🧩 What is Goldwave EA MT5?
Goldwave EA is presented as a “run and forget” automated trading system, designed to be simple, minimalistic, and accessible for all trader levels. The settings panel confirms that the Expert advisor (EA) focuses on:
- Fixed position sizing.
- Fixed stop loss and take profit.
- Optional (but currently disabled) news filtering.
This suggests Goldwave EA follows a straightforward, non-martingale trading logic, prioritizing simplicity over complex trade management.
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🧩 Position Size & Money Management Settings
🔶 Lot Mode Configuration
- LotMode: LOT_FIXED
- FixedLot: 0.01
- RiskPercent: 1.0 (inactive due to fixed lot mode)
- MinLot: 0.01
- MaxLot: 1.0
📊 Analysis:
- The EA uses fixed lot sizing, not dynamic risk-based calculation.
- Every trade opens at 0.01 lot, regardless of account balance.
- RiskPercent is ignored because LOT_FIXED is active.
✅ Strengths:
- Extremely simple and predictable risk
- Suitable for beginners and small accounts
- No lot escalation or compounding risk
⚠️ Weaknesses:
- Not capital-efficient for large accounts
- Risk does not adapt to account growth or drawdown
🧩 Stop Loss & Take Profit Configuration
🔶 SL/TP Settings
- UseFixedSL: true
- FixedSL_Pips: 3000
- UseFixedTP: true
- FixedTP_Pips: 3000
⚖️ Risk/Reward Structure:
- Stop Loss = 3000 pips
- Take Profit = 3000 pips
- Risk : Reward = 1 : 1
📉 Interpretation:
- Extremely wide stop loss and take profit
- Designed for long-term swing or position trading
- Trades may remain open for long periods
⚠️ Risk Consideration:
Such a wide SL means:
- Floating drawdowns can be very large
- Margin usage must be carefully monitored
- Best suited for high-balance or low-leverage accounts
🧩 News Filter & Fundamental Protection
🔶 News Filter Settings
- UseNewsFilter: false
- StopMinutesBefore: 120
- StopMinutesAfter: 120
- UseHighImpact: false
- UseMediumImpact: false
- UseLowImpact: false
- EnableDetailedNewsFilter: false
- News Source: Financial Factory JSON feed
📰 Analysis: Although the EA includes a well-structured news filter system, it is completely disabled in this configuration.
🚨 Implications:
- EA can trade during major events such as:
- NFP
- CPI
- FOMC
- High volatility may cause large drawdowns due to wide SL
👉 Recommendation: Enable at least High Impact news filtering when trading Gold or volatile pairs.
🧩 Trade Comments & Transparency
- Trade Comment: “My Telegram @tweetasweet”
📌 This allows:
- Easy identification of EA trades in MT5 history
- Separation from manual trades or other EAs
🧩 Overall Risk Profile Assessment
🔶 Risk Level: Medium to High (Context-Dependent)
| Factor | Risk Impact |
|---|---|
| Fixed lot 0.01 | Low |
| Extremely wide SL | High |
| No martingale | Low |
| No recovery/grid | Low |
| News filter disabled | High |
| R:R = 1:1 | Neutral |
📊 Key Insight: Although the lot size is small, the very wide stop loss significantly increases floating drawdown risk, especially on Gold (XAUUSD).
🧩 Who Is This Configuration Best For?
✅ Suitable For:
- Small retail accounts
- Traders who prefer long-term trades
- Users who want simple, fixed-rule automation
- Low leverage environments (1:100 or higher recommended)
❌ Not Ideal For:
- Prop firm challenges
- Traders needing strict daily drawdown control
- Scalpers or short-term strategies
- High-leverage accounts
🧩 Final Conclusion – Goldwave EA MT5 Settings Review
With the current configuration, Goldwave EA MT5 is a minimalist, fixed-risk trading system designed for long-duration trades with equal stop loss and take profit levels.
✔️ Key Strengths
- No martingale, no grid, no recovery
- Simple fixed lot sizing
- Predictable behavior
- Beginner-friendly setup
⚠️ Key Weaknesses
- Extremely wide SL/TP (3000 pips)
- News filter disabled
- No adaptive risk management
- Potential for long drawdowns
⭐ Overall Verdict
Goldwave EA MT5, using these settings, can be considered a medium-risk automated trading EA that relies on market swings and patience rather than frequent trades. To improve safety and consistency, enabling news filters and tighter SL/TP values is strongly recommended, especially for live or funded trading environments.
