The Reaper EA MT4

1 customer review

$27.99

-94%

$27.99

Add to cart
Buy Now

Product Description

All Old Version + V6.7 + Presets

The Reaper EA MT4

SPECIAL LAUNCH PROMO

  • Only 1 left at 499$
  • Final price will be 990$
  • NEW: Buy Reaper at 499$ and receive 1 EA for free (* for 2 trade accounts)

V6.7

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.

 

QUICK SETUP: Run THIS SET on 1 EURUSD M5 chart and it will run all 14 pairs.  Don’t forget to fill in the suffix in the parameter.

Check out the live results here:

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 1 year of live trading results.

READ BLOG AFTER PURCHASE: https://www.mql5.com/en/blogs/post/745053

How to set up the EA:

  • When using AutoGMT, make sure your computer/VPS time settings are correct! (you can check this post)
  • Run on M5 only, 1 chart can run all 14 optimized pairs (OneChartSetup, EURUSD M5 recommended, don’t forget to fill in suffix)
  • 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 ->  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.
DISCLAIMER: Never forget that past performance is no guarantee for the future.     I always recommend to run first on demo account or very low risk live account, to understand better how the EA executes trades, and takes its profits and losses.  This is to prevent having emotions of fear taking over during trading.     It is very important to understand how a system works, and what are the ups and downs!
The Reaper EA

The Reaper EAThe Reaper EAThe Reaper EA

This blog will provide the necessary information to run the Reaper EA as intended.

Information will be added as more recurring questions will become clear.

2 sets are attached to this blog:

– OneChartSetup for MT4  using high risk (lotsizeStep=100)

– OneChartSetup for MT5 using high risk (lotsizeStep=100)

Those are basically the settings that I use on my signals on MQL5.

If you use them, you can simply run them on 1 EURUSD M5 chart and the EA will run all pairs from that 1 chart with autolotsize.

Only make sure you fill in the suffix if your broker uses one (more details about suffix below)

The Reaper is a night scalper, which means it will trade from 1 hour before rollover time, till 1 hour after rollover time.

For most brokers (that use GMT+2 in winter and GMT+3 in summer) that means from 23h till 1h

The EA has an infopanel, which shows WHEN the EA will start trading (“Time To Start”).  Make sure that this hour corresponds with 1 hour before rollover.

So if your broker’s rollover is at 0:00, the Time To Start should be “23:00” from monday till thursday.  For friday, it will always be 1 hour later (so “0:00”) because we don’t trade the hour before the weekend starts.

If your  broker uses GMT-0 for example, rollover will be at 21h, and Time To Start should be “20:00” in the infopanel.

If your Time To Start is incorrect, either your autoGMT is not working correctly because of a wrongly set up time on the VPS, or you manual GMT settings are incorrect.

Here is a post to make sure your VPS time is set correctly for autoGMT to work like it should: https://www.mql5.com/en/market/product/68713#!tab=comments&page=3&comment=23427149

PLEASE NOTE:During the weekend, the Marketwatch window will simply display the hour of friday closing time, and the “Time To Start” will not show correctly.  don’t worry about that as it will adjust as soon as markets open.

ALSO NOTE:  for backtesting, AutoGMT will NOT work, and you must adjust the Winter/Summer GMT Offset parameters according to your broker’s pricefeed.

To check your broker’s rollover time, simply go to your marketwatch, right click the EURUSD symbol and select “specification”.  Then scroll all the way down in the specification window and seen when Rollover start:

for example: a broker using rollover at 00:00

Parameter list:

– ShowInfoPanel: enable the information panel on the chart

– Adjustment for InfoPanel size: for 4K screens, use value “2” to correctly display infopanel

– Update infopanel during testing: disabled will run backtests faster

– comment: comment of the trades

– OneChartSetup: enable the OneChartSetup (run all optimized pairs from 1 single chart)

– OneChartSetup_Pairs: pairs to run (only optimized pairs can be used here)

– suffix: the suffix used by your broker must be filled in here when using the OneChartSetup (for example: EURUSD.m -> suffix is .m

– Mode B: enable mode B (recommended).  This will make the EA more strict in entries, and bigger exit TP levels.  Overal this performs best on most brokers

– Magicnumber: the magicnumber used by the EA.  this can be the same for all pairs

– Max spread allowed before settings trade: the maximum spread allowed before entering a trade

– spread at which pending orders are deleted: self explanatory

– Trade at Weekly Market open: when enabled, the EA will also trade the first hour when market opens after the weekend.

– Minimum minutes between 2 consecutive trades in same direction: this is to prevent multiple faulty trades opened fast after each other

– Use Market Orders for Entry: by default the EA will use “Limitorders”, but some brokers don’t like the multiple opening and modification of pending orders.  You can use this option if your broker starts giving your warnings about that.

– Use Virtual TP for exit: instead of using a hard TP which is modified, you can also use this option if the hard TP modifications is making your  broker nervous

– Skip trading on Triple Swap: this will disable trading before the triple swap (usually wednesday night).  I personally don’t use this option

– Maximum SwapCost allowed (in points): (value “0” means disabled).  Here you can set a value of the maximum swapcost (in points, for example “-5”) that you want to allow before setting a trade.

