The Evil Twin Scalper EA for Metatrader 4 is a fully automated smart scalper that combines the RSI, CCI, and Stochastic technical indicators on the chart to produce a buy/sell trend line tunnel. The EA comes with a variety of input parameters and values that can be simply adjusted and tested.
In this article, I will be taking a look at how the Evil Twin 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.
Scalping with Evil Twin Scalper EA
Evil Twin Scalper EA uses the scalping technique to take advantage of small price movements in the market. Traders who use this strategy typically look for high liquidity currency pairs with tight bid-ask spreads, which make it easier to execute trades quickly and efficiently. They also use technical analysis tools to identify short-term price trends and patterns that can indicate when a particular currency pair is likely to move up or down in the near future. However, the Evil Twin Scalper EA saves the traders the stress of manually doing the bulk work of analysis and trades execution.
Scalping is a high-risk strategy, as it relies on making a large number of trades with small profit margins. This strategy ought to be used with proper discipline and solid understanding of technical analysis and risk management. Having access to fast and reliable trading platforms, as well as a deep understanding of market conditions and trends are also very important.
Pros of Using Scalping Strategy
- High frequency of trades: Scalping allows traders to make multiple trades in a short period of time, potentially increasing the number of profitable opportunities.
- Quick profits: Scalping aims to capture small price movements, so it can lead to quick profits, allowing traders to take advantage of market volatility.
- Tight stop-losses: Scalpers typically use tight stop-loss orders to minimize losses, which can limit their downside risk.
Cons of Using Scalping Strategy
- High transaction costs: Because scalping involves making many trades, the transaction costs can quickly add up, eating into profits.
- Need for precision: Scalping requires precision and quick decision-making skills, which can be challenging.
- Limited profit potential: While scalping can be profitable, the small profit margins mean that scalpers need to make many successful trades to achieve significant gains.
Evil Twin Scalper EA Features
- The Evil Twin Scalper EA does not use dangerous trading strategies such as martingale, grid, doubling down, etc.
- The Evil Twin Scalper EA can be used on an infinite number of demo trading accounts.
- The Evil Twin Scalper EA can be used on an infinite number of real trading accounts.
- The Evil Twin Scalper EA works on any timeframe.
Evil Twin Scalper EA Input Parameters
- Take profit in points.
- Static size no risk.
- Maximum lot size.
- Maximum spread.
- Risk percent.
- Activate time management.
- CCI settings.
- RSI settings.
- Stochastic settings.
The Evil Twin Scalper EA is a trading robot which employs the use of some popular technical indicators such as Relative Strength Index (RSI), Commodity Channel Index (CCI), and Stochastic Oscillator to examine the charts for signals while it executes trades automatically based on the scalping strategy.
This EA may be found interesting by traders who prefer scalping the markets and catching short-term price moves.
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.