Wave Rider EA for MT5

Overview

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Wave Rider EA for MetaTrader 5, developed by Adam Hrncir, is a hybrid gold scalping Expert Advisor that combines 4 distinct trading strategies, triple timeframe confirmation, two selectable trade modes, and three independent layers of account protection — all focused exclusively on XAUUSD (Gold).

The developer’s guiding philosophy is stated plainly: knowing when NOT to trade is just as important as knowing when to enter. Wave Rider does not fire signals into choppy markets, does not trade against the trend, does not speculate near all-time highs, and automatically protects the account during flash crashes and news events. A verified MQL5 live signal showing +90% gain and just 17.8% maximum drawdown from a €300.95 deposit gives that philosophy a real track record to stand on.

LIVE MQL5 RESULTS

How It Works

How it looks on your chart

Rather than relying on a single entry method across all market conditions, Wave Rider runs 4 independent strategies that each target a different market state:

• S01 — Support and Resistance: Uses dual timeframe ZigZag-based detection on M15 and M30 charts to identify zones where price has actually reversed in the past — real structural levels, not arbitrarily drawn lines. Entry filters include volatility and trend strength confirmation to avoid fading into momentum.
• S02 — Pullback: Monitors M1, M5, and M15 simultaneously for momentum shifts, then catches retracements at the right moment with bounce zone detection and exhaustion filtering to keep false entries out.
• S03 — Trend Breakout: Identifies when gold breaks out of a consolidation range with genuine momentum behind it, then rides the directional move with multiple scaled entries to maximize the capture from strong trending phases.
• S04 — M5 Strategy: Identifies overbought and oversold bounce setups on the M5 chart using market strength, momentum, and candle pattern analysis — with multiple confirmation layers ensuring entries are precise rather than reactive.

When one strategy’s conditions are not met, another may still be active. The combined coverage means the EA adapts across different gold market regimes rather than going dark every time conditions shift away from a single pattern.

Across all four strategies, no entry is allowed unless the higher-timeframe structure is supportive. The EA uses an H1 EMA filter to identify the dominant trend direction. Lower timeframe signals — from M5, M15, and M30 — are only allowed to trigger when they align with that H1 direction. Wave Rider explicitly does not open positions against the trend, and does not speculate in choppy markets that are about to flip.

After the entry, you can choose how risk is managed through one of two selectable modes:

• Recovery (Grid) Mode — the default — activates an intelligent grid when the market moves against an open position. Grid levels use progressive spacing that gets wider as depth increases, a configurable lot multiplier (default 1.0, meaning no Martingale escalation), breakeven calculation across all grouped positions, and a trailing stop that locks in profit once the overall basket exceeds its take profit level.
• Single Position (SL/TP) Mode — one trade at a time, with a fixed stop loss, fixed take profit, and a built-in trailing stop that locks in gains as price extends. No grid, no recovery, no floating exposure accumulation. This mode is specifically noted as the prop firm-compatible configuration.

Beyond trade-level management, Wave Rider applies three independent account-level protections that operate regardless of which strategy or trade mode is active:

• Drawdown Protection tracks daily drawdown against peak equity in real time. When the user-defined threshold is hit, the EA closes all positions automatically and pauses trading until the next daily reset.
• ATH Protection prevents the EA from opening new buy entries when gold is trading near its all-time high — a configurable percentage threshold that stops the system from buying the top during blow-off phases.
• Dynamic Exit monitors for rapid adverse price moves in real time — the kind caused by flash crashes, news spikes, or sudden reversals — and auto-closes all open positions immediately when detected, regardless of whether they are in profit or loss.

User Feedback

Wave Rider EA MT5 has received many positive reviews. Here are some of them:

Key Features

• Trading Instrument: Built and optimized exclusively for XAUUSD (Gold)
• Recommended Timeframes: M5 and M15 are recommended, but works on any timeframe
• Minimum Deposit: $300 for grid recovery mode at 0.01 lot, or $150 for single position mode at 0.01 lot
• Position Sizing Options: 3 modes available: Fixed Lot, Auto Risk, Custom Scale
• Visual Dashboard: An optional on-chart dashboard is available
• Trade Duration: Most trades close in under 30 minutes
• Verified Live Performance: Total Gain: +90%, Net Profit: €270.10, Maximum Drawdown: 17.8%

The download package of the product includes:

• Experts: Wave Rider EA MT5_4.1.ex5
• Indicators: __ZigZag.ex5
• Presets: gold medium risk fix lot 0.01 $1500.set
• Installation Guide from forex-hacked.com

Conclusion

Wave Rider EA MT5 is one of the more thoughtfully constructed gold trading systems available for MetaTrader 5. Its four-strategy architecture, triple timeframe confirmation, and three independent protection layers address the fundamental weaknesses that gold EAs most commonly fail at — over-trading, trend-fighting, and inadequate account-level risk controls.

Contact me: trent@trentbaxter.com

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