– Use Slippage control on Market orders: when not using the Limitorders, there will be more slippage on entry.  This will try to help the EA deal with that slippage

– Maximum attemps to set/Modify orders: this will set the number or attempts that the ea will do when a order failed to be set or modified for some reason.  A too high number might cause an “overly active” account for your broker

– Autolotsmode: here you can choose if you want to use a fixed lotsize (StartLots), or use the LotsizeStep, or use the Risk Per Trade (LotsizeStep is recommended-

– StartLots: the lotsize used for fixed lotsize

– Risk Per Trade: the risk per trade in %.  Lotsize will then be based on SL of the pair and the risk chosen

– LotsizeStep: the EA will use X lots per Y balance.  for example: LotsizeStep=100 means the EA will use 0.01lots per 100 of balance.  so on 500 balance, it will be 0.05lots.  Keep in mind that these values need to be adjusted to your base currency!  So when running on JPY account, you can not use value 100, since that would be much too high in lotsize!

– OnlyUp: this will force the EA to only increase lotsize after profits, but not reduce lotsize after losses (for faster recovery). Example: if you use LotsizeStep=100, the EA will use 0.01lots per 100 of balance. so if you balance is 500, it will use 0.05 lots. It the balance grows to 1000, the lotsize is 0.1lots. If balance then declines back to 700, the lotsize will remain 0.1lots if OnlyUp is true

– AutoGMT: this will make the EA automatically calculate your broker’s GMT settings. (your VPS time must be set correctly for this to work)

– GMT offset Winter: when AutoGMT is disabled, set this value to the winter GMT offset of your broker

– GMT offset Summer:  when AutoGMT is disabled, set this value to the summer GMT offset of your broker

– Use Rollover Filter: this will enable/disable the rollover filter

– Open order during Rollover: enable opening of trading during the rollover period

– Close orders during Rollover: enable the (virtual) closing of trades during rollover period (hard TP will still be triggered)

– Rollover start time: time when rollover starts (always based on GMT+2 winter and GMT+3 summer so your do NOT need to adjust to your broker’s GMT)

– Rollover end time: time when rollover ends (always based on GMT+2 winter and GMT+3 summer so your do NOT need to adjust to your broker’s GMT)

How to set up the EA:

A) With OneChartSetup enabled:  Simply run the EA on a EURUSD M5 chart with OneChartSetup enabled, and make sure you filled  in the suffix of your broker’s symbol names, if it has one.

B) With OneChartSetup disabled: Run the EA on a M5 chart for each of the 14 optimized pairs.

Make sure you select your lotsize setup.  for USD/EUR accounts, these are the risk levels for LotsizeStep:

– 400 -> low risk

– 200 -> Medium risk

– 100 -> High risk

For MT5: when you receive an error regarding the Bollinger Bands indicator: make sure you have all the pairs visible in the marketwatch window, and that they all have some historical data.  also make sure you have selected the correct suffix.

FAQ:

 

  • How do I know if the EA is set up correctly?  first, there must be a smiley face on the chart.  Secondly, check the “Time To Start”.  It should be 1 hour BEFORE rollover (from monday till thursday). If not, check the beginning of the blog to see how to set the GMT correctly
  • The EA doesn’t trade:  Check your setup again.  Also, check the expert tab and journal tab for messages.
  • My lotsize is always 0.01lots:  For automatic lotsize, you must set “autolotmode = use LotsizeStep (or use Risk per trade)”.  Check the list of parameters above to know which lotsizeStep to use
  • My broker is giving me a warning that the account is hyperactive:  You can first try using OneChartSetup instead of running the EA on all charts seperately.  If you still get a warning, you lower the “maximum attemps to set/modify trades” to a lower value.  you can also use the virtual entry (marketorders) and virtual TP.  This will for sure fix it, but will also risk more slippage on entry and exit of trades
  • I only see trades for EURUSD:  then you are only running on EURUSD.  Either run on all charts for all pairs, or run on EURUSD BUT enable the OneChartSetup
Comentarios 22
Stefan Marjoram

926

Stefan Marjoram 2021.08.18 11:19  

 

Took a little while to get set correctly but now works very well, risk management is good. Working live.

 

p.s Do not message me with help setting up your EA, GMT offset is basic as hell.

Ka Kit Chan

282

Ka Kit Chan 2021.08.17 06:57  

 

I use this few days and now is a positive return, not a scary EA

Bhavik Jagdish Patel

253

Bhavik Jagdish Patel 2021.07.30 00:46  

 

I purchased this EA from Wim a month ago now and I have had it running live on both Pepperstone (preferred) and ICM. I thought I would run it for a while before posting a review and so far it has been working very well. There were some concerns with swap costs which have been addressed and the updated version gives flexibility to fix this depending on which broker you are trading with. It also shows he is constantly developing his EAs and listening to any feedback clients give. I also own 4 other EAs developed by Wim and can say hands down his after sales support and products are amazing. I have asked him many questions throughout ownership of all the EAs and he replies right away with the answer I need. I was one of the early adopters of ‘The Reaper’ and is certainly hasn’t disappointed. I would advise running it on several brokers as results will vary across them. Thanks Wim.

1 review for The Reaper EA MT4

  1. admin

    good

Add a review

Your email address will not be published. Required fields are marked *