The Bober Lannister MT5 is a MetaTrader 5 Expert Advisor that is designed to operate as a night scalper, taking advantage of low-volatility hours to trade on several currency pairs including EURCHF, GBPUSD, EURNZD, CHFJPY, and EURAUD.
In this review, we will take a comprehensive look at the Bober Lannister MT5 EA, discussing its features, strengths, weaknesses, and risk management measures. By the end of this review, traders will be able to make an informed decision on whether the Bober Lannister MT5 EA is suitable for their trading strategy and goals.
Bober Lannister MT5 Strategy
Bober Lannister is a forex Expert Advisor (EA) that was developed for use on the MetaTrader 5 trading platform. It is designed to operate as a night scalper, which implies that it is programmed to trade during the quiet hours of the night when there is generally low volatility.
The EA is recommended for use on a variety of currency pairs including EURCHF, GBPUSD, EURNZD, CHFJPY, and EURAUD, with a recommended timeframe of M5. It operates during a wide range of night time hours, typically 3-6 hours per day.
Bober Lannister offers three modes for EA settings, which includes “Portfolio” mode that enables traders to run few pairs at the same time, “GBPUSD Beast” mode that allows traders to run only GBPUSD, and “Custom Setup” mode that works according to inputs in the settings tab.
One of the strengths of Bober Lannister is that it does not use martingale or other dangerous recovery strategies. The next order lot-size is always the same according to risk settings regardless of previous trade results. Additionally, the EA is not broker-sensitive, which means traders can choose any forex broker they trust to execute their trades.IC Markets are my top choice of forex broker for manual and automated trading strategies.
However, like any other trading strategy, Bober Lannister has its weaknesses. Since it is designed to operate as a night scalper, its performance may be significantly affected by unexpected news events that may occur during the night, leading to high volatility.
Bober Lannister employs risk management measures intended by the developer to protect traders’ funds, and the next order lot-size is always the same according to the risk settings chosen by the trader. This ensures that the risk per trade is well-managed and not dependent on previous trade results. As with any trading strategy, traders are advised to use the EA on a demo account before risking real funds.
Bober Lannister MT5 Features
- It is a MetaTrader 5 Expert Advisor (EA).
- It is a night scalper that operates during low-volatility hours.
- It trades on a variety of currency pairs, including EURCHF, GBPUSD, EURNZD, CHFJPY, and EURAUD.
- It is recommended for use on the M5 timeframe.
- It trades for 3-6 hours per day.
- It offers three modes for EA settings: Portfolio mode, GBPUSD Beast mode, and Custom Setup mode.
- It does not use martingale or other dangerous recovery strategies.
- The next order lot-size is always the same according to risk settings regardless of previous trade results.
- It is not broker-sensitive, which means traders can choose any broker they trust to execute their trades.
Bober Lannister MT5 Settings
- Mode: Portfolio/GBPUSD beast/Custom setup – allows traders to select the preferred trading mode.
- Direction: Both/Only Long/Only Short – determines whether the EA takes trades in both directions or only in long or short directions.
- OrderType: Limit/Market orders – specifies the type of order the EA will use to enter trades.
- MagicNumber: orders identifier – assigns a unique identifier to the EA’s trades for easy tracking.
- Lot: Fixed/Float – specifies the type of lot calculation used by the EA.
- Lot Percent: float lot value – sets the percentage value for a floating lot size.
- Fixed lot: fixed lot value – sets a fixed lot size for the EA’s trades.
- Range: custom indicator period – sets the period for the custom indicator used by the EA.
- TimeFilter: time range true/false – determines whether the EA should only trade during a specified time range.
- StartHour: 0 – sets the starting hour for the time range in which the EA should trade.
- Startminute: 0 – sets the starting minute for the time range in which the EA should trade.
- EndHour: 0 – sets the ending hour for the time range in which the EA should trade.
- Endminute: 0 – sets the ending minute for the time range in which the EA should trade.
- MaxDD: all positions will be closed after reaching MaxDD value to prevent losses – sets the maximum drawdown value to prevent losses.
- Waithours: waiting hours before opening new trades after reaching MaxDD – sets the number of hours the EA should wait before opening new trades after reaching the maximum drawdown value.
- Friday: false/true – determines whether the EA should trade on Fridays or not.
Bober Lannister MT5 Summary
The Bober Lannister MT5 is a night scalper EA designed for use on the MetaTrader 5 trading platform. Its strengths include a focus on risk management, lack of dangerous recovery strategies, and the ability to select from three different modes. Its weakness is that it may not perform well in volatile market conditions. The Bober Lannister MT5 is suitable for traders who prefer night scalping with low volatility currency pairs. It is important to note that there are no guarantees with this forex robot, and demo testing the EA with good risk management settings can help traders make informed decisions.
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