The strategy of XMT-Scalper is scalping on tic-basis, where the EA opens BUYSTOP or SELLSTOP orders when price breakouts occurs based on a specific indicator. The indicator is either two “Moving Averages”, “Bollinger Band” or “Envelopes” for the last 3 λεπτά. Any of the indicators can be used as decided from the external settings “UseIndicatorSwitch”.
For all indicators, “a channel” is calculated. And how wide this channel will be is decided by “VolatilityLimit” in points, which by default is calculated and adjusted dynamically, but also can be set to a fix value. If dynamic, it calculates this value as a multiplication of the average spread during the last 30 tics, and the value of the “VolatilityMultiplier”.
How much the breakout should be in percentage of the band-width is set by “VolatilityPercentageLimit” in percentage of the channel width.
Only one order is opened at a time, and an opened BUYSTOP / BUYSELL order is treated differently from an opened BUY / SELL orders as follows:
An open BUY-order is modified with a new StopLoss (SL) and TakeProfit (TP) if its current “TakeProfit” is less than the “current Ask price” + Commission” + “TakeProfit” + “AddPriceGap” AND “current Ask price” + “Commission” + “TakeProfit” + “AddPriceGap” – “existing TakeProfit” is larger than the “TrailingStart”.
An open SELL-order is in a similar way modified with a new SL and TP if its “current TakeProfit” is greater than “current Bid-price” – “Commission” + “TakeProfit” – “AddPriceGap” AND “current TakeProfit” – “current Bidprice” – “Commission” + “TakeProfit” – “AddPriceGap” is larger than the “TrailingStart”.
The SL for the modified BUY-order is changed to “current Bid-price” – “StopLoss” – “AddPriceGap”, and the TP to the “current Ask-price” + “Commission” + “TakeProfit” + “AddPriceGap”.
And for the modified SELL-order, the SL is changed to “current Ask-price” + “StopLoss” + “AddPriceGap”, and TP to “current Bid-price” – “Commission” – “TakeProfit” – “AddPriceGap”.
Open BUYSTOP and SELLSTOP orders are either modified or deleted. They are modified with new SL and TP as follows.
An open BUYSTOP order is modified if the “current Ask-price” + “StopLevel” + “AddPriceGap” is less than the “OrderOpenPrice” AND the “OrderOpenPrice” – “current Ask-price” + “StopLevel” + “AddPriceGap” is greater than “TrailingStart”.
An open SELLSTOP is modified with new SL and TP if “current Bid-price” – “StopLevel” – “AddPriceGap” is greater than “OrderOpenPrice“ AND “current Bid-price” – “StopLevel” – “AddPriceGap” – “OrderOpenPrice“ is greater than “TrailingStart”.
If the conditions are not met for the BUYSTOP or SELLSTOP order, then they are deleted.