The Gold Reaper EA

Overview

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The Gold Reaper MT4 is a sophisticated automated trading robot built exclusively for trading Gold (XAUUSD) on the MetaTrader 4 platform. Developed by Wim Schrynemakers, a developer with over 15 years of experience in creating trading systems, this EA is built on the foundation of the successful Goldtrade Pro but takes things to the next level.

What sets The Gold Reaper apart is its ability to operate across multiple timeframes simultaneously while using breakout trading strategies. Instead of relying on gimmicky marketing claims about artificial intelligence or quantum computing, this EA focuses on a time-tested approach: identifying and trading breakouts at key support and resistance levels.

The system has proven itself through extensive testing and live trading results. With verified MQL5 performance showing gains of over 112% and monthly returns averaging around 18%, while keeping drawdowns under control at approximately 14%, The Gold Reaper demonstrates that disciplined trading can produce consistent results. It’s designed for everyone from beginners to experienced traders, and it’s even optimized for prop firm challenges.

MYFXBOOK RESULTS

MQL5 LIVE SIGNAL

How It Works

The Gold Reaper uses a straightforward but powerful methodology based on breakout trading. Here’s how the system operates:

Multi-Timeframe Analysis: Unlike most EAs that look at just one timeframe, The Gold Reaper analyzes multiple timeframes at the same time. This gives it a broader view of market conditions and helps filter out false signals. By seeing what’s happening on different time scales, the EA can make more informed trading decisions.

Multiple Confirmation System Before entering any trade, the EA uses several confirmation algorithms working together. Think of it like getting a second and third opinion before making an important decision. The system checks various technical conditions to ensure that a breakout is genuine and not just a temporary price spike.

Breakout Strategy The core strategy revolves around support and resistance levels—price points where gold tends to bounce or break through. When price breaks through these critical levels with enough force, it often continues moving in that direction. Gold’s high volatility makes it perfect for this type of trading, as breakouts tend to be strong and clear.

Smart Risk Management: Every single trade includes:

• Initial Stop Loss: Protects your account if the trade goes wrong
• Initial Take Profit: Locks in gains at a predetermined level
• Trailing Stop Loss: Adjusts your stop loss as the trade moves in your favor, protecting accumulated profits
• Trailing Take Profit: Extends your profit target if momentum continues, maximizing winning trades

Automatic Position Sizing: Here’s where The Gold Reaper truly shines. You set your maximum allowed drawdown (how much you’re comfortable losing), and the EA automatically calculates the appropriate lot size and trade frequency based on your account balance. As your account grows, position sizes adjust accordingly. If you set a 10% maximum drawdown, the EA ensures its trading stays within those boundaries.

Internal Strategy Diversification: The EA doesn’t just run one strategy—it runs multiple internal strategies simultaneously. This spreads risk across different trading approaches, so if one strategy hits a rough patch, others can continue performing.

Key Features

• Available Timeframes: Works on any timeframe
• Recommended Currency Pair: XAUUSD (Gold) only
• Starting deposit: $300 minimum
• Trade Frequency Options
• Automatic mode: EA determines frequency based on account size and drawdown settings
• Manual modes: Choose from very conservative to extremely volatile
• Maximum spread filter: Helps to avoid trading during unfavorable conditions
• Prop Firm Optimization: Includes a setfile specifically designed for prop firm challenges
• NFP Filter: Automatically manages trading around Non-Farm Payroll news events
• Verified results on Myfxbook: +112% verified gains

The download package of the product includes:

• Experts: The Gold Reaper MT4 V2.1.ex4
• Presets: Gold Reaper Extreme Set.set, propfirm.set, The Gold Reaper 100$ set gold h1.set, The Gold Reaper set safe mode.set, The Gold Reaper Setfile(High Risk).set, The Gold Reaper Setfile(Low Risk).set and The Gold Reaper Setfile(PROP FIRM).set
• backtests.zip
• WebRequest.txt
• Installation Guide from forex-hacked.com

Conclusion

The Gold Reaper MT4 represents a mature, well-thought-out approach to automated gold trading. Rather than promising unrealistic returns or using dangerous money management techniques, it focuses on what actually works: disciplined breakout trading with proper risk management.

Contact me: trent@trentbaxter.com

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