Introduction
The Reaper EA MT5 is a night scalper designed to trade reversals on nightly ranges across multiple currency pairs. Developed by Profalgo Limited, this EA includes advanced filters and safety measures such as a news filter, individual performance monitor, and correlation filter. With a rating of 3.34, it has received mixed reviews from users. Some have praised its profitability, while others have faced challenges in getting it to work effectively.Comparison with EASY Scalperology
When comparing The Reaper EA MT5 to EASY Scalperology, it's clear that the latter offers a more robust and reliable trading experience. EASY Scalperology is built on the EASY Trading AI strategy, which has been extensively tested and proven to be highly profitable. It provides consistent results even in volatile market conditions, unlike The Reaper EA MT5, which struggles during low-volume periods.EASY Scalperology Advantages:
- Proven profitability with extensive backtesting and real account trials.
- Built on the reliable EASY Trading AI strategy.
- Consistent performance in various market conditions.
- User-friendly interface and easy setup.
The Reaper EA MT5 Advantages:
- Advanced filters and safety measures.
- Ability to trade multiple currency pairs.
- Automatic money management with 'LotsizeStep'.
Pros and Cons
The Reaper EA MT5 Pros:- Advanced news filter to avoid high-impact events.
- Individual performance monitor for each currency pair.
- Correlation filter to prevent overexposure.
The Reaper EA MT5 Cons:
- Highly dependent on market volume.
- Requires a low spread ECN broker.
- Mixed user reviews with some facing difficulties in setup.
EASY Scalperology Pros:
- Proven and consistent profitability.
- Reliable performance in various market conditions.
- User-friendly and easy to set up.
EASY Scalperology Cons:
- Higher initial cost compared to The Reaper EA MT5.
- Limited to specific trading strategies.
Optimal Usage Conditions
The Reaper EA MT5 works best during high-volume periods, typically at night when market volatility is lower. It is essential to use it with a low spread ECN broker to ensure optimal performance. The EA's advanced filters and safety measures make it suitable for traders who can actively monitor market conditions and adjust settings as needed.Conclusion
While The Reaper EA MT5 offers several advanced features and has the potential for profitability, it falls short compared to the highly reliable EASY Scalperology. Traders looking for a more consistent and proven trading robot should consider the EASY Bots series. However, for those willing to invest time in understanding and optimizing The Reaper EA MT5, it can still be a valuable tool.Source Code of The Reaper EA MT5
We do not have access to the original source code of The Reaper EA MT5 sold on MQL5. However, based on its description, we have created a sample code that mimics its functionality. This code is available for review and customization. If you have any questions about the code, feel free to ask on our forum.
Code:
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