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ORION EA Scalper Gold MT4 – Full Input Settings Analysis
Orion EA Scalper is a high-frequency trading (HFT) algorithm Expert Advisor (EA), which is meant for use on the MetaTrader 4 (MT4) platform. It is a forex scalper meant to earn small profits from rapid price movements. With complex algorithms, Orion EA Scalper melds precise stop-loss (SL) and take-profit (TP) orders, optimizing trading outcomes for effectiveness and profitability.
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General Information & Specifications
- Technical Information
Magic Number: 777
Slippage: 100 — Max slippage of 10 pips (for 5-digit brokers).
Max Spread: 100 — Grants a max spread of 10 pips.
Only Buy/Sell: false — EA can open both Buy and Sell orders. - News Filter
Use NewsFilter: false — News filter is turned off currently.
If used:
No trades 60 minutes before and after news events.
Filters by importance: High: true, Moderate: false.
Strategy & Technical Settings
- Profit Target: 2 USD or 2% account profit at least before closing trades.
- Indicators: Makes use of Bollinger Bands (period 21, deviation 2.0, shift 4) along with Moving Average (period 14) for entering.
- Trailing Stop: Enabled both in buy and sell positions; activates upon profit ≥ 5 pips, has 1-pip trailing distance, and moves in 1-pip steps.
- Fixed Stop Loss / Take Profit: Not set (StopLoss = 0, TakeProfit = 0) and uses trailing stop or profit instead.
- Position Adding: Enabled (AddPositions = true), allowing additional entries in the same direction.
Comments and Risks
- Pros: Fast scalping with regular but small gains; close trailing stop to lock in gains; incorporates Bollinger Bands + MA for signal filtering.
- Cons: Utilizes martingale → high risk if market moves against trades; trailing stop too close, which increases the likelihood of premature exits; no fixed stop loss → risk of account blowout in strong market movements.
- Recommendation: Reduce the martingale multiplier, widen the trailing stop, and add a hard stop loss for the protection of capital.