Price Action Scalping 5
Price Action Scalping 5 — a MetaTrader 4 expert advisor (trading robot) kept in the Old Kings collection. Judging by its name, it is built around price action (reading the candles themselves) and short scalping trades. Its source code uses RSI and Bollinger Bands. It places pending orders, has a trading-hours filter and can size trades from your risk. It has 15 settings, for example INFO1 (default ===== Volume ===========), Lots Size (default 0.0) and INFO (default ------------------------). 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 Price Action Scalping 5
Price Action Scalping 5 is an expert advisor (trading robot) for MetaTrader 4 based on RSI and Bollinger Bands. 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 15 settings, such as INFO1, Lots size and Info. MQL source code included.
It also is built for short scalping trades.
Files in the download: Price Action Scalping (1).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 |
|---|---|---|
| INFO1 | ===== Volume =========================== | |
| Lots size | 0.0 | |
| Info | ---------------------------------------- | |
| Lots per1000 | 0.3 | |
| Min lots | 0.01 | |
| Max lots | 60.0 | |
| INFO2 | ===== Protection ======================= | |
| Def max spread | 1.3 | Maximum spread allowed to trade |
| INFO3 | ===== Confirmation ===================== | |
| Bb param | 23 | |
| Rsi param | 18 | |
| Def sl | 3.0 | |
| INFO4 | ===== More ============================= | |
| My magic number | 68000 | Magic number that tells this EA's orders apart |
| Comment | Price Action Scalping v1.68 | Comment written on the orders |
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 · Price Action · Pending Orders · Time Filter · Risk & Lot Size · RSI · Bollinger Bands · MT4 Expert Advisor · MQL4 Source Code