Gold Butterfly Scalper Pro Review: A Detailed Look at This Automated Gold Trading Software
Gold Butterfly Scalper Pro is an automated trading software designed specifically for trading gold (XAUUSD). The software uses a combination of trend following and counter trend trading systems to identify potential trades. In this comprehensive review, we will take an in-depth look at how Gold Butterfly Scalper Pro works, its features, settings, and performance based on backtests and live results.
Overview of Gold Butterfly Scalper Pro
Gold Butterfly Scalper Pro is an Expert Advisor (EA) that runs on the popular MetaTrader 4 (MT4) trading platform. It was developed by a team of programmers with the goal of optimizing automated gold trading.
The EA uses an algorithm that analyzes market data to determine price volatility and identify trends in the gold market. Based on its analysis, the software attempts to enter trades at optimal times and in the direction of the prevailing trend. The algorithm is designed to react quickly to changing market conditions in an effort to capitalize on emerging trends.
Some key features of Gold Butterfly Scalper Pro include:
- Optimized specifically for XAUUSD (gold trading symbol)
- Designed for M15 timeframe
- Uses trend following and counter trend trading systems
- Includes stealth mode and advanced time management
- Comes with money management and risk controls
- Sends email and push notifications
- Works 24/5 with no GMT shifts
How the Trading Algorithm Works
According to the developer, Gold Butterfly Scalper Pro first analyzes the market to identify the predominant trend. It then determines the current volatility levels in the market. Using its artificial intelligence capabilities, the software forecasts where the price of gold may be headed based on the existing data.
When the algorithm determines that conditions are right to enter a trade, it will open a position in the direction of the predicted trend. The EA places stop losses and take profit levels on each trade to control risk.
The trend following component looks to enter trades in the direction of the main trend, while the counter trend system aims to identify reversals and corrections to trade in the opposite direction. By combining both approaches, the goal is to catch moves in gold in either direction.
The algorithm is designed to be relatively conservative, avoiding overtrading and relying on high probability setups. Trades are entered based on logic rules rather than pure optimization. This helps avoid curve fitting and improves the likelihood of the EA performing well in live trading.
Key Features and Settings
Gold Butterfly Scalper Pro includes several customizable settings that allow traders to adjust the EA’s behavior to their preferences. Here are some of the main features and settings:
- Lot Size – Manually sets fixed trade size or allows auto lot calculation based on account size and risk.
- Risk – Sets risk in percentage terms for auto money management.
- Recovery Factor – Multiplies lot size by this amount during recovery mode.
Allows hiding stop loss and take profit levels from the broker.
Time Management System
Configure trading sessions and which days of the week the EA can trade.
Friday Exit System
Closes all trades at a set time on Friday to avoid weekend gaps.
Option to avoid trading during major news events.
Sends alerts when trades are opened or closed.
Dynamically trails stops to lock in profits as price moves favorably.
Allows manually opening trades which are then managed by the EA.
The extensive settings allow traders to fine tune the EA’s operation to best suit their trading style, account conditions, and risk tolerance.
Extensive backtesting has been performed on Gold Butterfly Scalper Pro to evaluate its performance across different time periods and market conditions.
Over a 14 year period from 2007 to 2021, the EA achieved impressive backtesting results on gold trading the M15 timeframe. Here are some of the key metrics:
- Total net profit – Over $230,000
- Return on investment – Over 900%
- Max drawdown – Under 20%
- Profit factor – 5.5
- Win Rate – 64%
These robust backtests demonstrate the EA’s ability to generate consistent profits in the gold market over long periods while keeping drawdowns reasonable. The high profit factor indicates good risk management, with profitable trades significantly outweighing losing trades.
The developers recommend using the EA with a $100 minimum account balance, which would turn the backtested gains into massive percentage returns on investment.
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Live Performance Results
In addition to backtests, it is important to consider the live trading results of Gold Butterfly Scalper Pro. The EA has been running on multiple live accounts to further validate its performance.
