Steady Scalper can be found on the MQL5 marketplace under the Experts heading, it was first uploaded to the marketplace on the 10th of March 2020 by its creator Shi Yanlin, it has received a few different updates, the most recent of the updates was on the 7th of April 2020 which brought the software up to version 1.4.
Steady Scalper is an expert advisor for the MetaTrader 4 platform, the EA was created using a high win ratio and steady trading strategies. The EA does not use more risky strategies such as martingale or grids. It instead uses four different trading strategies that are designed to look at the daily trends. They all look at the daily pivot points, resistance, and support levels, and will open up trades based on high-frequency RSI information. The four methods of looking for trades are:
- Use daily high and low prices;
- Use daily open, high, and low prices;
- Use daily open and current prices; and
- Use daily high, low, and current prices.
The EA will only open one trade per direction which helps to reduce the amount of drawdown that the EA could generate, it will also not trade very often, it is estimated that the EA may trade just 5 to 8 times per month to try and maintain steady growth to your account.
The trades are mainly opened during the quiet times in the markets such as during a daily rollover, this makes the EA workable on computers and connections with higher pings. The take profit levels are small so an account with low spreads is highly recommended, leverage depends on your own tasks but as low as 1:30 is still sufficient for traders using $100 per 0.01 lots.
The EA has been optimized to work on the GBPUSD currency pair and on the M1 timeframe, while it can work on other currency pairs, it will not be as effective and the risk management may not work as well.
There are also a number of parameters that come with EA, these can be changed to slightly alter the functionality of the expert advisor. Some of them include the money management settings, the lot size to use, the RSI calculation settings, stop loss levels, take profit levels, days to trade, comments, magic numbers, and more.
There is a signal available that gives us a little idea about how the EA is performing, it has traded 24 times and has a ratio of 100% profitable trades making 29% account growth, these are very positive numbers, however, the account is very small so the actual capital growth is low.
Steady Scalper can be purchased from the marketplace with a single payment of $99, this comes with 5 activations and no other sort of limitations. There is also the option to rent the EA, this will cost you $30 per month, or for three months it will cost $59 and for six months it will cost $79, these rentals also come with up to 5 activations of the software. There is also a free demo version, this can only be used with the strategy tester within MT4 and not on live accounts so it is quite limited in its functions.
Steady Scalper had two reviews at the time of writing which had given it an overall rating of 5 out of 5.
“Precise and steady entries, so far…” – A 5-star review.
So both the reviews are very positive, there are two comments in the comment section, 9 are from the developer giving promotions or settings updates, the one comment from a customer was quickly responded to, all the updates and the response shows that the developer is keen to actively support the EA which is a great thing to see and it gives you confidence that if you require support, you would get it.