The Shark Scalper Pro is an expert advisor (EA) designed to analyze market trends and identify potential trading opportunities to scalp the forex market. It is designed to work on the 5-minute timeframe and trades a variety of currency pairs on MetaTrader 4 (MT4) platform. In this review, we will dive deep into the Shark Scalper Pro and examine its strategy, features, and settings. By the end of this review, you should have a comprehensive understanding of the Shark Scalper Pro and whether to use it in your forex trading journey.
Shark Scalper Pro Strategy
Shark Scalper Pro is an automated trading tool that is designed to execute scalping trades based on a trend following strategy. Its automated scalping strategy aims to make multiple trades in a short time frame based on small price movements, while its trend following strategy involves identifying and following the direction of a market trend. It uses a combination of technical indicators, such as Average True Range and Bollinger Bands, to identify the direction of the trends.
The EA is designed to trade on multiple currency pairs, including AUD/USD, EUR/USD, GBP/USD, and USD/JPY on the M5 timeframe and runs on the MetaTrader 4 (MT4) platform. However, there is a minimum deposit of $100 USD and it is recommended by the developer to use a broker with low spread and commission, such as IC Markets.
However, it’s important to note that the Shark Scalper Pro EA’s scalping strategy is highly sensitive to market conditions and requires strict risk management to avoid large losses. Additionally, the EA may not perform as well during periods of low volatility or during news events that can cause sudden price movements in the market. Its trend following strategy can be slow to react to sudden changes in market conditions, such as unexpected news events or sudden shifts in sentiment.
It is recommended to demo test the EA thoroughly before using it on a live account. Overall, the Shark Scalper Pro is a suitable option for traders who are comfortable with the risks associated with scalping and are looking for a fast-paced trading strategy. Traders should always exercise caution and use proper risk management techniques to minimize loss.
Shark Scalper Pro Features
- Execute trades using a scalping strategy
- Trades during NY and European sessions
- Uses a Trend Following system based on Bollinger Bands and ATR indicator
- It’s FIFO compliant
- Optimized for trading EURUSD, GBPUSD, USDCAD currency pairs
- Has a recommended timeframe of M5
- Comes with comprehensive user documentation and support
- User-friendly and easy to set up
Shark Scalper Pro Settings
- Lot: This parameter allows the user to set the fixed lot size for each trade when autolot is disabled.
- Autolot: When enabled, the EA calculates the lot size for each trade based on the account balance and risk percentage.
- Risk: The risk parameter is used by the autolot function to calculate the lot size. It specifies the percentage of account balance that can be risked per trade.
- Magic Number: The user can set a unique identification number for the trades opened by the EA.
- Spread Allowed: This parameter allows the user to specify the maximum allowable spread, above which no trades will be opened.
- Bollinger Bands Period: This parameter sets the period for the Bollinger Bands indicator used in the strategy.
- Bollinger Bands Deviation: This parameter sets the deviation value for the Bollinger Bands indicator.
- Bollinger Bands Applied Price: This parameter sets the price used for the Bollinger Bands calculation.
- Signal only on Crossing: If enabled, the EA will only open trades when the price crosses the Bollinger Bands.
- Bollinger Bands Reverse Rules: This parameter enables the EA to open trades in the opposite direction when the Bollinger Bands are breached.
- Bollinger Bands Time Frame: This parameter sets the time frame used for the Bollinger Bands calculation.
- Enable close on Bollinger Bands: If enabled, the EA will close trades on the opposite signal of the Bollinger Bands.
- Enable Atr: If enabled, the EA will use the ATR indicator to filter trades.
- Atr Period: This parameter sets the period for the ATR indicator used in the strategy.
- Atr Min Limit: This parameter sets the lower limit for trading with the ATR.
- Atr Max Limit: This parameter sets the upper limit for trading with the ATR.
- Atr Timeframe: This parameter sets the timeframe used for the ATR calculation.
- Max Orders: This parameter sets the maximum number of orders that can be opened at the same time.
- Take Profit: This parameter sets the take profit level for the trades.
- Stop Loss: This parameter sets the stop loss level for the trades.
- Enable Bars to Close: If enabled, the EA will close trades after a fixed number of bars.
- Trade Comment: This parameter allows the user to add a comment to the trades opened by the EA.
- Enable Trailing Stop: This setting enables the Trailing Stop feature.
- Start only in Profit: If this setting is enabled, the Trailing Stop feature will only activate if the trade is currently in profit.
- Trailing Step in Point: This setting determines the minimum distance in points.
- Enable Average Trailing Stop: This setting enables the Average Trailing Stop feature.
- Average Trailing Stop in Point: This setting determines the distance in points when the Average Trailing Stop feature is activated.
- Average Trailing Step in Point: This setting determines the minimum distance in points.
- Change Chart Color: This setting allows the user to change the colors of the charts displayed by the EA.
Shark Scalper Pro Summary
The Shark Scalper Pro is a multi currency trading bot designed to place trade based on its scalping strategy on the MetaTrader 4 platform. The EA is sensitive to market conditions, which can lead to losses during periods of high volatility.
The Shark Scalper Pro is worth considering for traders with experience in scalping and a willingness to closely monitor their trades. However, it is recommended to demo test the EA and apply proper risk management settings to mitigate loss.
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