One live account shows the EA has been trading gold successfully for over 1500 days on the M15 chart. Here are statistics on the live results:
- Gain – 102.45%
- Average Monthly Return – 1.42%
- Max Drawdown – 19.06%
These results demonstrate the EA’s ability to trade profitably in live market conditions. The returns are in line with the backtests, exhibiting steady gains with reasonable drawdown sizes.
One downside is the relatively low monthly return percentage, meaning traders will likely need to use larger account sizes and longer holding periods to achieve satisfactory returns.
Overall, the combination of backtests and live trading provides evidence that Gold Butterfly Scalper Pro can successfully trade gold in both historical simulations and live markets. As with any EA, real-world results may vary depending on market conditions and broker used.
Using Gold Butterfly Scalper Pro
Gold Butterfly Scalper Pro works on the MetaTrader4 platform and is compatible with both desktop and mobile versions. The EA file along with the required indicator files and manual need to be downloaded from the vendor’s website after purchase.
The files should be placed in the appropriate folders on the MT4 platform. The EA then needs to be loaded onto a gold trading chart, such as XAUUSD on the 15 minute timeframe as recommended.
The extensive settings outlined earlier should be adjusted to align with the trader’s preferences, account size, and risk tolerance. The manual provides further guidance on optimizing these settings.
The vendor suggests using an ECN broker with tight spreads and fast execution for the best Gold Butterfly Scalper Pro results. Using a virtual private server (VPS) is also recommended to allow uninterrupted trading.
As with any automated trading system, traders should use proper risk management and never risk more capital than they can afford to lose. The EA comes with built-in money management but this can be adjusted or turned off entirely to disable automated trading.
The developers recommend starting with small position sizes and conservative settings. Performance can be monitored in the MT4 strategy tester before risking real capital.
Once configured and tested, Gold Butterfly Scalper Pro will automatically execute trades based on signals from its algorithm. It is important to monitor the EA periodically and be prepared to intervene or stop trading if necessary.
The vendor provides customer support via email and the product website. Purchasers can ask questions and troubleshoot any issues with installation or configuration.
Benefits and Drawbacks
Gold Butterfly Scalper Pro provides multiple advantages for gold traders:
- Fully automated trading 24/5 once configured
- Specifically designed for gold trading
- Combination of trend and counter trend systems
- Customizable settings and risk management
- Stealth mode helps avoid premature stop losses
- Email/push alerts for opened and closed trades
- Backtested and live results show positive performance
- Requires MT4 platform and VPS for uninterrupted trading
- Conservative gains may require larger capital for sufficient returns
- Past results do not guarantee future performance
- Requires monitoring and occasional adjustments
- Locked to trading only XAUUSD symbol
For traders looking for an automated solution for gold trading, Gold Butterfly Scalper Pro provides a robust option based on its features and testing results. As with any EA, it carries risks and will not be profitable under all market conditions. Proper due diligence is required before purchasing.
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Gold Butterfly Scalper Pro Pricing
Gold Butterfly Scalper Pro is available on the vendor’s website for a one-time fee. There are no additional fees or commissions from trades the EA executes.
At the time of writing, the cost is $399 for a single license allowing use on one trading account.
The vendor offers a 14-day return policy if the EA does not perform as expected. They also provide minor updates at no additional cost.
Compared to other gold trading EAs and signals services with monthly subscription fees, the one-time cost of Gold Butterfly Scalper Pro can be more affordable in the long run for serious gold traders.
Gold Butterfly Scalper Pro Final Verdict
Gold Butterfly Scalper Pro provides traders with a robust automated solution specifically designed for gold trading on MT4. The combination of trend and counter trend trading systems allows the EA to profit in different market conditions.
Extensive backtesting shows impressive long-term gains with relatively low drawdowns historically. Live trading results are also promising for the EA.
The extensive customizable settings allow traders to tweak the EA’s behavior to suit their preferences. Money management and risk controls help mitigate losses.
For traders willing to learn the software and provide ongoing monitoring, EA offers an intriguing option for automated gold trading. As with any EA, caution is advised and risks exist. Performing due diligence before purchase is recommended.
Overall, robot ranks as one of the top gold trading EAs available today based on its features, performance metrics, and customer reviews. It can be a valuable tool for traders seeking automated profits from gold price movements.