The Expert Advisor uses the Alligator indicator and employs the old strategy of trading on it, by comparing the Jaws, Teeth and Lips of the Alligator on each tick. This means that the advisor opens orders at the right moment and closes them once the necessary profit value is reached.
The advisor makes use of:
  • Trailing Stop to protect the deposit. As soon as an order earns profit the function will set a stop loss at an appropriate distance to safeguard the profit
  • Spread Limit to stop opening when the spread is too large. Brokers usually use floating spreads;
  • Minimum percentage of funds to limit risk. An Expert Advisor could be provided with a certain amount of money to use;
  • Stop Out level will shut down all waiting orders if the balances in the account are less than the value specified. There are brokers that do not offer an automatic stop-out level.
  • Limit the amount of pending orders. Too many orders pending can reduce your account balance.
  • The ability to trade at a bad time lets you set the hours that the EA does not trade (order open time).
The default settings are optimized for the EURUSD in the timeframe M15 using a spread = 18. Improve your Expert Advisor using the Strategy Tester tool to determine the best parameters for your time frame and currency pair. This is crucial and is highly recommended for a successful trading experience.

General parameters​

  • Closes orders with any profits over the currency of deposit: Closes order when the profit in the currency of deposit is reached;
  • Take profit (order profit ceiling): Traditionally take profit in pips.
  • Stop loss (loss limit): Traditionally stop loss in pips;
  • Lots volume to trade: Trade volume;
  • Trailing stop loss: Trailing stop distance. If invalid value is specified the minimum distance that can be allowed is set. If the value is 0, it will be disabled.
  • Orders expire in minutes: Time of expiration for orders in minutes (expired order pending to close). If the value is 0, then it's disabled.
  • Maximum number of simultaneous orders:limited number of pending orders
  • Minimum equity percentage required to allow opening new orders:minimum equity percentage needed to allow opening new orders
  • Maximum Spread for Operations:Maximum Spread allowed for operations;
  • Magic Number: magic number for EA orders;
Trading pause time settings:
  • Defines the time at which that the EA will not trade (0..23h):the starting hour of the period during which the EA will not trade (only hours). If -1, then it is disabled.
  • Defines the ending hour that the EA will not trade (0..23h):the ending hour of the time period that the EA is not trading (hours only). If -1, the EA is disabled.
Dynamic lot parameters:
  • Double Lots on Gain:doubling volume. Some traders make use of this feature. Disable - false
  • Maximum Lot Size Allowable: maximum lot size that can be increased. If the limit is exceeded then the size decreases to the minimum volume allowed in the market.
Indicator Parameters:
  • Price's Type in Alligator's Calculation the price type used by the Alligator algorithm to calculate the moving average.
  • Alligator Mode:The type of moving average used in Alligator's calculations.
  • Alligator Jaws Period: Alligator Jaws Period.
  • Alligator Teeth Period: Alligator Teeth Period.
  • Alligator Lips Period: Alligator Lips Period.
  • Alligator Jaws Shift: Alligator Jaws Shift.
  • Alligator Lips Shift: Alligator Lips Shift.
Account Protection
  • Equity Percentage STOPOUT:minimum percentage value of account balance at which all pending orders must be closed. If it is 0 is the value, then it is disabled.
Important! The default settings are designed for EURUSD in the M15 timeframe with spread of 18. Improve your Expert Advisor using the Strategy Tester to identify the most suitable settings for your particular currency pair and timeframe. This is very important and highly recommended for a successful trading experience.
Scalping Forex Ea
First release
Last update
0.00 star(s) 0 ratings

More resources from Scalping Forex Ea