- May 1, 2023
- Posted by: Forex Wiki Team
- Category: Free Forex EA
Support and Resistance Scalper EA Review
Forex trading can be a profitable venture, but it requires experience and knowledge to make consistent profits. One way to make trading easier is to use automated trading systems or expert advisors (EAs). In this article, we will review the Support and Resistance Scalper EA, a trading tool that uses a multi-timeframe support and resistance indicator to identify profitable trade opportunities.
The Support and Resistance Scalper EA is a tool that uses the TLB OC v02 indicator, a multi-timeframe support and resistance indicator that plots both confirmed and unconfirmed levels on the price chart. This tool is highly accurate in detecting levels, which can help traders identify potential entry and exit points.
The EA combines two trading strategies to increase its profitability. If the resistance and support mode (RS mode) entry closes with a loss, the EA switches to the Fibonacci indicator (FIBO indicator). If the FIBO entry also closes with a loss, the EA switches back to the RS mode. The indicator that is active is displayed on the top right of the chart.
Best Brokers List :
The Support and Resistance Scalper EA with any broker and any type of account, but we recommend our clients use one of the top forex brokers listed below:
|BROKER NAME||REGISTER||Year Founded||Headquartered||Leverage||Minimum Deposit||Regulating|
|Register||2007||Sydney, Australia||1:1000||$200||ASIC, SCB, FSA|
|Register||2010||Melbourne, Australia||1:500||$200||FCA , ASIC, DFSA|
|Register||2008||Cyprus||1:Unlimited||$10||CySEC, FCA, FSCA, FSA, BVI|
|Register||2011||London, England||1:500||$25||regulated by CySEC|
|Register||2006||Dublin, Ireland||1:400||$100||CBI, CSEC, PFSA, ASIC, BVIFSC, FFAJ, SAFSCA,ADGM, ISA|
Support and Resistance Scalper EA Settings
The EA has several customizable settings that allow traders to optimize its performance based on their trading preferences. The settings include:
- Mode order: The EA supports the selection of order mode, which can be set to only buy, only sell, or both.
- Order distance pips: The EA allows traders to set the distance in pips between the entry point and the stop loss.
- Risk trade by lot size: The EA has a risk trade option that calculates the lot size based on the trader’s risk appetite.
- Martingale option and trailing stop: The EA has a Martingale option that increases the lot size after a loss to recover the previous loss. It also has a trailing stop that locks in profits as the trade progresses.
- Break-even and basket profit and stop-loss option: The EA allows traders to set a break-even point to minimize losses and a basket profit and stop-loss option to take profits or cut losses.
- Time filter and news filter: The EA has a time filter that restricts trading during specific hours and a news filter that prevents trading during high-impact news events.
Support and Resistance Scalper EA Result
The Support and Resistance Scalper EA has been backtested with historical data, and the results have shown promising performance. The backtest has shown that the EA has a high winning rate and a low drawdown, which means that it has the potential to generate profits while minimizing losses. Additionally, the EA has been optimized to work on the H4 time frame with a 1:200 leverage and a $1000 balance.
Furthermore, the live results of the Support and Resistance Scalper EA have also been impressive. The robot has been trading with a green pip from the start of the test, indicating that it has been generating profits consistently. However, it is important to note that past performance is not a guarantee of future results, and traders should always exercise caution when using any trading tool, including automated trading systems like EAs.
The Support and Resistance Scalper EA is a powerful trading tool that combines two trading strategies to increase profitability. The tool is highly accurate in detecting levels, which can help traders identify potential entry and exit points. The customizable settings allow traders to optimize the EA’s performance based on their trading preferences. However, it is important to note that no trading system is perfect, and traders should always perform due diligence before using any automated trading system.
Download EA :
We highly recommend trying The Support and Resistance Scalper EA with ICMarket demo account. Also, familiarize yourself with and understand how this system works before using it on a live account.