Getting Started
Welcome to Gold Scalpel — a precision breakout scalper for MetaTrader 5, available on the MQL5 Market.
This guide covers what the EA does, what you need to run it, and how to install it on your MT5 terminal in a few minutes.
What is Gold Scalpel?
Gold Scalpel is a fully automated Expert Advisor (EA) for MetaTrader 5, built and tuned for XAUUSD (Gold). It comes pre-configured — the strategy is dialled in at the factory, so there's nothing to optimise. You set your risk, attach it to a chart, and let it run.
In short, the EA:
- Identifies meaningful support and resistance levels around price
- Positions itself to catch a genuine breakout in either direction
- Once in a trade, protects it quickly by moving the stop to breakeven
- Then trails the stop behind the move to lock in gains
Most trades end at scratch or with a small profit. The occasional clean breakout runs for a real win. Losses are kept small by design.
Philosophy
Capital preservation first, edge second. The strategy doesn't need a high win rate — it needs the loss size kept near zero.
Who is it for?
Gold Scalpel is designed for traders who:
- Want a fully automated, hands-off gold scalper
- Prefer a pre-tuned product with a handful of simple, safe settings rather than dozens of parameters to configure
- Value automatic trade protection (early breakeven and trailing) over manual management
- Prefer many small trades over a few large ones
It's not ideal for:
- Set-and-forget swing trading (it's a scalper — trades are short-lived)
- Accounts with very wide spreads (works best on raw/zero-spread accounts)
- Traders who can't tolerate frequent breakeven exits
Requirements
| Requirement | Details |
|---|---|
| Platform | MetaTrader 5 (MT5) |
| Account type | Hedging or Netting (both supported) |
| Recommended broker | Raw-spread or zero-spread account for tight scalping |
| Symbol | XAUUSD (or your broker's gold symbol) |
| Chart timeframe | Any — the EA runs its own analysis independently of the chart period |
| VPS | Recommended for 24/5 operation, but not required |
Recommended balance
The EA can run on a starting balance as low as $100, but for live capital we recommend $1,000 or above — combined with a lower risk percentage, more balance gives the account room to ride drawdowns (the default risk is a balanced 2%; see the Inputs Reference). Position size automatically respects your broker's minimum lot and lot step, and is capped by your maximum-lot setting.
Recommended Accounts & Brokers
Gold Scalpel is a scalper, so spread is the single biggest factor in how it performs. It will run on any broker, but it is designed for raw-spread or zero-spread accounts where the cost per trade is as low as possible. On a standard wide-spread account, the tight scalping edge erodes quickly.
Our recommendation
Use a raw or zero-spread account. We specifically recommend Exness Zero Spread accounts for XAUUSD.
Recommended brokers
- Exness — Zero Spread accounts on gold; our top recommendation for this EA.
- Vantage Markets — Raw-spread accounts; a solid alternative.
Whichever broker you choose, look for:
- A raw or zero-spread account type (tightest spreads, small commission)
- A gold symbol (XAUUSD or equivalent) with good tick history
- Hedging or Netting — both are supported
- Low-latency execution — a VPS near the broker's server helps for 24/5 operation
Affiliate disclosure
The Exness and Vantage Markets links above are referral links. If you open an account through them, Foxe Labs may earn a commission at no extra cost to you. You're free to use any broker that offers a raw or zero-spread gold account.
Installation
Gold Scalpel is distributed through the MQL5 Market, so installation is handled by MetaTrader itself — no manual file copying or compiling.
Step 1 — Purchase or rent the product
- Open the Gold Scalpel product page on the MQL5 Market
- Choose Buy (lifetime) or Rent (monthly), or Download Demo to test first
- Sign in with the same MQL5 account you use inside MetaTrader 5
Try before you buy
The free Demo runs in the MetaTrader Strategy Tester only (it can't trade live). Use it to backtest the EA on your own gold history before purchasing.
Step 2 — Install from inside MetaTrader 5
- In MT5, open the Toolbox (Ctrl+T) and go to the Market tab — or open the Navigator (Ctrl+N)
- Sign in with your MQL5 account if prompted (Tools → Options → Community)
- Your purchased products appear under Navigator → Expert Advisors → Market
- If you don't see it yet, right-click Expert Advisors → Refresh
The EA is delivered as a protected, ready-to-run product. You don't need MetaEditor and there's nothing to compile.
Step 3 — Attach to a chart
- Open an XAUUSD chart (or your broker's gold symbol)
- Drag Gold Scalpel from the Navigator onto the chart
- In the settings dialog, open the Common tab and ensure:
- ✅ Allow Algo Trading is checked
- Switch to the Inputs tab and set your risk preferences (see the Inputs Reference) — the defaults are sensible to start
- Click OK
Gold only
Gold Scalpel is optimised exclusively for XAUUSD. For best results keep it on a gold chart.
Step 4 — Enable Algo Trading globally
Make sure the Algo Trading button in the MT5 toolbar is enabled (green). If it's red/disabled, the EA loads but won't place any trades.
Step 5 — Verify it's running
Look at the chart — you should see:
- A small smiley face 🙂 in the top-right corner (EA is active)
- The styled on-chart dashboard showing live status (account, strategy state, and counters)
- Log entries in the Experts tab at the bottom of MT5
If you see all three, you're up and running.
The dashboard shows even when the market is closed
The panel refreshes on a one-second timer, so it appears the moment you attach the EA — you don't have to wait for a tick. If it doesn't show, check that ShowDashboard = true and that Algo Trading is enabled.
Verifying with a Backtest
Before running live (and available with the free Demo), run a quick backtest:
- Open the Strategy Tester (Ctrl+R)
- Select Gold Scalpel as the Expert
- Choose XAUUSD as the symbol
- Set Modelling to Every tick based on real ticks (recommended for an accurate result)
- Pick a date range — at least 1–3 months for a first look
- Click Start
You should see trades being placed and the equity curve evolving. Review the Journal tab for any messages.
Backtest speed
Logging and the dashboard are disabled automatically during non-visual (headless) tester runs, so backtests stay fast. Enable Visual mode if you want to watch the dashboard during a single run.
Next Steps
- 📘 How It Works — Understand the approach and what to expect
- 📊 Performance — What testing shows and how to read it
- ⚙️ Inputs Reference — Every available setting explained
- 🗒️ Changelog — What changed in each version
- 💬 Get Support — Reach out if you hit any issues
Happy scalping! 🦊