Advanced Scalper is one of the famous robots in the MQL marketplace. It comes at a reasonable price point and installs easily within minutes. Our article will cover whether the algorithm holds up to its name and if you should consider using it within your portfolio.
Advanced Scalper: Characteristics
Once you purchase the system from the MQL5 marketplace, it will be available in your account. Login to the marketplace from the MetaTrader platform and download the expert advisor. Place it on the respective chart for trading.
The robot has the following features:
- Uses a strict stop loss for every trade.
- It can be used for auto and manual trading.
- It consists of a spread filter to avoid trading during bad conditions.
- Survives strict backtest with 99% modeling quality.
- Runs with a minimum balance of $150.
- Works with low spread, ECN brokers with fast execution speeds.
Currency Pairs, Strategy, and Time Frame
The robot works on EURUSD, USDJPY, and GBPUSD on the hourly and 4 hour charts. It uses the high and low points of the candlesticks in the charts to place respective buy and sell stop orders. There is a strict stop loss attached with every position along with the take profit. As soon as the trade enters the profit territory for a certain number of predefined pips, it starts using a trailing stop. There are many canceled orders as the algorithm removes any pending trades if the setup is not applicable.
Advanced Scalper Trading Performance
Backtesting results are available for fixed and auto lot sizes for EURUSD and USDJPY from 2014 till 2018. The relative drawdown for the auto lot was higher for USDJPY, hanging at 16.91%, while for EURUSD, it was at 8.27%. Contrary to the developer’s claim of using 99% quality data of ticks, it hung at 95%. The winning rate for EUR/USD for a fixed lot was 95.54%, while for USDJPY it was 61.84%.
Live trading results are tracked via Myfxbook from Jan 14, 2016, till the present date. They show a drawdown of 22.90 for a monthly gain of 4.05%. The system has a winning rate of 75% with a profit factor of 1.29. The average winning trade was 49.97 Euros while the loss was -114.99 Euros. The winning rate is best on EURUSD with 78%. With a total of 6137 trades, the robot traded 9605.13 lots.
The robot has shown below-average performance during the April where there was a negative gain of -12.7%. Observing the trading history we can see the loss was increased due to the negative risk-reward ratios for all three pairs. To stay profitable the robot should have traded with high-profit targets according to the market conditions.
The streak nearly continues for May as well where currently the gain is at -0.4%. There were three trades on USDJPY where the robot had a bigger stop loss which resulted in a combined loss of around $1907. It seems that there is a need to tweak the algorithm to lower the lot size in case of a big stop loss. In other words the robot is currently under developed.
How much does it cost?
Advanced Scalper is available for a price of $290. The developer says that it is currently at a discounted price, and the final amount will be $990 after a while. Unfortunately, there is no money-back guarantee. The cost is undoubtedly high for robots with a low monthly gain.
Reviews from customers
Customer reviews on the MQL5 marketplace indicate that the algorithm is neither profitable nor at a loss. They also say that the drawdown is comparatively higher in some cases than the upside. All the negative feedback raises questions on the efficiency of the Advanced Scalper.
Should you use Advanced Scalper?
Advanced Scalper might be famous amongst traders for its ability to capitalize on breakouts; however, the strategy takes more than it gives. You can break even in some instances or end up in a drawdown if you mess with the expert.
- Backtesting results provided
- No money-back guarantee
- Poor results
- Has a high price to performance ratio
Advanced Scalper has quite a good number of modifications within the settings, which a trader can tweak. But even so, the performance of the robot remains questionable, and there is no proof that it will sustain the price action in the future.