Introduction
The Reaper EA is a night scalper designed to trade reversals during nightly ranges across multiple currency pairs. Developed by Profalgo Limited, this EA has a rating of 3.9 and is priced at $149. While it boasts advanced features like news filters, correlation filters, and individual performance monitors, user reviews suggest mixed results. Some users report consistent profits, while others experience significant drawdowns. Let's delve deeper into its performance and compare it with one of our EASY series robots.
Comparison with EASY Scalperology
When comparing The Reaper EA to our EASY Scalperology, several differences and similarities emerge. EASY Scalperology is designed for high-frequency trading during peak market hours, leveraging short-term price movements for quick profits.
Advantages of EASY Scalperology:
- Consistent performance in both live and demo accounts.
- Advanced risk management features.
- Optimized for multiple currency pairs.
- User-friendly interface and setup.
Advantages of The Reaper EA:
- Effective during low volatility night sessions.
- Advanced filtering systems to mitigate risks.
- Dynamic risk adjustment based on performance.
Disadvantages of EASY Scalperology:
- Requires constant monitoring during peak hours.
- Higher risk during volatile market conditions.
Disadvantages of The Reaper EA:
- Inconsistent performance in live accounts.
- Reliance on nightly ranges can be a double-edged sword.
- Higher initial cost compared to some alternatives.
Pros and Cons
Pros of The Reaper EA:
- Advanced news and correlation filters.
- Dynamic risk management.
- Effective during low volatility periods.
Cons of The Reaper EA:
- Inconsistent results in live trading.
- Higher price point.
- Complex setup process.
Optimal Conditions for Use
The Reaper EA works best during low volatility night sessions, making it ideal for traders who prefer automated trading during these hours. It is crucial to use a low spread ECN broker and follow the recommended setup meticulously. This EA is suitable for traders with a minimum account size of $250 for running all 14 pairs or $100 for running a few pairs.
Conclusion
In conclusion, The Reaper EA offers a blend of advanced features and reasonable cost, but it should be viewed as a tool to enhance your trading strategy rather than a guaranteed profit machine. While it has potential, its inconsistent performance in live accounts and reliance on nightly ranges make it less reliable than our EASY Scalperology. We encourage users to share their experiences and feedback on our forum.
Source Code of The Reaper EA
We do not have access to the original source code of The Reaper EA sold on MQL5. However, we have created a sample code based on its description available on the MQL5 website. This code is available for download and review on our forum. If you have any questions or need assistance with the code, feel free to ask on our forum.
Code:
You don't have permission to view the code content. Log in or register now.Download The Reaper EA Example Code
The example code provided by the EASY Trading Team is based on the description of The Reaper EA available on MQL5. Please note that we do not sell The Reaper EA; we only created a code sample based on its description. For any questions or further assistance, visit our forum at easytradingforum.com.
