The Gold Reaper EA is a highly customizable and automated trading robot designed for gold (XAUUSD) scalping or intraday strategies. The screenshot reveals in-depth configuration parameters for both risk control and strategy selection.
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🔧 1. General Configuration
| Parameter | Value | Description |
|---|---|---|
| UseVariableValues | true | Allows dynamic changes in values based on balance/risk. |
| AdjustLotSizeToVariableValues | true | Enables lot adjustment to account size (auto money management). |
| ShowInfoPanel | true | Displays key info on the chart during live or backtest. |
| Adjustment for Infopanel Size | 1.0 | Scales the panel for different screen resolutions. |
| update infopanel during testing | false | Keeps panel static during backtesting. |
⚙️ 2. Trade Execution Settings
| Parameter | Value | Description |
|---|---|---|
| Allow Buy/Sell Trades | true | Enables both long and short trading. |
| TradeFrequency | Auto | Dynamically adjusts trade frequency based on risk. |
| Maximum Allowed Spread | 500.0 | Tolerates high spread (suitable for gold, but risky). |
| UseHL_TrailingSL | true | Activates trailing stop-loss for dynamic exits. |
| Fridays Stop Hour | 25 | Disables trades before weekend to avoid gaps. |
| setSLTP_AfterEntry | false | SL/TP likely set dynamically rather than predefined. |
| Use Virtual Expiration | true | Protects against broker-side TP/SL hunting. |
| Breakout Filter | Medium | Filters trades based on breakout strength. |
| BaseMagicNumber | 8000 | Unique ID to track EA trades. |
| Comment for trades | The Gold Reaper | Helpful for analyzing results. |
📰 3. NFP (Non-Farm Payroll) Filter
| Parameter | Value | Explanation |
|---|---|---|
| Enable NFP Filter | true | Avoids trading during high-impact NFP news. |
| AutoGMT | true | Automatically syncs with broker time. |
| GMT Offset (Winter/Summer) | 2/3 | Manual GMT offset for NFP time sync. |
| NFP_CloseOpenTrades | true | Closes trades before NFP to prevent volatility losses. |
| NFP_MinutesBefore/After | 100 / 60 | Trading pause window before and after NFP event. |
✅ This filter enhances safety around major news — essential for gold trading.
📊 4. Lot Size & Risk Management
| Parameter | Value | Description |
|---|---|---|
| Start Lot Size | 0.01 | Conservative initial risk. |
| LotSize Calculation Method | Max Allowed Total Drawdown | Focused on account preservation. |
| Max Allowed TOTAL Drawdown | 30.0 | Caps losses at 30% of account balance. |
| Weighted Lot Size | true | Adjusts lot based on risk curve. |
| Risk Per Start Trade | 1.0 | Trades initiated at 1% risk. |
| Only Up | true | Possibly restricts trades in upward trends only. |
| Check for Free Margin Before Trading | true | Prevents margin errors and account wipeouts. |
✅ Very risk-conscious configuration, suitable for prop firm trading and long-term account growth.
📌 5. Unique Trade Adjustments (Proprietary Logic)
All are set to 0.0, meaning:
- AdjustEntry, SL, TP, BE, etc.: Default values used.
- Likely optimized already or handled by EA’s internal logic.
🧠 6. Manual Strategy Selection
| Manual Strategies (1 to 9 risk levels) | All set to true |
|---|---|
| Strategy 1 to Strategy 9 | Enabled |
| Each strategy represents a different risk profile from “low risk” to “high risk”. |
⚠️ Warning in the panel: “Do NOT run manual strategies while using ‘MAX ALLOWED TOTAL DD’ option.”
You should choose either max drawdown protection or manual strategy—not both.
📌 Conclusion: Is The Gold Reaper MT4 a Safe & Profitable EA?
The Gold Reaper MT4 EA is a powerful, news-aware, risk-managed trading system, tailored for gold trading. It includes advanced logic for drawdown control, lot scaling, strategy selection, and NFP protection, making it well-suited for both retail and proprietary firm traders.
✅ Strengths
- Robust risk control via drawdown-based lot sizing
- News filters (NFP) to avoid market spikes
- 9 different strategies with flexible risk profiles
- Trailing stop and virtual SL/TP for stealth protection
- Auto GMT and session timing built-in
⚠️ Risks / Considerations
- Maximum spread of 500 may allow trading in low-liquidity conditions (use cautiously)
- Requires fine-tuning of manual strategies if not using auto mode
- Overlapping manual strategy use and drawdown control can lead to errors (as warned)
