MetaTrader 5 is one of the most popular trading platforms in existence and recently the home f traders who want to use Expert Advisors. Thanks to an ever-growing community of traders and developers, the catalog of EAs from the MetaTrader 5 marketplace is growing exponentially. One of the most popular categories of forex robots is scalpers. Traders must exercise caution while selecting EAs that perform scalping as some of them come with very risky strategies.
Scalping is considered one of the riskiest strategies in forex. The purpose of scalping is to make a profit by buying or selling currencies and holding the position for a very short time and closing it for a small profit. There are several EAs that offer safe scalping by providing low drawdown rates. Here, we’ve compiled 5 of the best forex eas for scalping in MT5.
1. Dark Venus EA
Dark venus is an automatic expert advisor which employs scalping with a high operating frequency. Based on Bollinger bands, it provides external settings, allowing users to use the robot as they wish. The basic strategy includes starting with a market order in a counter-trend. The recommended timeframe for this EA is M5 and M15 although other timeframes can also be used. This works best on EUR/USD, GBP/USD, AUD/USD, and USD/CAD.
2. Night Hunter Pro MT4
Night Hunter Pro is an advanced scalping system that employs smart entry/exit with sophisticated filtering methods to identify only the safest entry points during calm periods of the market. It is aimed at long-term stable growth with a strict rule-based approach. The recommended timeframe is M5 and it works on GBP/USD, EUR/USD, EUR/CHF, USD/CAD, and USD/CHF. It uses a one chart setup, provides a solid backtest, auto GMT detection, self-diagnostic system, and negative swap filter.
3. Euronis Scalper
Euronis Scalper was launched on 7th August 2021 and provides different versions for MetaTrader 4 and MetaTrader 5. The EA uses custom indicators for making entries and exits, instead of waiting for drawdown. The developers have provided a list of recommended brokers to be used with Euronis Scalper, such as FXOpen, ActivTrades, XM, FXPro, Pepperstone, Weltrade, and ICMarkets. The minimum deposit is $100 but a minimum of $300 for smooth lots adjustment.
4. NightVision EA
NightVision is an EA that uses night scalping trading during the closing of the American trading session. It does not use dangerous (toxic) trading methods in trading, which leads to a sharp loss of the entire deposit It works with GBP/USD, GBP/CAD, USD/CAD, GBP/AUD, EUR/AUD, EUR/CAD, EUR/GBP, GBP/CHF, EUR/USD, USD/CHF, NZD/USD, EUR/NZD, USD/JPY, EUR/CHF, AUD/JPY and AUD/NZD currency pairs. It protects traders’ deposits by placing stop-loss and take-profit on every trade.
5. EA Lemon
EA Lemon is a scalping forex robot that is based on oversold and overbought conditions of the RSI indicator at night. It then opens a grid when the trade is on the losing side of the market. According to the rules of the RSI, an asset is usually considered overbought when the RSI is above 70% and oversold when it is below 30%. The inbuilt settings are designed for a minimum deposit of $500 on the M15. It prefers brokers with minimal slippage with ECN accounts. It works on EUR/USD, USD/CAD, AUD/USD, and GBP/USD currency pairs.
MetaTrader 5, though not so popular compared to its predecessor MetaTrader 4, it is still one of the most used trading platforms available. More and more EAs are being developed that are compatible with MetaTrader 5. When searching for EAs, always conduct significant background research into the developers of the software and look for their experience in the market.