The Breakout Scalper EA is a software program that helps traders automate their trading strategies by analyzing market conditions and executing trades based on preset criteria. The EA is designed to capitalize on price breakouts, which occur when an asset’s price suddenly moves beyond a previously established support or resistance level. This Expert Advisor can be purchased from the MQL marketplace whilst there is a free demo version also available to give it a try before making any commitment. In this article, I will be taking a look at how the Breakout Scalper EA works. Hopefully, that will help you to decide if this is a trading robot that you would consider using on your trading account.
How the Breakout Scalper EA Works
Breakout Scalper is an expert advisor that trades on European and American market openings. It evaluates the signal’s strength and decides whether to trade with a fixed risk and profit. The built-in algorithm will constantly analyse the trading instruments on which chart the EA is applied, searching the charts for buy and sell signals. When the Breakout Scalper EA finds an opportunity, it can place and manage trades on behalf of the user.
The investor should be aware that the Breakout Scalper EA does not use any dangerous methods of money management such as grid, averaging orders, martingale or other dangerous trading methods. Each trade is accompanied by a Stop-loss.
The Breakout Scalper EA uses technical analysis to identify potential breakout opportunities in the market. The program monitors price movements and calculates support and resistance levels based on historical data. Once the price moves beyond these levels, the EA triggers a trade in the direction of the breakout.
The EA can be customized to fit individual trading styles and preferences. Traders can adjust the parameters of the EA to suit their risk tolerance and desired profit targets. They can also set the EA to trade on different time frames, such as 5-minute or 15-minute charts, depending on their preferred trading horizon.
Breakout Scalper EA Parameters
- Lot size for each order is specified in entry lots (1).
- Slippage (1000): The maximum allowable slippage.
- Stop Loss (0): Stop Loss pips.
- Take Profit (0): Fixed Take Profit, if set to 0, activates automatic selection.
- Market Open Hour in GMT (Strategy tester does not support GMT): The hour at which the EU or US market opens.
- Market Open Minute in GMT: Indicates the time when the EU or US markets open.
- Offset from market open in seconds: Specifies the time difference between market open and order entry.
- Close all trades and stop trading if equity reaches (0 – Disabled): Trades will be closed, and the EA will stop working if the total account equity reaches this absolute value.
- When running multiple instances on the same account, the magic number is EA’s unique ID.
Breakout Scalper EA Features
- Breakout Strategy: The EA is designed to identify potential breakouts in the market and enter trades when a breakout occurs. This can be done using various technical indicators such as moving averages, Bollinger Bands, or price action patterns.
- Scalping Technique: The EA uses a scalping technique, which means that it aims to take small profits on each trade and close the trades quickly. This allows it to take advantage of small price movements and generate a high number of trades.
- Risk Management: The EA includes risk management features such as stop-loss orders and take-profit orders. These help to limit the potential losses on each trade and lock in profits when a trade is successful.
- Automated Trading: The EA is fully automated, which means that it can trade on its own without the need for human intervention. This allows the EA to operate 24/7 and take advantage of trading opportunities around the clock.
- Backtesting: The EA could be tested on historical data to ensure that it has a profitable track record. This can be done using backtesting software that simulates trading on historical data and provides performance metrics such as profit factor, win rate, and drawdown.
- Customization: The EA could be customizable to suit the trader’s preferences and trading style. This can include settings for trade size, risk management, and trading hours.
Conclusion
In conclusion, Breakout Scalper EA is a specialized type of Expert Advisor designed to trade the Forex market by capitalizing on price breakouts using a scalping technique. It is fully automated, has risk management features, and can be customized to suit the trader’s preferences. Backtesting is crucial to ensure that the EA has a profitable track record, and regular updates and support from the developer are necessary to maintain optimal performance. Traders may want to carefully evaluate the features and performance of the Breakout Scalper EA before using it in a live trading account. Just be aware that backtesting is not always accurate and is no guarantee of future results.
The EA avoids using any dangerous money management and the developer has shared some backtests for you to get an idea of how the Breakout Scalper EA has performed over recent years through different market conditions.
It is important to note that past performance does not guarantee good results moving forward. Therefore, I would only test the Breakout Scalper EA on a demo account using a trial version to begin with. This would allow me to get a feel for how it works and see if it fits within my own trading style. The Breakout Scalper EA is also quite expensive compared to some other forex robots which I have previously reviewed.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
