- December 11, 2023
- Posted by: Forex Wiki Team
- Category: Free Forex EA
Daily Candle Scalper EA Review
In the dynamic world of Forex trading, staying ahead of the curve is imperative for success. Introducing the Daily Candle Scalper, an advanced trading robot meticulously developed over several years. This professional tool boasts cutting-edge exit algorithms, a built-in spread filter, and slippage control algorithms. Fully customizable to cater to individual preferences, it offers a myriad of setup possibilities, with recommended settings available for ease of use.
Exploring the Daily Candle Scalper
Quick Setup and Resources
For a quick start, users can find setup explanations, the latest presets, FAQs, and the manual here. The choice of a recommended broker is crucial, and users are encouraged to reach out privately for optimal brokerage suggestions.
While the EA theoretically works on any low-spread, highly liquid market, it particularly shines on currency pairs such as EURUSD and USDJPY.
Version: 1.58
Best Brokers List
Daily Candle Scalper EA works with any broker and any type of account, but we recommend our clients use one of the top forex brokers listed below:
Daily Candle Scalper EA Settings
EA Parameter List
Trading Filters
- Spread/Slippage Filter
- MaxSpread, DistForSpreadFilter
- MaxSlippage, SlippageControlMode
Time Filters
- Friday stop hour, Stop trading during NFP news
- NFP Starthour, NFP Stophour, and more.
Dual Functionality of the EA
- Fully Automatic Trading
- Utilizes a High/Low breakout system for entry calculations.
- Can be applied across various timeframes, with H1 or H4 recommended for more secure entry points.
- Manual Trading Strategies Tool
- Empowers traders to manually choose entry points.
- Compatible with other EAs for setting entry points, with the Advanced Scalper EA managing advanced exit algorithms.
Scalping Essentials
Successful scalping requires optimal trade conditions from your broker. Consider the following:
- Spread: Aim for an average spread of 1.0 pip or lower.
- Execution Speed: Prefer a true ECN/STP broker with fast execution.
- Connection: Ensure a low-latency connection, potentially using a VPS with <50ms latency.
How to Use the EA
A) Strategy 1 - Fully Automatic Trading
- Identifies recent highs and lows for entry calculations.
- Scalps in the breakout direction when price breaches short-term support/resistance levels.
- Customizable support/resistance criteria based on user preferences.
B) Strategy 2 - Manual Trading Strategies Tool
- Allows traders to select entry points manually or in conjunction with other EAs.
- Advanced exit algorithms follow up on manually chosen or EA-driven trades.
Key Characteristics of the EA
- Strict use of stop loss on every trade.
- Innovative 'MagicTrail' algorithm to minimize losses.
- Spread filter to avoid trading during unfavorable market conditions.
- Slippage control algorithm to prevent significant losses during heavy slippage.
- Proven live results on "high balance" accounts with various brokers.
Live Account Results
With over 5,657 trades, the Daily Candle Scalper showcases a 76.77% success rate, proving its mettle in diverse market conditions. Notable features include strict risk management, impressive consecutive wins, and a Sharpe Ratio of 0.14.
Conclusion
In the world of Forex trading, the Daily Candle Scalper stands as a testament to precision, adaptability, and consistent profitability. Embrace the future of trading with a tool designed to empower both novice and seasoned traders alike.
Download Daily Candle Scalper EA
Please try for at least a week an XM demo account. Also, familiarize yourself with and understand how this free forex Tool works before using it on a live account.
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