The Channel Scalper 1.13 2
This Old Kings expert advisor (trading robot) for MetaTrader 4 is called The Channel Scalper 1.13 2. Its name points to price channels and short scalping trades. In the code it works with moving averages. It places pending orders, moves the stop behind price and has a trading-hours filter. It has 40 settings, for example comment (default EA), magic (default 1234) and magic2 (default 4321). Before any live use, test it on a demo account and check its lot size, stop loss and trading hours. 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 The Channel Scalper 1.13 2
The Channel Scalper 1.13 2 is an expert advisor (trading robot) for MetaTrader 4 based on Moving Average. It places pending buy/sell stop or limit orders, moves the stop loss behind price (trailing stop / break-even) and trades only in the hours you set (time filter). It has 40 settings, such as Comment, Magic and Magic2. MQL source code included.
It also can size trades from your balance and risk percent.
Files in the download: The Channel Scalper 1.13.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 |
|---|---|---|
| Comment | EA | comment to display in the order |
| Magic | 1234 | magic number required if you use different settings on a same pair, same timeframe |
| Magic2 | 4321 | Magic number that tells this EA's orders apart |
| Moneymanagement | Money Management | |
| Lots | 0.1 | lots size |
| Mm | false | enable risk management |
| Risk | 5 | risk in percentage of the account |
| Minlot | 0.01 | minimum lots size |
| Maxlot | 50 | maximum lots size |
| Lotdigits | 2 | lot digits, 1 for mini, 2 for micro |
| Ordersmanagement | Order Management | |
| Ecn | false | make the expert compatible with ecn brokers |
| Oppositeclose | false | close the orders on an opposite signal |
| Letprofitrun | false | |
| Reversesignals | false | reverse the signals, long if short, short if long |
| Maxtrades | 100 | maximum trades allowed by the traders |
| Maxlongtrades | 1 | maximum trades allowed by the traders |
| Maxshorttrades | 1 | maximum trades allowed by the traders |
| Tradesperbar | 1 | maximum trades per bar allowed by the expert |
| Hidesl | false | hide stop loss |
| Hidetp | false | hide take profit |
| Stoploss | 55 | stop loss |
| Takeprofit | 4 | take profit |
| Trailingstart | 16 | profit in pips required to enable the trailing stop |
| Trailingstop | 0 | trailing stop |
| Trailingprofit | 0 | trailing profit |
| Trailingsubprofit | 5 | trailing profit with different trailing method |
| Trailingstep | 1 | margin allowed to the market to enable the trailing stop |
| Breakevengain | 0 | gain in pips required to enable the break even |
| Breakeven | 0 | break even |
| Expiration | 1440 | expiration in minutes for pending orders |
| Maxspread | 100 | maximum spread allowed by the expert |
| Entrylogics | Entry Logics | |
| Mafilter | true | |
| Channeltf | 15 | timeframe of the ma channel |
| Uppermamethod | 3 | method of the upper ma |
| Uppermaperiod | 3 | period of the upper ma |
| Uppermaprice | 2 | price of the upper ma |
| Uppermargin | 0 | margin to add or substract on the upper ma |
| Lowermamethod | 0 | method of the lower ma |
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 · Channels & Envelopes · Pending Orders · Trailing Stop & Break-even · Time Filter · Risk & Lot Size · Moving Average · MT4 Expert Advisor · MQL4 Source Code