Introduction

GBPUSD FlagScalper v5 EA V5.0 is an automated trading system developed for the MetaTrader 4 platform that focuses on short-term scalping opportunities in the GBPUSD currency pair. The strategy is designed to identify continuation patterns and momentum movements that often appear after brief consolidation phases in the market. By automatically analyzing price behavior and executing trades based on predefined rules, the EA helps traders participate in the market without constantly monitoring charts. It aims to provide faster trade execution, consistent strategy implementation, and a structured approach to scalping in the forex market.

Key Features

• Fully automated trading system designed for MetaTrader 4
• Optimized specifically for the GBPUSD currency pair
• Scalping-based strategy focused on short-term price movements
• Pattern-based trade entries using continuation structures
• Customizable risk management settings including lot size and stop loss
• Automatic trade execution without manual intervention
• Built-in filters to help avoid unfavorable market conditions such as high spreads
• Supports backtesting through the MT4 strategy tester
• Compatible with VPS hosting for continuous 24/5 operation

Recommended Settings

Recommended settings may vary depending on broker conditions and account size, but common starting parameters include:

• Currency Pair: GBPUSD
• Timeframe: M5 or M15
• Minimum Deposit: $100 – $500 recommended
• Lot Size: 0.01 per $100 balance (adjust based on risk tolerance)
• Maximum Spread: 20 points or lower
• Risk Level: Low to medium for stable performance
• VPS Hosting: Recommended for uninterrupted trading

These settings can be adjusted depending on the trader’s risk tolerance, account balance, and broker execution conditions.

Backtest Result

Backtesting can be performed using the MetaTrader 4 Strategy Tester to evaluate the historical performance of the EA. When tested on historical GBPUSD data under favorable conditions such as low spreads and stable execution, the system may show consistent trading activity with multiple short-term trades.

Typical observations from backtesting may include:

• Frequent small-profit trades due to scalping strategy
• Controlled drawdown when risk settings are conservative
• Higher trade frequency during active market sessions
• Better performance during moderate volatility periods

However, it is important to remember that backtest results depend heavily on data quality, broker conditions, and parameter settings. Historical performance does not guarantee similar results in live trading environments.

Advantages

• Automates the trading process and reduces the need for manual monitoring
• Executes trades quickly, which is important for scalping strategies
• Eliminates emotional decision-making during trading
• Focuses on GBPUSD, one of the most liquid forex pairs
• Allows customization of risk management settings
• Compatible with MT4, a widely used and reliable trading platform
• Supports continuous operation when used with a VPS

Disadvantages

• Scalping strategies are sensitive to spread and broker execution speed
• Performance may vary depending on market conditions and volatility
• Requires proper configuration and risk management to avoid large losses
• Needs continuous platform operation for optimal performance
• Backtest results may differ from live trading results
• Primarily optimized for GBPUSD and may not perform well on other pairs

Installation & Setup Guide

Download the EA file in .ex4 or .mq4 format.
Open the MetaTrader 4 trading platform.
Click File in the top menu and select Open Data Folder.
Navigate to the MQL4 folder and open the Experts directory.
Copy the EA file into the Experts folder.
Restart the MetaTrader 4 platform so the EA appears in the Navigator panel.
Enable AutoTrading in the MT4 toolbar.
Open a GBPUSD chart and select the recommended timeframe such as M5 or M15.
Drag the EA from the Navigator panel onto the chart.
Adjust the EA settings such as lot size, risk level, and spread filter.
Click OK to activate the EA and allow it to begin monitoring market conditions.

Support & Disclaimer

Support

If you need help installing or configuring your EA, or face any kind of bug, feel free to reach out on:

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Disclaimer:

Forex and gold trading involve risk. Past performance doesn't guarantee future results. Always test robots on demo before live trading and use proper risk management.