This review is about The Channel Scalper V1.06 EA which I got from
Trading System Forex. Note that the EA's from this board are free but you must be a paid
Elite member to obtain the free EA's at this site.
I have no affiliation with anyone in conjunction with this review.
I started trading this EA on a demo account on December 16, 2009. The Channel Scalper trades the EURGBP pair on an M5 chart. The demo account is with Alpari UK at 500:1 leverage.
This EA has many settings. I have attached the 'set' file I am using which I also obtained from Trading System Forex (warning, aggressive setting) and tweaked myself.
Given the above mentioned settings, this EA trades in a two hour window from 20:00 to 22:00 GMT each day. The EA opens 3 trades at a time and aims for 4 pips per trade with a hard stop of 22 pips. Since this EA does not aim for many pips, the currency pair spread is important. The spread of this pair should be 2 pips or lower.
Rick