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The Reaper EA
V1.7
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.
Check out the live results here:
- Please login or register to view links
- Please login or register to view links
- Please login or register to view links
- Please login or register to view links
Since the start of the development, the EA has had multiple improvements and the current state of the EA is already a big improvement over the original first version, as you can witness in the almost Please login or register to view links.
As time passes, new live results will be used to further improve the EA.
How to set up the EA:
- Run on M5 only, 1 chart for each of the optimized.
- The EA is optimized for 14 pairs: eurusd, gbpusd, usdchf, usdjpy, usdcad, eurjpy, eurgbp, eurchf, eurcad, euraud, gbpaud, gbpcad, gbpchf and audcad
- 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 for different risk settings -> Low risk: 500; Medium Risk: 250; High Risk: 150
- It is recommended to run the EA on a low spread ECN broker. Contact me in private message for some recommendations.
- 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:
- 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.
- Using 14 pairs diversifies the trades greatly, which improves the overal stability of the growth curve.
- 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.
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