Black Scorpion EA MT4: A Breakout Trading Expert Advisor

Overview

The Black Scorpion EA is an Expert Advisor (EA) designed for MetaTrader 4 (MT4). It employs a breakout trading strategy, capitalizing on trend breakouts in the forex market. Let’s delve into the details:

Strategy

The EA utilizes three types of trend breakouts:

1. Support and Resistance Breakout: Identifies key levels where price tends to reverse.
2. Downtrend Breakout: Seizes opportunities when the market is in a downtrend.
3. Uptrend Breakout: Capitalizes on upward momentum.

Key Features

• Small Stop Loss (SL): The EA employs a very tight SL, ensuring account protection and minimizing risk per trade.
• Adaptive Trailing Stop: Protects profits by adjusting the trailing stop based on market conditions.
• Slippage Management: The EA closes positions during slippages to optimize execution.
• Backtesting and Optimization: Rigorously tested using real ticks with 99.9% quality.
• Statistics Collection: Provides valuable insights via an information panel.

Black Scorpion EA MT4

Recommended Settings

Before deploying the Black Scorpion EA on a live account, consider the following:

1. Broker Selection:
   • Opt for brokers with:
     • Low spreads
     • Low commissions
     • High-quality execution
   • Use a VPS server with minimal network latency to the broker’s server.
2. Trading Pairs and Timeframes:
   • Recommended pairs/timeframes:
     • EURUSD H1
     • USDJPY H1
     • EURUSD M30
     • USDJPY M30
3. Spread and Stop Level:
   • Maximum Spread: 0 to 20 points (0.0 to 2.0 pips)
   • Maximum Stop Level: 0 to 5 points (0.0 to 0.5 pips)
   • Maximum Freeze Level: 0 points (0.0 pips)
4. Leverage:
   • Leverage of 1:100 or higher is recommended.
5. Magic Numbers:
   • Ensure that each EA on the same account has a unique Magic number.

Disclaimer: Trading involves risks, and past performance is not indicative of future results. Always conduct thorough research and seek professional advice before trading.

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Additional Resources: 

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Happy Trading