ScalpingMonsterBot can be found within the Experts category of the MQL5 marketplace. It was created by Andrey Kozak and was first uploaded to the marketplace on the 10th of March 2020, it has received an update on the 24th of March 2020 and is not at version 2.0 of the software.
ScalpingMonsterBot is an expert advisor that can be used with the MetaTrader 4 trading platform. The EA was designed to work as a scalping robot that can be used on all currency pairs. The EA has shown its best results on the GBPUSD currency pair, the main conditions required for the EA to function properly are for it to have a minimum spread, so an ECN account is recommended.
The EA works on the principle of sharp impulses within the markets, it will make trades during these spikes in price and volatility. The Ea may not open trades every day and instead, the trades will depend on the market conditions, if they do not satisfy the requirements then it will not open up a new trade. Due to this, the EA has the potential to open up 10 trades in a single day, or it can not open a trade for days at a time. You are able to run multiple instances of the robot on different currency pairs, this can be done using the magic number parameter within the EAs settings.
The EA uses the martingale strategy which can make it quite risky, we would recommend using very low lot sizes as the higher the starting size the riskier it can be, even for those with very large accounts.
Some of the main features of the EA:
Trades on most major currency pairs.
minimum trade balance 50 $
trades on all timeframes.
Easily optimized to find the best options.
Very easy to install and configure.
trades both on the local PC and on the VPS server.
There are a few parameters that come with the EA, these can be altered to slightly change the functions of the EA. Some of these parameters include the lot sizes to use, the maximum size of the lots, the option to choose the martingale increments, stop loss size, take profit sizes, how shape the price movement needs to be to open up a trade, and an option for magic numbers.
There are some recommended setting that comes with the EA for the GPUSd, EURUSD, and NZDUSD pairs, we would advise using these, however, they do not specify the account size of the settings, so we would also advise using slightly lower numbers for the starting lots if you do not have a very large account.
The ScalpingMonsterBot can be purchased with a single payment of $157, purchasing it allows you to activate the EA up to 5 times, there are no further limitations once purchased. There is also the option to rent the EA for two different time periods, the first is on a monthly basis which will cost you $97 per month, you can also rent it for the period of three months which will cost you $127 to do.
There is also a free demo version that can be downloaded within the MetaTrader 4 platform, this demo version is limited to being used within the strategy tester of the platform rather than on live accounts.
Unfortunately, at the time of writing, there were no reviews or ratings from anyone that has used the EA, which means that we cannot see whether they are finding it useful and profitable, it could also be seen as a positive as many people do not leave a positive review, only negative, so not having any negative reviews is also a good sign. There are also no comments, so the support being offered cannot be observed, due to this, we would suggest that you send any questions that you may have to the developer as a way to make sure that they are still around to offer support should you decide to make a purchase or rental of the EA.