Advanced Scalper V1.58 EA Review – A Powerful Forex Trading Robot

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Advanced Scalper V1.58 EA is a professional forex trading robot that has been in development for many years. It utilizes advanced exit algorithms and includes built-in spread filters and slippage control to optimize trading performance. In this comprehensive review, we will take an in-depth look at the features, performance, pros and cons of this expert advisor (EA).

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Overview of Advanced Scalper V1.58 EA

Advanced Scalper is a scalping EA developed by Profalgo Limited and available for purchase on the MQL5 marketplace. It has been consistently updated over the years, with the latest version being 1.58 as of July 2021.

The developer states that the EA uses proprietary algorithms for entries and exits and is fully customizable for individual trading needs. It is designed to survive rigorous backtesting with variable spreads, commissions, and slippage.

Some of the main features highlighted by the developer include:

Strict use of stop loss on every trade
Advanced stop loss management
Spread filter to avoid trading in unfavorable market conditions
Slippage control algorithms
Fully automatic trading mode with adjustable entries
Exit strategies can be used on manual trades or other EAs
Recommended minimum account balance of $150

The EA is intended to be used on ECN brokers with low spreads, commissions, fast execution and no restrictions on stop loss distances. The developer recommends the EURUSD, USDJPY and GBPUSD currency pairs in particular.

How the Advanced Scalper EA Works

According to the developer, Advanced Scalper can be used in two ways:

Fully automated trading using a breakout system for entries. This can be run on any timeframe but H1 and H4 are recommended for more reliable signals.
As a tool for manual trading strategies by using the EA’s exits on manually selected trades or trades from other EAs.

For automated trading, the EA uses a high/low breakout system to identify potential entry points. If the price breaks above a recent high or below a recent low, the EA will place a pending order in anticipation of a continuation.

Once in a trade, the EA uses proprietary algorithms to manage the stop loss and take profit levels. The exit logic is optimized to capture as much of the trend move as possible.

The EA also has multiple filters and controls in place to account for real-world trading conditions like spreads, slippage and commissions. This helps avoid opening trades in unfavorable market conditions.

Backtesting Results & Performance Metrics

Extensive backtesting results are available for the Advanced Scalper EA on the product page spanning many years on various currency pairs.

The developer also provides a long-term real account signal with over 4 years of trading history and 700+ trades. Key metrics from the signal account include:

Profitability – Overall net profit of over $28,000 with a profit factor of 2.05. There is an equity curve graph showing steady growth over several years.
Win Rate – 47% win rate which is reasonable for a scalping strategy. The average win is slightly larger than average loss.
Risk Management – Max drawdown of 33.3% over 4 years. Most losses appear to be small and managed with stop losses.
Account Growth – Turned $10,000 demo account into over $38,000 over 4 years. Suitable results for a starting $150 account.

The backtests and real account signal results give confidence in the EA’s ability to generate profits over long periods of time on multiple currency pairs. The risk metrics seem reasonable given the scalping strategy.

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Pros of Advanced Scalper EA

After analyzing the information available, here are some of the main pros of using Advanced Scalper EA:

Proven long-term performance – Extensive backtesting and real account results over 4+ years shows consistency.
Customizable – Many adjustable inputs allow customization for individual trading preferences.
Risk management – Uses stop loss on every trade along with advanced SL management.
Filters – Has spread filter and slippage control to account for trading conditions.
Automated – Can run fully automated or just use exits on manual trades.
Affordable – Current promo price of $349 makes it accessible to most traders.
Support – Developer offers setup support and is responsive to user questions.

Cons of Advanced Scalper EA

Some potential downsides to consider are:

Short-term strategy – As a scalping EA, it tends to have shorter duration trades of less than a few hours.
Broker dependent – Results can vary significantly based on choice of broker due to spread and slippage factors.
Complex method – The complex entry and exit logic may make it harder to understand the EA’s behavior.
MT4 only – Only available for MetaTrader 4 currently which limits options for some traders.
Individual results may vary – As with any EA, user results can differ significantly from backtests and signal account. Proper usage and broker selection are key.

Conclusion & Rating

Overall, Advanced Scalper V1.58 EA shows promising results across extensive backtesting and live trading. The combination of proven profitability, risk management features, customization options and long-term track record makes it stand out as one of the better scalping EAs available.

The main concerns would be the short-term trading style, complexity of the logic, and broker dependency. Individual user results may also vary significantly based on usage and trading conditions. However, the developer offers support to help optimize the setup.

Taking all factors into account, I give Advanced Scalper V1.58 EA 4 out of 5 stars. For traders comfortable with scalping strategies and willing to put in the effort to find a compatible broker, Advanced Scalper provides a robust and customizable solution. However, it may not be ideal for beginning traders looking for simplicity.