20This is a MetaTrader 4 Expert Advisor that uses the popular “hamster” name commonly attributed to scapers working during night sessions or in very low volatility periods. The latest version is Version 9.0 updated on 9th June 2019, the first version was published in late 2017. Also, there is the MT5 version. Since then the EA received a few upgrades including the ATR filtering. The Author is a Russian named Ramil Minniakhmetov, he is the developer of 22 other products and 2 signals such as Rebate Robot, Brazil System, EA Black Star, or “TheFirst” signal service. Most of his work has above 4-star reviews on the MQL5 repository. His website is www.orangeforex.ru.
Hamster Scalping EA is fully automated and does not use the martingale strategy. Martingale is a known method of investment for many years and is allowed in casinos and other gambling institutions since it always ends with a loss. This type of EAs which use night time scalping is probably the most dominant on the market. Hamster Scalping is using two indicators, the RSI and the ATR. RSI is used to provide a signal on the 5M timeframe to which the EA is designed to and on the EUR/USD currency pair GMT+2. ATR is used to filter the signal if the volatility is too high. Since this kind of scalping is very sensitive and any bigger movements can throw off the indicators, ATR is one of the better indicators used for this purpose.
The development of this EA took almost 4 years, much longer than the typical night scalper. Hamster Scalping’s performance is variable but according to the author’s readings, it is highly profitable but with a high drawdown of more than 50%. This is typical for EAs that allow relatively high Stop Loss tolerance to close the trade in small profit after a rebound if it happens at all. It is not unusual to see two Stop Loss triggers to counter several weeks of profit trades.
General recommendations are $100 minimum deposit with an ECN broker with fast execution times and low spreads, up to 5 points. If you are using VPS, the latency must not be higher than 3ms. Brokers with 4 or 5 digit price quoting will work, settings value entry should be in points regardless. The EA allows for enough customization although tempering even in small amounts may result in a very different performance.
Hamster Scalping allows changing the periods for both ATR and RSI, signal levels, Autolot size calculation, Take Profit and Stop Loss levels, Virtual Stop Loss or Take Profit (it is not relayed to the broker server, it is internally set instead thus invisible for the broker), and almost every function of the EA is configurable. The EA also features the newsreader, that can be adjusted to filter trading for high, mid, and even low impact news. The news feed comes from the ec.forexprostools.com, so it is not the most popular news feed media. Some additional tweaking is required to set this in the EA settings. You can set to avoid Wednesday triple swaps, although some brokers have this on Fridays.
Hamster Scalping is a relatively simple EA with a good amount of testing behind it and is not abandoned by the devs in favor of new products. Most of the developers and companies decide to focus efforts on more complex EA after initial success and often leave some good EAs outdated and unreliable to new market conditions. It is a good sign to see this simple EA recently updated.
Hamster Scalping price is $99 to buy and $45 per month if you rent it. For this, you will have 5 activations. The demo is available. This price is not high but compared to other night time scalpers it is in the mid-range. Still, since it has a good amount of testing and is being updated, it is well worth the money, especially if the demo works for you.
The attention this EA has received is high. There are over 20,000 comments on it and over 500 user reviews. On average the score is 4.4 at the moment of this review which is very good, there is a good number of reviews so the rating is based on a large sample, confirming a solid user satisfaction. Although, on the side, some of the reviews could be based on short term EA usage, where bad trades did not yet happen. Some of the notable negative reviews are mentioning the high Stop Loss tolerance, for example:
“Too risky!! BIG STOP LOSS…small profits..no loss position management…It’s a lottery!”
Or a 4-star review from Dhruv Patel:
“A lot of people with 1 star review are correct with their experiences with this EA. However, this EA has a lot of potential. I have made modifications to the set and put external measures in place to avoid those disastrous trades that gave this EA 1 star and backtested for 9 years. It works like a charm! Money management is crucial with this EA. This EA does not manage the big losses well, thus human intervention is required.”
Our recommendation is to try the default settings on the demo account, both backtest and forward test. The price of $99 is probably low enough for this EA to repay itself a few times over.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/25853