Are you interested in trading Gold (XAUUSD) and major currency pairs with an automated forex strategy? If yes, then the Gold Scalping EA might be the right tool for you. This expert advisor for Metatrader 4 uses a “Trend Follow” strategy based on the pure price action of the commodity market and the trend pattern of Gold specifically.
In this article, we will provide a comprehensive review of the Gold Scalping EA. We will explore its features, input parameters, and trading performance. By the end of the article, you will have a clear understanding of how the EA works and whether it’s suitable for your trading needs. So, let’s dive in and discover everything you need to know about this automated forex strategy.
Gold Scalping EA Strategy
The Gold Scalping EA is an automated forex strategy that trades Gold (XAUUSD) and major currency pairs using the “Trend Follow” strategy. This expert advisor for Metatrader 4 is based on the pure price action of the commodity market and the trend pattern of Gold specifically. The robot identifies the Gold price action and pattern and takes trades according to the previous price pattern in the market. The recommended time frame for trading is M5 and higher.
To use the Gold Scalping EA, traders can modify the following input parameter values through the EA’s “Inputs” tab: magic number, drawdown protection start, trailing stop, risk tolerance, drawdown chart % close, drawdown chart money, money management, MMmultiplier, starting lot, max lot, and pause before the news. The robot comes with a money management system, an advanced news filter, an advanced time management system, a Friday exit system, and an email and push notification system.
The Money Management System allows traders to set risk in percentages, and the robot will automatically calculate the lots according to the risk and the account’s free margin. The Advanced News Filter helps traders avoid trading during the most important news and events. The Advanced Time Management System allows traders to configure the robot to trade only during specific hours and on specific weekdays, which can help traders avoid the most dangerous periods and trade during the best ones. The Friday Exit System enables traders to configure the robot to close all trades on Friday evening at a desired time and to stop trading after this time. The Email and Push Notification System informs traders about all actions performed in their accounts.
The Gold Scalping EA comes with a manual trading System that allows traders to open manual trades, which will be managed automatically by the robot. The robot prints two buttons on the chart, BUY and SELL. If traders click the BUY button, the robot will open a BUY trade. If traders click the SELL button, the robot will open a SELL trade. The robot will not allow traders to open manual trades in bad market conditions, and when the buttons’ color is dark gray, it means that manual trading is not allowed for BUY or SELL due to bad market conditions or there are already opened trades.
Traders can experiment with the settings to find the best configuration that suits their trading style. A low spread IC Markets account is also highly recommended for the Gold Scalping Forex Robot. The EA can be used on both demo and real accounts, and traders can receive email and push notifications about the robot’s trades.
Gold Scalping EA Features
- Automated trading strategy for Gold (XAUUSD) and major currency pairs using the “Trend Follow” strategy
- Pure price action and trend pattern-based trading approach
- The recommended time frame for trading is M5 and higher
- Input parameters for Magic Number, Drawdown Protection Start, Trailing Stop, Risk Tolerance, Drawdown Chart % Close, Drawdown Chart
- Money, Money Management, MMmultiplier, Starting Lot, Max Lots, and Pause Before News
- Money Management System for automatic lot size calculation based on risk and account’s free margin
- Advanced News Filter to avoid trading during important news and events
- Advanced Time Management System to trade only during specific hours and days
- Friday Exit System to close all trades on Friday evening and stop trading after that time
- Email and Push Notification System to inform traders about the robot’s actions
- Manual Trading System for opening manual trades that are managed automatically by the robot
- Buy and Sell buttons on the chart for manual trading
- Restriction on manual trading in bad market conditions
- Suitable for use on both demo and real accounts
- Highly recommended for use on low-spread IC markets account.
AF Scalper EA Settings
- Magic Number – Unique identifier for the robot’s trades
- Drawdown Protection Start – Minimum account balance level to start the drawdown protection
- Trailing Stop – Enable/disable trailing stop function
- Risk Tolerance – The maximum percentage of account balance to risk per trade
- Drawdown Chart % Close – Close all trades if the drawdown exceeds this percentage
- Drawdown Chart Money – Close all trades if the drawdown exceeds this amount
- Money Management – Enable/disable the money management system
- MMmultiplier – Lot multiplier when using money management
- Starting Lot – The lot size for the first trade
- Max Lot – The maximum lot size for any trade
- Pause before the news – The time before the news to pause trading
- Advanced News Filter – Enable/disable news filter
- Advanced Time Management System – Enable/disable trading during specific hours and weekdays
- Friday Exit System – Enable/disable closing all trades on Friday evening
- Email and Push Notification System – Enable/disable email and push notifications for trade actions.
Gold Scalping EA Summary
After reviewing the Gold Scalping EA, I found it to be a potentially useful trading tool for those interested in trading gold and major currency pairs. The EA uses a trend-following strategy based on pure price action, and traders can modify input parameters to suit their trading style. One of the strengths of the EA is its money management system, which allows traders to set their risk tolerance and calculate their lot sizes automatically. The advanced news filter and time management system also enable traders to avoid the most volatile market conditions and trade only during the best periods, potentially reducing drawdowns and increasing profits.
However, one potential weakness of the EA is that it only trades on one asset (gold) and major currency pairs, which may not suit all traders. Additionally, while the manual trading system can be useful, traders should exercise caution when using it and ensure they have good risk management settings in place.
Before using the Gold Scalping EA on a live account, it’s highly recommended to demo test it to familiarize yourself with its features and settings. This can help traders identify the best configuration for their trading style and risk tolerance. The cost of the Gold Scalping EA is reasonable compared to other expert advisors on the market. However, traders should be aware that past performance does not guarantee future results, and there is always a risk of loss in trading.
Overall, the Gold Scalping EA is a useful tool for traders interested in trading gold and major currency pairs. It has several strengths, including its money management system and advanced news filter, and time management system. However, traders should exercise caution and ensure they have good risk management settings in place when using the EA.
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.
