FrankoScalp is a trading advisor that uses the scalping strategy to place buy and sell orders and runs on the MT5 platform. It is designed to work with a variety of currency pairs and uses risk management techniques to protect trades. In this review, we will examine the FrankoScalp EA, its strategy, features, and settings. By the end of this review, readers will have a better understanding of what the FrankoScalp and whether it is a suitable tool for their trading needs.
FrankoScalp Strategy
FrankoScalp is an Expert Advisor (EA) that uses a scalping strategy, as well as grid and martingale strategies, to trade the Forex market. The EA runs on both the MetaTrader 5 (MT5) and MetaTrader 4 (MT4) platforms, and traders can use it to trade a range of currency pairs.
The EA’s scalping strategy involves making numerous trades over short periods, with the aim of exploiting small price movements in currency pairs or other financial instruments. It also employs a grid strategy that involves opening multiple positions at different price levels, with the aim of increasing the chances of making a profit. Additionally, the EA utilizes a martingale strategy that involves doubling the trade size after each loss, with the aim of recovering any losses in subsequent trades.
While the combination of these strategies may potentially increase the frequency and size of profits, they also come with significant risks. The grid and martingale strategies employed by the EA can lead to large drawdowns and potentially catastrophic losses if market conditions do not align with the EA’s trading rules. Additionally, the frequent trades involved in scalping can result in high trading costs such as spreads and commissions, which can eat into profits.
Traders considering using FrankoScalp should exercise caution and thoroughly test the EA on a demo account before using it on a live account. It is essential to apply good risk management settings and monitor the EA’s performance closely to avoid significant losses. As with any trading strategy or forex EA, there are no guarantees of profitability, and traders must exercise caution and good risk management when using FrankoScalp.
FrankoScalp Features
- Uses the scalping strategy to execute trades
- Runs on the MT5 platform
- Works with a variety of currency pairs
- Has a recommended time frame of M1
- Uses fixed trading lots and percent of deposit lot values based on StopLoss for risk management
- Includes a recovery money management feature
- Has a news filter to avoid trading during high-impact news events
- Allows users to set GMT Offset manually or synchronize automatically
- Uses Grid and Martingale strategy when trading
FrankoScalp Settings
- GMT_Offset_Manual: Allows users to manually set the difference between their broker’s server time and GMT
- GMT_Offset_AUTO: Enables or disables automatic detection of GMT Offset using the local computer time (not available in the strategy tester)
- Adjust_DST_select: Enables or disables Daylight Saving Time correction (for the strategy tester)
- Use_Fix_Lots: Enables or disables fixed trading lots
- Use_MM: Enables or disables lot value as a percent of deposit based on StopLoss
- Use_MM_Reg: Enables or disables recovery money management to prevent trading lot from decreasing in case of drawdowns
- Multiplier_of_trade_Lot: Allows users to set a multiplier for a trading lot when opening a new position in the positions grid
- Use_Holidays_Pass: Allows users to avoid trading during holidays
- Record_Deals: Enables or disables logging of the EA operation details in a file
- Use_NewsFilter: Allows users to enable or disable the news filter
- use_select_Strategy: Allows users to select strategy from 1 to 6 using optimization in the strategy tester
- TakeProfit_Hide: Sets a virtual take profit hidden from a broker in points
- StopLoss_Hide: Sets a virtual stop loss hidden from a broker in points
- TakeProfit_Safety: Sets a safety (real) take profit in points
- StopLoss_Safety: Sets a safety (real) stop loss in points
- GMT_Open_Trade_Hour: Allows users to set the hour to start opening trades in GMT
- GMT_Open_Trade_Minute: Allows users to set the minute to start opening trades in GMT
- Period_Open_in_minute: Allows users to set the time duration for opening trades in minutes
- GMT_Monday_OH: Allows users to set the time to start opening trades on Monday
- GMT_Friday_CH: Allows users to set the time to stop opening trades on Friday.
FrankoScalp Summary
FrankoScalp is a scalping-based trading advisor that is capable of trading on multiple currency pairs on the MT 4 and MT 5 platforms. However, its weakness is that it uses risky strategies such as grid and martingale strategy.
The FrankoScalp is worth considering for traders who are familiar with scalping strategies and have a moderate risk tolerance. It is important that traders should always exercise caution and demo test the FrankoScalp before using real money.
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