๐งฉ What is The Gold Reaper MT4?
The Gold Reaper MT4 is an automated Gold trading system built to deliver stable performance across changing market conditions. It trades XAUUSD using adaptive breakout logic, dynamic risk control, and multi-strategy confirmation to protect capital while capturing volatility. With automatic lot sizing, drawdown limits, and recovery-focused execution, the EA prioritizes long-term stability, adaptability, and disciplined risk management.
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๐งฉ 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. |
๐งฉ 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. |
๐งฉ 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. |
โ This filter enhances safety around major news โ essential for gold trading.
๐งฉ 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. |
โ Very risk-conscious configuration, suitable for prop firm trading and long-term account growth.
๐งฉ 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.
๐งฉ 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”. |
โ ๏ธ 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 strategyโnot both.
๐งฉ 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.
โ 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.
โ ๏ธ 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).
