E.2.16 5min Scalper
E.2.16 5min Scalper — a MetaTrader 4 expert advisor (trading robot) kept in the Old Kings collection. Judging by its name, it is built around short scalping trades. Its source code uses moving averages and a price channel. It places pending orders, has a trading-hours filter and can size trades from your risk. It has 13 settings, for example Envelope Period (default 144), Env Time Frame (default 0) and Env Ma Method (default 1). Watch it on a demo account for a while — robots can behave differently with each broker. Inside: 1 EA file with source code (.mq4) you can open and edit in MetaEditor. Old Kings are classic community tools shared as-is. Not tested by PolyMaria. Try it on a demo account first. Are you the author of this tool? Message us on Telegram (@abumarket_support) and we will credit you or take it down.
Expert advisor · MT4 · v1.0 · Free
About E.2.16 5min Scalper
E.2.16 5min Scalper is an expert advisor (trading robot) for MetaTrader 4 based on Moving Average and Channels & Envelopes. It places pending buy/sell stop or limit orders, trades only in the hours you set (time filter) and can size trades from your balance and risk percent. It has 13 settings, such as Envelope period, Env time frame and Env ma method. MQL source code included.
Files in the download: e.2.16 5min Scalper.mq4.
Trading robots can lose money. Check every setting and test on a demo account before using real funds.
Settings
| Setting | Default | What it does |
|---|---|---|
| Envelope period | 144 | ma bars |
| Env time frame | 0 | envelope time frame: 0=chart,60=1hr,240=4hr, etc. |
| Env ma method | 1 | 0=sma,1=ema,2=smma,3=lwma. |
| Envelope deviation | 0.05 | %shift above & below ma |
| Ma eline tsl | 1 | 0=iMA trailing stoploss 1=Opposite Envelope TSL |
| Time open | 0 | time order placement can begin |
| Time close | 23 | open order deletion time |
| First tp | 8.0 | |
| Second tp | 13.0 | |
| Third tp | 21.0 | |
| Lots | 0.1 | initial lot size |
| Maximum risk | 0.02 | percentage of account to risk each order |
| Decrease factor | 3 | lot size reducer during losing streak |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Experts.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the expert advisor from the Navigator onto a chart, check the settings, allow Algo/Auto Trading and press OK.
- Test it first on a demo account or in the Strategy Tester.
Tags: Scalping · Pending Orders · Time Filter · Risk & Lot Size · Moving Average · Channels & Envelopes · MT4 Expert Advisor · MQL4 Source Code