Scalper Max is an Expert Advisor for the MetaTrader 4 platform designed to conduct scalping trading on major currency pairs. As per the developer’s words, it is not limited to one scalping method but more of them. It is fully automated and incorporates AI that has been updated. The latest version is 2.0 from 17th September 2019. The initial version is just 3 days older meaning the EA has not received updates except one. The developer of Scalper Max EA is Xuan Nguyen Thanh from Vietnam.
Scalper Max does not have a great introduction story, the MQL5 page describing this EA does not have a lot of content, especially not for the price. The intro states an AI that can learn and adapt to market conditions consisting of many algorithms. It can be used on many broker accounts with the commission or no commission and higher spreads. As usual, since scalper EAs require very good execution times and no slippage, the setup has to be with brokers able to deliver great conditions. Scalper Max does not use discouraged methods such as Martingale, Arbitrage, or Grid. Trades have to Take Profit and Stop Loss levels set and optimized by the EA.
It is not disclosed how the EA works and what the AI is exactly doing when calculating these levels. It is recommended to use the EA on GBP/USD, GBP/JPY, GBP/AUD, EUR/JPY, EUR/USD, USDJPY, USD/CHF, EUR/CHF, EUR/AUD, and NZD/USD on M1, M5 and M15 timeframes. There are two default optimized settings the developer has published in the comments section. They are optimized for commission or no-commission accounts. Brokers tested are Tickmill, ICMarkets, and NordFx.
Settings for Scalper Max are simple and in our opinion does not feature a lot. What you can change is set the Autolot management – risk-based trade size allocation set the minimum allowed spreads or slippage, maximum lot size per trade, and some cosmetic and appearance customization. Relative to the price of this EA, these features are not attractive. You cannot have a glimpse of what indicators are used, what logic, or what scalping method based on these settings.
The performance charts of Scalper Max are impressive, although we are used to seeing extreme results. Now the author did not use a real account for chart presentations, but on the Tickmill demo account. Based on the image, the EA produced a nice, steady-growing chart with a 483% gain. By looking at the winning percentage, it Is very close to coinflipping, 51% of trades won. The logical conclusion would be that this EA is great with Money Management but we do not know how the EA trades. The maximum drawdown is 8.1%.
On the MT4 Strategy Tester module, the EA showed different results. GBP/JPY pair was used and the winning percentage is 63.95%, much better than 51%. Maximal drawdown is an impressive 1.63%. Profit trades are at least double the size of losing trades meaning the EA cuts short trades that do not come in the right direction, not using the extreme Stop Loss levels as with some EAs and therefore also limiting the drawdown to just 1.63%. GBP/USD pair backtesting on M5 using the 99% precision modeling also shows similar results.
The maximal drawdown is even lower, 1.17%, 63% of winning trades, and the same good Money Management. Interestingly, GBP/AUD testing on M% timeframe shows just 51% winning trades but with similar gains as other pairs. The average consecutive wins number is the same as the average losses – 2. On the EUR/JPY, the success rate rises to 68.09% and this does not change the fact Scalper Max has a very good Money Management and manages to show only charts with consistent gains and no drops.
Now, the price of the Scalper Max is no less than $2500 to buy (6 activations) and $1800 to rent for a year. This extreme price has no presented arguments of the tech incorporated in this EA and no proven work behind it. The charts and what little content about the EA are showing are simply not enough. One could think this EA is fake but a demo is available so you can test it in various ways. Of course, price this high reflects on the EA popularity.
Scalper Max received bad ratings, based on 7 user reviews on the MQL5 Experts repository. The users complain about very different results than what is presented on the developer signal page and in the EA Overview. The main concern is the poor performance, some have changed brokers and tried different things just to see the same bad results. Some of the reviews are:
“Refund, this is a liar, this EA will not make you profit, only loss, he has no signal of real account number, every time you ask him, he will only hide”, or “For the month of using the adviser – only loss, wasted money, Alpari broker account ECN.Pro. I would like to return the money …”
There are also two perfect score reviews claiming good results.
In our opinion, this Scalper Max can be tested to confirm these results. Still, it should be noted that you could probably buy 10 automated software products for the price of this one, that has better ratings, testing, and performance. Given the fact that the developer also has one other product selling for $30,000, we can confirm this is not a serious proposition.