Pinpoint EA is an MT4 Expert Advisor that uses automation to scalp the forex market. It is available for free download, and is developed with the default settings of trading GBPUSD and EURUSD currency pairs.
This EA executes between 2 to 5 trades per day, with a limit of only one trade at a time. To minimize drawdown, it always includes a Stop Loss for all transactions, although this is set at a larger value. It has the option to trade with a fixed lot size or use an automatic lot size which can increase the size of the trade based on specified criteria.
Pinpoint EA Strategy
Pinpoint EA’s strategy appears logical initially, but it has a potentially dangerous method of changing the lot size to cover drawdowns when Stop Loss is triggered. This can lead to significant drawdowns if two orders hit Stop Loss in succession, as the next order’s lot size will be significantly larger due to a high TP-to-SL ratio of 1:18 on the default settings.
This approach is similar to a Martingale strategy with a very high multiplier. However, this cannot be entirely trusted, and users can modify the input parameters to adjust or turn off the lot multiplier.
It is recommended to experiment with these settings to reduce the risk and potentially disable the lot multiplier to start.
Pinpoint EA Features
- Minimum account balance of $1000 is required to use Pinpoint EA according to the developer.
- It can operate without a lot multiplier and can function on a $100 account.
- The EA has been developed to run on any currency pair, but they have optimised it for the EURUSD and GBPUSD major currency pairs.
- It performs optimally on M1 timeframes but can work on any timeframe.
- Users can adjust the input parameters to find a less risky strategy, and disabling or reducing the lot multiplier is a good place to start.
- A license key must be entered in the input parameters.
- It is recommended to use a low spread and commission account for optimal performance.
Pinpoint EA Settings
- LicenseKey
- =======> GLOBAL
- Show info true
- Magic Number 123
- Minimum pips last candle 0
- =======================> TRADES
- Lot (0-dynamic) 0.0
- Risk factor (1 = start 0.1 with 10’000 1:500) 1.0
- Stop Loss 50.0
- Take Profit 0.0
- Close on opposite signal true
- Lot increase reason by loss
- Lot increase mode Multiply
- Lot increase coefficient 18.0
- Max lots for order (0= no limit) 50.0
- Lots sequence (use as separator) 0.01-0.20-4-0.01
- ========> INDICATORS
- Buy Level 30
- Sell Level 70
- Use Trend Mate filter true
- Filter TimeFrame H4
- Use Grid false
- Grid Pips 5.0
- Max open Orders 1
- Close by Pips Profit true
- Profit in Pips 3
- Close by % Loss false
- Loss% 5.0
- Close by % Profit false
- Profit% 0.03
Pinpoint EA Summary
Overall, the Pinpoint EA is a designed for automated forex scalping. It executes between 2 to 5 trades per day on the EURUSD and GBPUSD currency pairs. The EA includes a Stop Loss to minimize drawdowns, but it is set at a larger value. It can use a fixed lot size or an automatic lot size, which can increase trade size based on specified criteria. However, Pinpoint EA’s strategy involves changing lot size to cover losses when Stop Loss is triggered, which can result in significant drawdowns. Users can modify the input parameters to adjust or turn off the lot multiplier and experiment with these settings according to their own risk preferences.
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