Ninja Turtle Scalper Strategy for MT5 Explained
Summary
TLDRIn this video, the creator introduces the Ninja Turtle scalper expert advisor, a versatile program designed for automated trading. While primarily a scalping tool, it can be used for other strategies as well. The video covers key settings such as trade volume, take profit, stop loss, and trailing stop loss, all of which are customizable for different trading preferences. The expert advisor utilizes the Donchian Channel indicator for entry signals and provides detailed configuration options for various triggers and periods. The creator demonstrates the tool's functionality through a live test, emphasizing the importance of testing and adjusting settings for optimal results.
Takeaways
- 😀 The Ninja Turtle Scalper is primarily a scalping Expert Advisor but can be adapted for other strategies.
- 😀 The EA offers two volume modes: 'lots' for fixed lot size and 'money' for calculating the trade size based on potential loss.
- 😀 Take Profit (TP) and Stop Loss (SL) can be set in percentage terms based on the entry price.
- 😀 The Trailing Stop Loss (TSL) is activated when the price moves a certain percentage in profit, and it can be adjusted in steps.
- 😀 The Donchian Channel indicator is used to determine trade entry points based on price movements relative to the upper and lower lines.
- 😀 There are three trigger methods for opening trades: price crossing the upper line, one-minute candle closing above the line, or Donchian Channel bar closing above the line.
- 😀 Users can customize settings like magic number, position comments, and logging for debugging purposes.
- 😀 The EA requires thorough testing with different settings and symbols to determine its optimal performance for each user.
- 😀 The creator warns against using the EA with real money on live accounts without extensive testing on demo accounts first.
- 😀 Slippage, broker settings, and market conditions can affect the EA's performance, making testing crucial before real trading.
- 😀 The EA's performance may vary in the future, and users are advised to continuously adjust settings and test strategies to maintain profitability.
Q & A
What is the primary function of the Ninja Turtle Scalper Expert Advisor (EA)?
-The primary function of the Ninja Turtle Scalper EA is to act as a scalping program that automates trading strategies. While it is designed for scalping, it can be used for other types of trading as well.
How do the volume mode options affect the trading strategy in the Ninja Turtle Scalper EA?
-The Ninja Turtle Scalper EA offers two volume mode options: 'lots' and 'money.' In 'lots' mode, you specify a fixed lot size for each trade, while in 'money' mode, the EA calculates the lot size based on the entry price and stop loss, adjusting the position size to control the potential loss.
What is the significance of setting take profit (TP) and stop loss (SL) as percentages?
-Setting TP and SL as percentages allows for dynamic risk management based on the entry price of the position. These percentages define how much profit or loss is acceptable before the EA closes the position, offering more control over trade outcomes.
How does the trailing stop loss (TSL) feature work in the Ninja Turtle Scalper EA?
-The trailing stop loss is triggered when the price moves a certain percentage (e.g., 0.5%) in favor of the trade. Once activated, the stop loss trails the price at a defined distance (e.g., 0.1%) to lock in profits as the market moves in your favor.
What is the purpose of the Donchian Channel indicator in the Ninja Turtle Scalper EA?
-The Donchian Channel indicator is used to generate entry signals. The EA triggers trades when the price crosses the upper or lower boundaries of the Donchian Channel, with different trigger options based on candle closure or real-time price movements.
How does the 'trigger' setting work for the Donchian Channel indicator in the Ninja Turtle Scalper EA?
-The 'trigger' setting determines when a trade is opened based on the Donchian Channel. Options include triggering a buy when the price crosses above the upper channel, or using a candle close above the upper line, or even using a Donchian bar closure above the line to open a position.
What role does the 'magic number' play in the Ninja Turtle Scalper EA?
-The 'magic number' helps differentiate between trades opened by multiple Expert Advisors on the same account. It ensures that each EA manages its own trades without interference from others.
Why is it important to test the Ninja Turtle Scalper EA before using it on a live account?
-It is essential to test the EA in a demo environment first to evaluate its performance and ensure it works well with your broker and settings. Live trading with real funds should only be done after thorough testing, as results can vary due to factors like slippage and market conditions.
Can the Ninja Turtle Scalper EA be used with any trading symbol?
-Yes, the Ninja Turtle Scalper EA can be used with any trading symbol. The author demonstrated it with indices but emphasized that users should perform tests with different symbols to optimize the settings based on the asset they wish to trade.
What does the video suggest about the profitability of the Ninja Turtle Scalper EA?
-The video indicates that while the Ninja Turtle Scalper EA can be profitable, there are both winning and losing trades. The strategy is not foolproof, and profitability depends on the settings, market conditions, and extensive testing by the user.
Outlines

This section is available to paid users only. Please upgrade to access this part.
Upgrade NowMindmap

This section is available to paid users only. Please upgrade to access this part.
Upgrade NowKeywords

This section is available to paid users only. Please upgrade to access this part.
Upgrade NowHighlights

This section is available to paid users only. Please upgrade to access this part.
Upgrade NowTranscripts

This section is available to paid users only. Please upgrade to access this part.
Upgrade NowBrowse More Related Video

How to Backtest Metatrader 5 (MT5) - The Ultimate Guide for 2024

What OmniVista Network Advisor, AIOps system, can do for your network infrastructure?

I Simplified ICT's Turtle Soup Strategy

WAIT, Timer Res DOES WORK on Windows 10?

Enter the Trading Zone: The Mind-Blowing Effects of Scientific Scalper and Logic Day Trading

5 सालो से लगातार प्रॉफिट ? | Turtle Trader Swing Trading Strategy | Richard Dennis
5.0 / 5 (0 votes)