Specter EA Source Code

This page gives you the Specter EA free source code, the .mq5 file itself and not a compiled robot you have to trust. The strategy behind it is high-Frequency Scalping, written in plain MQL that you can read in one sitting.

• Platform: MetaTrader 5, a single .mq5 file
• Strategy: high-Frequency Scalping
• Price: free, a free account is all you need
• Licence: study it, edit it and, if you want, rebrand it

In short, you get exactly the file we publish, and therefore nothing stops you from rebuilding any part of it.

How the Specter strategy works

A high frequency robot takes many small trades and depends on execution more than on prediction. Spread, slippage and the speed of the broker decide the outcome, so the filters that block a trade when conditions are poor are the real strategy.

A scalper aims for a small target many times a day, which means the cost of each trade eats a large share of the profit. Therefore the entry has to be selective and the spread filter is not decoration.

Because every condition has to agree before a trade opens, the robot passes on plenty of moves. That is the trade off it was built around.

What is inside the Specter EA free source code file

• The spread and execution filters, which stop the robot when the cost is too high.
• The scalping exits, with a short target, a protective stop and the spread filter.
• The risk block, with the lot sizing, the stop loss and the take profit.
• Finally, every input with its default value, so you can compare it against your own broker.

How to compile and run it

1. First, download the .mq5 file from the button at the end of this page.
2. Then open MetaEditor 5 from MetaTrader 5, with F4 or the editor button.
3. After that, save the file inside MQL5 and then Experts, and press Compile.
4. Finally, refresh the Navigator and drag Specter onto a chart.
5. Run it on a demo account first, and read every input before you go live.

If the compiler complains, our guide on compiling MQL source covers the usual causes. In most cases it is simply a missing include or the wrong folder.

What you can change

Set the spread limit to what your broker really charges before you touch anything else. On this kind of robot the broker matters more than the settings.

Before any of that, however, look at the risk block. After all, a good entry with the wrong lot size still empties an account, and therefore the sizing deserves the first pass rather than the last.

More robots like this one are in the scalping EA source code, and the paid catalogue with documentation and support lives in the MT5 source code section. The idea behind high frequency trading is explained well on this reference page.

Questions about the Specter EA free source code

Which platform is it for? MetaTrader 5, as a single .mq5 file.

Do I get updates? You get the file as it stands. Once it is yours, you improve it.

What pairs suit it? Start with the majors on a demo account, because they behave predictably while you learn the settings.

Can I reuse a part of it? Yes, and that is usually the best use of a free robot. Take the block you need and drop it into your own.

Download the Specter EA free source code

The file below is the complete .mq5. First of all, create a free account or log in. Then download it and, finally, open it in MetaEditor 5.