Night Owl EA

Night Owl is a night scalper which trades during the market’s quietest hours. During that time, markets tend to range, and the EA will trade those ranging movements.

The Night Owl 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 Night Owl EA works. Hopefully, that will help you to decide if this is a trading robot that you would consider using on your trading account.

Night Scalping with Night Owl EA

Each trade will have an initial stop loss and take profit, but the Night Owl EA also employs advanced SL management algorithms to assess the strength of the trades and close out early if necessary. The EA works with all pairs that have a stable spread and move quietly at night. However, it is designed to handle larger spreads with minimal performance loss.

This forex EA also includes a spread and slippage filter to prevent trades from being opened in volatile markets. In addition, the user can specify the desired trading hours for each day. EURUSD, USDCHF, GBPUSD, USDCAD, GBPAUD, GBPCAD, GBPCHF, EURCHF, EURAUD, EURCAD, and AUDCAD are pairs the EA have already been optimized for!

Night Owl EA
Night Owl EA

Night Owl EA Parameters

  • Comment – define the ‘comment’ of the trades
  • MagicNumber – define the unique magic number of the trades
  • Max Slippage Allowed – set the maximum allowed slippage
  • Max Spread Allowed – set the maximum allowed spread
  • Maximum Daily Range size – define the maximum range of the Day
  • AutoLotMode – set the lot size management type
  • StartLots – fixed lot size to be used
  • Risk_Per_Trade – define the max risk when trades hit SL
  • LotsizeStep – set the amount of capital to be used for each 0.01 lot
  • OnlyUp – when enabled, the EA will never lower lot size when using autolotsize
  • Max number of Trades – maximum allowed open trades
  • Minimum distance between trades – minimum distance between two trades
  • Range size – Define the relative size of the range to trade (by determining how many candles to use)
  • Range Roughness – defines the edge of the range
  • Range entry Point – defines how from the edge the entry should be
  • Range strength – defines how strong the liquidity should be
  • Use only BID price for calculations – when enabled, the EA will only use the BID price for all calculations
  • Stop Loss – initial stop loss
  • Take Profit – initial take profit
  • Trailing SL Start – when to start the trailing SL (0=de-activated)
  • Trailing SL Size – size of the trailing SL
  • Trailing SL Step – minimum step before changing the Trailing SL
  • BreakevenStart – when to set breakeven
  • BreakevenPlus – extra amount above breakeven to set the SL
  • Close all open trades when total pips in profit – when set to X pips, the EA will close all open trades if the total pips are equal to these X pips
  • Close Trades after X minutes and Y Minimum pips profit – time based exit strategy
  • Minimum pips profit – minimum pips profit when using the time based exit strategy
  • Close trade at X pips from other side of range – how far from opposite side of range should trades be closed
  • Minimum pips profit before close at other side of range – minimum pips profit when using the opposite range side closing
  • Time filter – set the start time and stop time for trading each day
  • StartHour – hour on which the trading should start (for each day)
  • StartMinute – minute of that hour on which the trading should start (for each day)
  • StartHour – hour on which the trading should stop (for each day)
  • StartMinute – minute of that hour on which the trading should stop (for each day)

Conclusion

Night Owl EA is a night scalping trading robot which can be utilized by all kinds of traders, although it may be found more interesting particularly by traders who prefer trading during quiet market hours.


Overall, night scalping in forex can be a profitable trading strategy for experienced traders who are willing to take on the associated risks. However, traders may want to always practice proper risk management techniques.

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