Eagle Scalper Pro is a new Expert Advisor published on the MQL5 market that reached significant popularity and user review rating already. The initial version was uploaded on the 10th of February 2020 and has been updated in March to the current 1.50 version. Updates are minor, just bug fixing and FIFO compatibility in case traders have this ordering method imposed by their broker. This EA belongs to the Trend Following strategy category and it is not frequently used the same as the scalper EAs. It does not use the Arbitrage method which is commonly frowned upon by brokers and traders alike.
The developer is Michela Russo from Italy, promotional and sales page is already made on https://tradingforex.pro/ where other products are also sold. The website contains classical sales phrases and no reviews whatsoever. On the MQL5 market, Michela Russo has 19 signals provided by EAs, among which is the Eagle Scalper Pro on the low-risk setting. The other 29 products published by this group have great ratings and quite a high level of user attention.
The Overview page about this EA designed for the MetaTrader 4 platform does not disclose much about its inner workings, however, two indicators are mentioned based on which the EA makes trade entries. Parabolic SAR and a Moving Average are the base, although the algorithm and filtering do not make it clear when all rules are aligned for an entry. This is especially evident in the youtube video attached. On the page are also some boundling methods notifying readers that if you buy this EA you will get Dragon Scalper Pro EA for free. We have checked this EA to find extremely high ratings and popularity on the MQL5 market.
Eagle Scalper Pro has low tolerance when it comes to execution or server latency, no more than 100ms is allowed. It is mentioned to have slippage resistance although we are not sure why latency and slippage are of high concern for a trend following strategy. In addition to Parabolic SAR and MAindicaotrs, the EA has integrated volatility meter of an unknown kind in conjunction with algorithmic clauses or rules for trend prediction. No pattern type indicators or methods are used. When put to test, the author describes that the EA has a high tolerance for unpredictable market events. This probably means it is not trading on volatility spikes.
Optimized currency pairs are EUR/USD, EUR/GBP, AUD/USD, and USD/CHF however, traders can test and optimize for other assets, the settings options are wide enough for various application testing. Once you download the EA, it will use the M5 timeframe and settings set for the EUR/USD. If you plan to customize the EA to your liking, here is what notable parameters you can adjust:
-Auto lot or fixed lot allocation, based on the account balance and risk defined as a percentage.
-Spread allowance filter, the maximum allowed for trade entry.
-Parabolic SAR settings such as the step, the maximum value of the indicator, price crossing SAR logic, reverse rules switch, SAR timeframe, and SAR exit rule on the opposite signal.
-Moving Average settings, including the first and the second. Traders can select the MA type, periods for both MAs, and the MA indicator on/off switch.
-Algorithmic crossing rule that is probably meant for the Moving Averages crossing.
-Several settings for the EA working time customization such as the fixed start hour, close positions of Friday night, or when trading time is over, etc.
-FIFO mode switch in case your broker imposes this rule.
-Max orders number.
-Enable only Buy, Sell, or both direction orders.
-Fixed Take Profit and Stop Loss orders.
-Several Bar counting logic and other variables that affect trades management.
-Trailing stop feature based on averaging and conditions to trigger only on profitable trades.
-Some color customization options.
Once you insert the EA to the MetaTrader 4 chart, Parabolic SAR, moving averages and buttons to close Buy, Sell and All orders will appear. Based on this you will be able to better gauge the settings optimization changes when testing. The performance screenshots show impressive results. Eagle Scalper Pro is backtested on the AUD/USD according to screenshots, using 99.90% modeling quality and M5 timeframe during the roughly 2 year period from 2018 to 2020. The main traits of this EA are high success rate, low drawdown, and a large number of consecutive wins. Maximal drawdown is just 6.24% while profit trades count for 91.92% of all opened. The average profit trade is 79.13 versus -219.3 average losing trade.
The final line is 42k net profit on a 1k deposit for this tested period. Now, statistics on the developer signal page for this EA using a low-risk setting, which is uploaded in the Comments section, is calculated for a short period, just 8 weeks, although they are fresh from 2020. During this p[eriod the EA made a 51% gain. 91.8% profit trades and 17.1% drawdown on the same AUD/USD currency pair. The growth chart has obvious dips specific for a deep Stop Loss levels that tolerate price reversals, which happen in 8.2% of cases and trigger a Stop Loss. 52 trades are made per week on average that are held for 6 hours. The best trade is $4.63 while the worst is $-15.85. On some occasions we have noticed that the video is showing Martingale’s behavior, increasing the risk after a losing trade. This is probably based on the high consecutive wins vs losses ratio, however, this info is not confirmed.
The price for Eagle Scalper Pro is $135 with 290 activations on the MT4 available. You can also rent it for $85 for 1 month, or $110 for one year. A demo is offered although there is a lite version of this EA for free.
Users seem to like products by this developer and such is the case with Eagle Scalper Pro too. Users rated this EA with the perfect 5 stars based on 12 votes. 12 reviews left although none of them give any details about the EA performance, just expressing satisfaction. As mentioned, you will also receive another paid EA for free that has great ratings, making this offer very attractive. Since optimizing and testing are supported bu great settings options, demo downloading is recommended before buying.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/46147