The Reaper EA MT5

Overview of The Reaper EA MT5

The Reaper EA MT5 is a sophisticated night scalper designed to trade reversals on nightly ranges across multiple currency pairs. It stands out due to its advanced filters and safety measures, making it a reliable choice for traders seeking consistent performance.

Key Features

• News Filter: Prevents trading during high-impact news events to avoid market volatility.
• Individual Performance Monitor: Automatically reduces risk for underperforming pairs and resets to normal when profitable.
• Correlation Filter: Limits exposure to the same currencies to manage risk effectively.
• Swap Filter: Avoids trading during high swap-cost days to minimize costs.
• No Risky Techniques: Does not use martingale, grid without stop loss, or other high-risk strategies.

Recommended Pairs

The Reaper EA MT5 is optimized for several currency pairs, ensuring versatility and adaptability:

• Primary Pairs: GBPUSD, GBPCAD, GBPAUD, EURAUD, USDCAD, USDCHF, AUDCAD, EURCAD
• Other Optimized Pairs: EURUSD, EURGBP, AUDJPY, GBPCHF, AUDUSD, EURCHF

Setup Instructions

To get started with The Reaper EA MT5, follow these steps:

• Run the EA on an M5 chart for EURUSD and enable the OneChartSetup for simplicity.
• Use 'LotsizeStep' as AutolotMode for automatic money management.
• Recommended LotsizeStep values: Low risk: 500; Medium Risk: 250; High Risk: 150.
• Run the EA on a low spread ECN broker for optimal performance.
• Minimum recommended account size: $250 for all 14 pairs, or $100 for a few pairs.

User Reviews

The Reaper EA MT5 has garnered mixed reviews from users, reflecting a range of experiences:

• Positive Feedback: Users appreciate the EA's consistent performance, advanced features, and the developer's excellent support. Many have reported significant profits and low drawdowns.
• Negative Feedback: Some users have experienced issues with certain parameters not working as expected, leading to account losses. However, these instances appear to be less common.

Performance and Reliability

The Reaper EA MT5 is known for its reliability and robust performance. It waits for breakout resistance or support, ensuring that trades are well-timed and strategic. While it may not trade frequently, its trades are often profitable, making it a valuable tool for patient traders.

Conclusion

The Reaper EA MT5 is a powerful and sophisticated trading robot that offers a range of features designed to enhance trading performance and manage risk effectively. With its advanced filters, versatile pair compatibility, and strong user support, it stands out as a reliable choice for Forex traders. 🌟📈