FRZ Bitcoin Scalper MT4 – User Manual

FRZ Bitcoin Scalper is a pattern based expert adviser/robot optimized for trading Bitcoin (BTCUSD) on MT4 that trades price action move signals. Whenever a signal is detected, the EA will place a buy or sell order according to the signal type. It also uses a optional DCA averaging strategy with optional lot maximizing. 

Installation Steps

1. Go to MT4>Options>Expert Advisors and Allow automated trading

2. Place EA file in the Experts folder of your MT4

3. Place indicator files in Indicators folder of your MT4 (do not place under subfolders)

4. Refresh/restart MT4

5. Open the BTCUSD chart and load the EA

6. Change the lot size and other settings as necessary

EA Specs

Product name FRZ Bitcoin Scalper MT4
Platform Supported MT4
Time frames supported 5 Mins chart is recommended but it works on any timeframe.
Trading pair BTCUSD
Suitable market sessions Works on any session
Recommended broker Any broker with low spreads
Recommended Minimum deposit $500 Minimum on 500:1 leverage. If leverage is less than this, you may have to increase the minimum deposit. Cent accounts can also be used. Recommended lot size: 0.01 per each $500 per pair. 0.01 for each $1000 would be of lower risk.
Recommended leverage Higher, the better (Minimum recommended 1:500)
Current version 3.0

Settings

Settings Explanations

Lot Size => Recommended lot size: 0.01 per each $500 (0.01 per each $1000 recommended for lower risk use). It
works on cent accounts too. For instance, if you have $5000 deposit and you want to go lower risk, then your lot size would be 0.05 or else it would be 0.1 lot.

Take Profit => You can set the TP as 14-period ATR distance (Not in pips). Example: If the current ATR is 50 pips, and you add 1 here, then it means the TP is 50 pips. However, the ATR is dynamic and it changes every time you enter a trade.

Enable Equity Based Stop Loss=> The EA has only an equity based stop loss which you can enable or disable here.

Lowest Equity Allowed for Above Stop Loss=> If you have enabled the previous setting, you can set the lowest equity you can have in your account. If the equity goes below this amount, all the trades will be closed and no new trades will be opened.

Enable Entry Optimization Based on DCA=> Here you can enable entry price optimization using DCA (Dollar Cost Averaging) techniques. if this is enabled, the EA will open additional trades if the price goes the other way and adjust the TP considering the average pips from all the trades running.

Lot Maximizer for DCA=> This is a martingale function for the above DCA technique. The lot size of the additional trades will be increased in this multiplier. Please note this can  increase the risk although it helps recover drawdowns fast. We recommend to use a small martingale multiplier which is less than x1.5.

Magic Number => You can change this if necessary but it is recommended NOT to change it. You can leave it the same on all charts.

FRZ Bitcoin Scalper MT4 – User Manual