetaTrader 4 expert advisor is a scalper designed for the five-minute timeframe across several Forex pairs. It utilizes three strategies based on overbought and oversold market conditions to execute trades. Risk management features include a fixed hard stop loss, a virtual take profit and stop loss derived from an
Trading robot · MT4
Envelope Scalper
This MetaTrader 4 expert advisor executes a scalping strategy focused on the 5-minute timeframe.
GitHub stars1
Forks0
Last update8 years ago20 Dec 2017
LicenceNone stated
Overview
Envelope Scalper monitors price action relative to the Envelopes indicator, initiating trades when price crosses back inside the indicator boundaries after a deviation. The robot includes risk management controls through fixed take profit and stop loss settings, as well as configurable slippage and lot sizing. Users can adjust the Moving Average period and deviation to customize the envelope width. The README provides specific optimized parameters intended for use after backtesting.
- Envelopes indicator crossover logic
- Fixed stop loss and take profit
- Configurable MA period and deviation
- Automatic point adjustment for 5-digit brokers
- M5 timeframe optimization
Details
Author
ahsodhi on GitHub
Type
Trading robot
Platform
Strategy
Markets
Forex
Timeframes
M1-M5
Risk Profile
No grid, martingale or hedging logic was found in its code or README. That says nothing about how it performs: backtest it first.
EA Files
Input Parameters
Read from EnvelopeScalper.mq4. Defaults are the author's; change them in the EA's Inputs tab.
| Name | Type | Default | Description |
|---|---|---|---|
TakeProfit | double | 10 | |
StopLoss | double | 10 | |
Lots | double | 0.10 | |
Slippage | int | 0 | |
MA_Period | int | 200 | |
MA_Method | int | 0 | |
MA_Applied_Price | int | 0 | |
Deviation | double | 0.25 |
How to Install It
- 1Download the sourceUse "Download source (.zip)" above, or clone ahsodhi/envelope-scalper from GitHub, and unzip it.
- 2Open the data folderIn MetaTrader choose File, then Open Data Folder, and go to MQL4/Experts.
- 3Copy the filesCopy the .mq4 file into Experts.
- 4Compile in MetaEditorOpen the file in MetaEditor and press Compile. Fix any missing includes the compiler reports.
- 5Test before you tradeRun it in the Strategy Tester, then attach it to a demo chart and allow algorithmic trading.
Third-party code. ForexR did not write, test or endorse this EA, and the summary above was generated automatically from its README and code. ForexR lists only repositories with readable source code and never hosts files. Read the code, backtest it and use a demo account first; automated trading can lose money quickly.
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