The Sodobe Scalper EA is a tool that has garnered a lot of attention in recent years. Developed specifically for the popular MetaTrader 4 platform, this expert advisor applies a scalping strategy to the XAUUSD currency pair (Gold).
In this review, we will take a closer look at the Sodobe Scalper EA. We’ll provide you with a detailed analysis of the strategy, features, strengths and weaknesses of the Sodobe Scalper EA to help you decide whether it’s the right fit for your trading needs.
Sodobe Scalper EA Strategy
The Sodobe Scalper EA is an expert advisor developed for the MetaTrader 4 platform. It utilizes the scalping strategy, which involves analyzing real-time market data to quickly enter and exit trades with the goal of generating winning trades from small price movements. In the case of the Sodobe Scalper EA, it focuses specifically on the XAUUSD currency pair, commonly known as Gold.
The EA is designed to execute an average of 8 trades per month, with each trade having an average holding time of 45 minutes. It is recommended to use the default settings for the best performance. The EA works best on the 1-minute timeframe, which allows it to quickly identify and act on potential opportunities in the market.
One of the strengths of the Sodobe Scalper EA is its use of take profit (TP) and stop loss (SL) for each trade. This helps limit potential losses while also taking profits at predetermined levels. Additionally, since the EA is based on real-time analysis, it can quickly respond to changing market conditions.
However, one of the weaknesses of the Sodobe Scalper EA is its high drawdown. This means that there is a higher risk of losing a significant portion of the trading account if market conditions are unfavorable. As with any trading strategy, it is important to implement proper risk management techniques to minimize the risk of loss.
It is recommended to use the Sodobe Scalper EA in a demo account first to evaluate its performance and determine if it is suitable for one’s trading style and risk tolerance. It is also important to closely monitor the EA’s performance and adjust settings as needed to optimize its performance over time.
Sodobe Scalper EA Features
- It utilizes the scalping strategy
- It is designed for the XAUUSD currency pair (Gold)
- It is developed for the MetaTrader 4 platform
- It executes an average of 8 trades per month
- Average holding time of 45 minutes per trade
- It works best on the 1-minute timeframe
- It uses take profit (TP) and stop loss (SL) for each trade
- It supports various account types, including ECN and standard accounts
- It includes a money management system to control risk
Sodobe Scalper EA Settings
- Auto Lots: Automatically calculates lot sizes based on account balance and risk level.
- Max Lots: Limits the maximum lot size that can be traded.
- Fixed Lots: Allows traders to set a specific lot size for each trade if Auto Lots is set to No.
- Take Profit by ATR multiplier: Determines the take profit level based on the Average True Range (ATR) of the market.
- Stop Loss by ATR multiplier: Sets the stop loss level based on the ATR of the market.
- For Buy: MA hours to check price action (if Auto is No): Sets the number of hours for the Moving Average (MA) to check price action for buy trades if Auto Lots is set to No.
- For Buy: MA price change if Auto is No): Sets the price change for the MA to trigger a buy trade if Auto Lots is set to No.
- For Sell: MA hours to check price action (if Auto is No): Sets the number of hours for the MA to check price action for sell trades if Auto Lots is set to No.
- For Sell: MA price change (f Auto is No): Sets the price change for the MA to trigger a sell trade if Auto Lots is set to No.
- Enable Buy order: Enables buy trades.
- Magicbuy: Unique identifier for buy trades.
- Enable Sell order: Enables sell trades.
- Magicsell: Unique identifier for sell trades.
- Show Status table: Displays a table showing the current status of the EA.
Sodobe Scalper EA Summary
The Sodobe Scalper EA is a MetaTrader 4-based forex robot that uses scalping strategy to trade the XAUUSD currency pair. It executes an average of 8 trades per month, with an average holding time of 45 minutes per trade. Its strengths include the use of take profit and stop loss for each trade, a money management system to control risk, and compatibility with various account types. It’s suitable for experienced traders who prefer short-term trading. Demo testing and applying good risk management settings can help mitigate its high drawdown weakness. However, there are no guarantees of profit, and it should always be used with caution.
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