The Reaper EA

the reaper ea
the reaper ea

 

The Reaper EA is an automated trading software designed to perform scalping trades during the night-time hours by detecting reversal patterns in multiple currency pairs. This system is equipped with several filters and safety measures, which tries that the trades are executed with precision.

The Reaper EA Strategy

The EA starts trading at the beginning of the Asian session, which is typically characterized by trading ranges.  One of the key features of the Reaper EA is its news filter, which tries to prevent it from trading during high-impact news events that could cause significant price fluctuations.

The Reaper EA uses a fixed stop loss for each trade, which tries to limit the drawdowns. It also includes a trailing stop feature, which allows the EA to adjust the stop loss level as the trade.

The individual performance monitor is another important feature of the Reaper EA. It adjusts the risk for each pair based on its performance, which tries to reduce the risk for underperforming pairs.

The Reaper EA Features

  • The software is optimized for trading on multiple currency pairs, with recommended pairs including GBPUSD, GBPCAD, GBPAUD, EURAUD, USDCAD, USDCHF, AUDCAD, and EURCAD, and other optimized pairs such as EURUSD, EURGBP, AUDJPY, GBPCHF, AUDUSD, and EURCHF, according to the developer.
  • The software includes an individual performance monitor, which automatically adjusts the risk for each pair based on its performance.
  • The Reaper EA uses trading techniques and does not employ strategies like martingale or grid trading without a stop loss.

The Reaper EA Settings

  • ShowInfoPanel                                                                                                   true
  • Adjustment for Infopanel size                                                                        0.1
  • update infopanel during testing                                                                    false
  • comment                                                                                                             The reaper
  • MagicNumber                                                                                                     987025
  • OneChartSetup                                                                                                   false
  • OneChartSetup_Pairs                                                                                      EURUSD;GBPUSD;AUDCAD;EURAUD;EURCAD;GBPAUD;GBPCAD;USDCA
  • D;EURGBP;USDCHF;GBPCHF;
  • enableBuy Trades                                                                                                true
  • enableSell Trades                                                                                                true
  • ==== trading times (GMT+2, DST) ====
  • Time to start                                                                                                         23:00
  • Time to stop                                                                                                         01:00
  • Allow trades on Friday evening                                                                        false
  • Allow trades at Weekly Market Open                                                            false
  • Skip Trading on US Holidays                                                                             true
  • ==== Entry Settings ====
  • Max Spread allowed for setting pending order                                           18.0
  • Spread at which pending orders are deleted                                               23.0
  • Maximum number of open trades                                                                  99
  • Maximum number of correlated trades (0-disabled))                                0
  • Run Mode                                                                                                              Mode B
  • Turbo mode (more trades)                                                                               false
  • Add/subtract X pips to/from entry distance                                                 0.0
  • Randomized Entry in Point (recommended 0-10)                                       0.0
  • Maximum attempts to set/Modify orders                                                    3
  • Minimum minutes between 2 consecutive trades in same direction    1
  • Use Market orders for entry                                                                             false
  • Force Marketorder if LimitOrder is out of range                                         true
  • Use slippage control on Market Orders                                                         false
  • Minimum ‘potential TP’ before entering trade (0=Opt Value)                 0.0
  • ==== SL/TP Settings ====
  • Use Virtual TP for exit                                                                                        false
  • SetSLTP_AfterEntry                                                                                             false
  • stoploss (0=default)                                                                                            0.0
  • Widen SL during rollover                                                                                   0.0
  • Add X pips to TP level                                                                                         0.0
  • force Minimum Takeprofit                                                                                -999.0
  • Reset Forced Minimum TP after X hours                                                       99
  • Close trades at hour (brokertime)                                                                   25.00
  • Minimum pips profit before closing on hour X                                            -99.0
  • ==== Swap filter ====
  • Skip trading on Triple Swap                                                                             false
  • TripleSwapDay                                                                                                     Auto
  • Maximum SwapCost allowed (in points)                                                       0.0
  • ==== News filter ====
  • EnableNewsFilter                                                                                                 true
  • FilterHighRisk                                                                                                        true
  • FilterMedium Risk                                                                                               false
  • FilterLowRisk                                                                                                        false
  • FilterAUDonJPYnews                                                                                           true
  • HoursBeforeSessionStart                                                                                   2
  • HoursAfterEndOfSession                                                                                    3
  • ==== Lotsize Settings ====
  • AutoLotMode                                                                                                        use StartLots
  • StartLots                                                                                                                 0.01
  • Risk Per_Trade                                                                                                      0.5
  • LotsizeStep                                                                                                             250
  • balance selection for AutoLotsize calculations                                             use account balance
  • OnlyUp                                                                                                                    true
  • Split up trade into X smaller trades                                                                 1
  • Split up trade based on max lotsize Y                                                             0.0
  • ==== Performance Based Risk settings ====
  • enable performance based lotsize                                                                  true
  • Performance numbers to use                                                                          use normalized profit(0.01lots)
  • How to rank pairs                                                                                                ranking based on profit
  • Number of days to evaluate                                                                             90
  • Days of profit to reset lotsize                                                                           30
  • Minimum #trades before monitoring                                                            10
  • maximum lotsize reduction (in %)                                                                  50%
  • Only limit pairs going in minus                                                                         true
  • ==== GMT Settings ====
  • Auto GMT (does NOT work in backtesting)                                                   true
  • GMT Offset winter                                                                                              2
  • GMT Offset summer                                                                                           3
  • ==== Roll Over settings ====
  • Pairs to use Rollover Filter on                                                                     EURCHF; GBPCHF; AUDJPY;
  • Rollover Start                                                                                                  23:55
  • Rollover End                                                                                                    00:10

The Reaper EA Summary

Overall, the Reaper EA which trades on the starting of Asian Session. The Reaper EA have an important feature also known as ‘’individual performance monitor’’ which is used for the money and risk management while executing the trades.

However, it’s important to note that there is no guarantee of profitability with any automated trading software, including the Reaper EA. Traders are advised to conduct thorough testing using a demo account to evaluate the effectiveness of the software and ensure that it aligns with their trading goals and risk tolerance before utilizing it in a live trading environment.

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