The Reaper EA MT5
Forget nice looking backtests: The Reaper EA is already ahead of the curve!
Let’s face the truth: The biggest problem with most of the automated trading systems on the market, is that all of them show very nice backtests, but only a handfull actually perform on live accounts.
This is very frustrating when you poured your hard earned money into them. (Not to mention the many EA’s in the market, that use manipulated backtest results to sell the product… but that’s another story.)
The origin of the Reaper EA is a strategy that has already proven for many years to be a winner. From there it just got better. Instead of relying on nice backtest results, “hoping” that the live results will match, this EA was developed using live trading and existing techniques as a starting point, and took it from there to make improvements.
The result so far is a very stable EA with already many months of live results to show.
This means that you’ll be buying a product with a verified live track record, and not just a “nice looking backtests” EA.
The EA runs already on 20 pairs.
How to set up the EA:
- It is important for the AutoGMT to work correctly to add this URL “https://www.worldtimeserver.com/” to the list of allowed URLs in the menu ‘Tools -> Options -> Expert Advisors’ BEFORE you launch the EA
- Run on M5 only. Run on all pairs a seperate chart OR run all pairs from 1 chart using the OneChartSetup (download OneChartSetup set, EURUSD M5 recommended)
- The EA is optimized for 20 pairs (see BLOG for list of pairs)
- It is recommended to run all these pairs to spread the risk.
- It is recommended to use “Mode B” as it will be more stable on most brokers.
- Mode B is more strict in entry, and uses a slightly wider Stoploss to prevent stop-outs due to spread widening.
- Mode A has lower Stoploss and more trades, and can have very good results on brokers with a very low nightly spread.
- I would recommend using “LotsizeStep” as AutolotMode. (automatic money management)
- LotsizeStep values -> Low risk: 500; Medium Risk: 250; High Risk: 150
- It is recommended to run the EA on a low spread ECN broker.
- Minimum recommended accountsize: 250$ for running all 14 pairs, but you could run only a few pairs on 100$ as well.
Some of the features of the EA:
- IMPORTANT: This EA only enters trades for 2 hours per day, from 1 hour before rollover, till 1 hour after rollover. For most brokers, that means from 23h marketwatch, till 1h.
- The EA uses limit orders to enter trades. Slippage will mostly be positive on entry with this method.
- The EA uses hard SL and TP levels, to minimize negative slippage on exit.
- The EA will only open 1 trade per pair.
- The EA uses multiple exit strategies, where it will limit the risk as time passes and the trades hasn’t hit TP yet.
- Safety first: this EA does NOT use grid, martingale, averaging down or any other risky trade management methods.
- Real live results for many months already before the EA was released on MQL5.
- The product is already in a very advanced state of development (bug-free, performance verified)
- EA has been live tested on multiple brokers with success.
- No set files needed. Only the Lotsize needs to be set