Scout is a piece of software that is currently located in the Experts section of the MQL5 marketplace, there may be other expert advisors with similar names, due to this we have provided a link below so you know exactly which expert advisor we are looking at. Created and uploaded by Cutting Edge Forex LLC on the 15th of February 2020, it has already received a number of updates, the most recent of which was on the 13th of March 2020, this brought the expert advisor up to version 1.5.
Scout is an expert advisor that can be used with the MetaTrader 4 trading platform, its main goal is to create a synergy between proven strategies and position management. It does not use martingale, averaging, grids, scalping, or any other strategies like that.
The main features available with the Scout expert advisor:
- Support/Resistance and Volatility are compounded into one super trading system
- Dynamic Initial Target Profit and Stop Loss set for each order and position
- Every position is managed as it’s own
- Multiple position management functions to capture the most profit
- Intelli-Trail Stop Loss. In house algorithm to let profits run and run
- Advanced Position Targets exit trades at multiple profit levels
- A true set and forget
- Always adapting to current market conditions
- Sleep great knowing your account is safe
There are plenty of settings available, these can drastically alter the way that the expert advisor works and it can be altered to suit your own trading style and needs. Some of these options include enabling volatility strategies, maximum open positions, risk settings, lot sizes, active periods, creative periods, divergent factors, trend periods, lead periods, follow periods, max/min take profits, max/min stop losses, and more.
There are also options for the support and resistance strategies such as max positions, lot sizes, risk factors, take profits, stop losses, percentage to target, magic numbers, Friday exit hour, trailing stops, and many more.
The indicator can be purchased for $499 which makes it quite expensive, this will enable you to use it indefinitely and without any limitations. If you do not wish to spend that much, you are also able to rent the expert advisor on a yearly basis, it will cost you $299 per year and it will need to be paid again to use it for a second year. There is a free version available, this will have some limitations though, unfortunately, we do not currently know what the limitations are.
There are only two reviews available for the Scout expert advisor, both of them are giving it a 5 out of 5 ratings.
“Just brought this EA, backtest look good! will put to real acc to test.” – A 5-star review.
“This is an excellent ea. The backtests are very good and it makes a profit on a weekly basis.” – A 5-star review.
Just the two reviews being available does not give a huge indication to the expert advisors effectiveness, however, both of them being 5 our of 5 is a good start, there are a number of comments also available, the creator f the expert advisor is reposting the comments in a prompt manner which is a good sign as to the kind of support that you will receive. We would strongly suggest that you download and try out the free version of the expert, especially as there are so few reviews, this will enable you to test it out and make sure that it functions in the way that you nee dit to prior to making a purchase or rental.
This Forex service is currently available in the MQL5 marketplace: https://www.mql5.com/en/market/product/46202