Pirate One EA

The Pirate One EA is an Expert Advisor designed for the Metatrader 4 platform and is a considerable tool for traders who seek to optimize their trading during the after-hours of the New York session.

In this review, we will provide you with a detailed analysis of the key features of the Pirate One EA, including its trading strategy, compatible currency pairs, recommended timeframes, money management principles, and more. We will also highlight its strengths and limitations, along with probable settings and customization options that traders can consider. By the end of this review, you will have a comprehensive understanding of whether the Pirate One EA aligns with your trading goals and risk tolerance, enabling you to make an informed decision on whether to incorporate it into your trading arsenal.

Pirate One EA Strategy

Pirate One EA is an Expert Advisor (EA) for the popular MetaTrader 4 platform. It is known for its “night scalper” strategy, which focuses on trading during the period of low market volatility after the end of the NewYork session at 22:00 GMT. The EA is designed to avoid dangerous money management methods like martingale, position averaging, and grid, making it a reliable and safe option for traders.

Pirate One EA
Pirate One EA

One of the key features of Pirate One EA is its ability to work with various currency pairs, although it is recommended for EURCHF, EURGBP, GBPUSD, CHFJPY, EURAUD, and USDCAD. This diversity allows traders to have flexibility in their trading choices, based on their preferences and market conditions.

The EA’s trading time can be easily customized in the settings, allowing traders to adapt to their preferred trading sessions. However, the default setting is after the end of the NewYork session, when the market tends to have the lowest volatility. This makes it an ideal option for traders who prefer a more conservative and cautious approach to trading.

Pirate One EA utilizes several indicators to monitor price levels and identify trading opportunities during the low volatility period. It opens trades based on its algorithmic analysis and carefully manages them until they are closed. The EA’s strategy is focused on quick scalping trades.

However, traders who prefer more active trading or have a different time zone may find the restricted trading window of the Pirate One EA to be a limitation, as it may not align with their preferred trading sessions or trading style.

Demo testing the EA comes highly recommended as it helps traders to familiarize themselves with the trading platform, hone their skills, and develop confidence in their trading approach. It also provides an opportunity to identify and rectify any weaknesses or flaws in the strategy or system before deploying it in a live trading account.

Pirate One EA Features

  • Night scalper: Pirate One EA is known for its trading strategy that focuses on scalping during the period of low market volatility after the end of the NewYork session.
  • Safe money management: The EA avoids risky money management methods such as martingale, position averaging, and grid, prioritizing capital preservation and controlled risk management.
  • Customizable trading time: Traders have the flexibility to customize the trading time in the EA’s settings, allowing them to adapt to their preferred trading sessions and timezones.
  • Currency pair versatility: Pirate One EA can be used with any currency pair, although it is recommended for EURCHF, EURGBP, GBPUSD, CHFJPY, EURAUD, and USDCAD, providing traders with a wide range of options.
  • Algorithmic analysis: The EA utilizes several indicators to monitor price levels and identify trading opportunities during the low volatility period, making data-driven trading decisions based on its algorithmic analysis.
  • Quick trade management: Pirate One EA is designed for quick scalping trades, aiming for smaller profits with carefully managed risk, allowing for potential faster turnover of trades.
  • MetaTrader 4 platform: Pirate One EA is designed to work with the popular MetaTrader 4 platform, which offers advanced charting tools, technical indicators, and a user-friendly interface for efficient trading.
  • Recommended broker: IC Markets is recommended as a suitable broker for using Pirate One EA, known for its regulation, competitive trading conditions, including low spreads, fast execution, and reliable customer support.
  • Profit and loss monitoring: The EA diligently monitors open trades until they are closed with a profit or a small loss, allowing for proactive risk management.
  • No dangerous money management methods: Pirate One EA does not use risky money management techniques, making it a safer option for traders who prioritize capital preservation and risk control.
  • Suitable for different timeframes: The EA can be used with different timeframes, although M15 is recommended, providing flexibility for traders with different trading styles and preferences.
  • Regular updates: The EA is frequently updated to ensure optimal performance and to adapt to changing market conditions, providing traders with ongoing improvements and enhancements.

Pirate One EA Settings

  • RISK/LOT: This setting determines the level of risk or lot size to be used in each trade. Traders can adjust this setting based on their risk tolerance and trading strategy.
  • WHAT TP TO USE: This setting refers to the take profit level, which is the predetermined price level at which a trade will be closed to lock in profits. Traders can choose different levels based on their trading strategy and market conditions.
  • TAKE PROFIT: This setting determines the target profit level for each trade. It is the price level at which the EA will automatically close the trade to secure profits.
  • STOP_LOSS: This setting determines the maximum allowable loss for each trade. If the trade reaches this level, the EA will automatically close the trade to limit losses.
  • MAX SPREAD OPEN: This setting sets the maximum spread allowed for the EA to open a new trade. If the spread exceeds this level, the EA will not open new trades.
    MAGIC NUMBER: This setting is a unique identifier assigned to each trade opened by the EA. It allows the EA to track and manage its own trades separately from other EAs or manual trades.
  • SLIPPAGE: This setting refers to the allowable difference between the requested price and the actual executed price of a trade. It helps to account for potential slippage during fast market conditions.
  • FILTER SWAP: This setting allows traders to enable or disable trading during swap periods, which are times when overnight interest rates are charged or credited by the broker for holding positions overnight.
  • DEALS_ON_THE_BAR: This setting determines how the EA manages trades at the close of each bar on the chart. Traders can set rules for opening, closing, or modifying trades based on the bar closing price.
  • TIME PERIOD BAR: This setting allows traders to specify the time period of the chart bars used by the EA for trading decisions. Different time periods can affect the EA’s trading frequency and strategy.
  • USE A SOUND: This setting enables or disables sound notifications for trade-related events, such as opening or closing trades.
  • START TRADING: This setting determines the start time for the EA to begin trading. Traders can specify the time based on their trading strategy and market conditions.
  • STOP TRADING: This setting determines the end time for the EA to stop trading. Traders can specify the time based on their trading strategy and market conditions.
Pirate One EA Settings
Pirate One EA Settings

Pirate One EA Summary

As a trader who has thoroughly tested the Pirate One EA, I can say that it has both strengths and weaknesses. One of its main strengths is its ability to capitalize on low market volatility during the after-hours of the NewYork session, making it a potentially profitable night scalper EA. Additionally, its compatibility with various currency pairs and customization options provide flexibility for traders to tailor it to their individual trading preferences and market conditions. Another notable strength of the Pirate One EA is its focus on safe trading, as it does not utilize risky money management methods such as martingale or grid strategies. This can be appealing to traders who prioritize risk management in their trading strategies.

However, like any trading tool, the Pirate One EA also has its weaknesses. It is not a guaranteed profit-making machine and does come with risks. The EA’s performance can be influenced by various market conditions, and it may not always generate winning trades. Traders need to carefully consider their own trading goals, risk tolerance, and market conditions before deciding to use the EA.

Also, it has a limited trading window which is during the low volatility period after the end of the NewYork session. While this can be advantageous for traders who prefer a conservative approach, as it minimizes exposure to market fluctuations, it may also result in missed trading opportunities during other market sessions with higher volatility.

Demo testing the EA is crucial to understand its performance and optimize settings based on personal preferences. Backtesting and forward testing on a demo account can provide valuable insights into the EA’s performance, helping traders make informed decisions about its suitability for their trading strategy.

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