Expert Megalodon Scalper is a fully automated trading system and is programmed with exclusive and advanced algorithms. EA applies a smart money-flow tracking strategy and executes trades according to the signals of large cash flow, Megalodon's cash flow. The difference of this EA is that it applies the experience of trading in the Spot market to monitor the money flow and therefore it only executes Buy orders (and No Sell orders).
The Megalodon EA seems to be suitable for Gold, because the Gold market is traded primarily as a Spot market. However, it is still applicable to major currency pairs with low spreads.
All trading orders have Stop Loss, you can also customize Stop Loss, Take Profit, Trailing, Start Trailing to better suit your goals and trading plan.
If you are confused about the installation, just leave the default setting. This EA is very simple to install and use.
Settings:
Max Spread = 30 to 50 (Must be higher than the average spread of the pair) Fixed Lot = 0.0 (a ctivated Auto Lot) ; Fixed Lot > 0 (your manual lot size) Auto Lot = 2.0 to 5.0 (= 3 mean auto lot size = 0.03 lots per $1,000 balance...) Take Profit = 600 (points) Stop Loss = 600 (points) Trailing = 10 (points) Start Trailing = 40 (points) Magic Number your number
* If you set Fixed Lot > 0, the EA will trade with Lot Size = Fixed Lot (if Fixed Lot is a valid lot size).
* If you set Fixed Lot = 0 and Auto Lot > 0, the EA will calculate the Lot Size according to the value of Auto Lot.
Recommend:
Time frame: any time frame. Use VPS with low latency (<20ms).
Use EA with ECN or Raw spread accounts and allow hedging. Min Balance: $ 300
Stops Level = 0 (check the Stops Level by: Press Ctrl + U, select currency pair , click Properties and Stops Level on the 3rd line)
If Gold (XAUUSD) has 3 decimal places with the price (ex: 1700.123). You need to change the Take Profit and Stop Loss and Trailing values to 10 times the default value (ex: Take Profit = 6000, Stop Loss = 8000 ...).
