Scalp
SCALP LONG and SCALP SHORT send an entry order with target and stop already calculated on the last closed candle. The quantity is calculated from the maximum risk you set.
How the orders are calculated
| SCALP LONG | SCALP SHORT | |
|---|---|---|
| Entry | buy stop 1 tick above the high | sell stop 1 tick below the low |
| Stop | 1 tick below the low | 1 tick above the high |
| Target | at the same distance as the stop (1:1 ratio) | at the same distance as the stop (1:1 ratio) |
The quantity is the maximum number of contracts that fit in the risk you set:
contracts = Max Risk $ ÷ (risk ticks × tick value)
For example, with Max Risk $ 100, a risk of 8 ticks and a $1.25 tick (MES): 100 ÷ 10 = 10 contracts.
Scalp ignores the Quantity field, the Bracket check box and the Target ticks / Stop ticks values.
Settings
| Setting | Effect |
|---|---|
| Max Risk $ | Maximum risk in dollars for the trade. Initial value 100. |
| STP LMT | Stop limit entry instead of stop market |
| Full Risk (use entire budget) | If budget is left after the calculation, adds one more contract with closer target and stop, to use the whole risk |
| Consolidate (single bracket) | Checked (initial): a single bracket with the whole quantity. Unchecked: a separate 1-contract bracket for each contract. |
Use the scalp
- Check account, override and Max Risk $.
- Click SCALP LONG or SCALP SHORT, or use the Shift+L / Shift+H hotkeys.
If the risk you set is not enough for one contract, the message Max Risk $… is not enough for 1 contract appears. Increase Max Risk $ or use a smaller instrument, for example a micro.
The calculation uses the tick and tick value of the override contract. See Instrument Override.