Today I’m looking at a new Forex expert advisor, built for exclusively auto trading the XAUUSD pair, Algo Scalper. Unlike most other systems, this robot is only available on a monthly basis for a $30 fee, which is all in good, as long as it’s consistently growing your accounts. If it ever starts losing, it will be very hard to stomach paying monthly as it attempts to regain any losses.
The developer of the EA is Yue Wang, a contributor at FXStreet and the co-founder of Forexsignal.guru, a web-site that is currently having major database issues. Yue has also created the Algo Trader, and Algo Hunter products, that use a very similar methodology to this scalping approach.
To get in touch with support, traders can message Yue directly via his MQL5 profile page (pip master).
Algo Scalper Review
The Algo Scalper sales page provides us with very little information about the software and the strategy being utilized. In the brief explanation, we are told that the software utilizes Elliott wave theory, and a trend following method to ensure that the system connects with accurate trade entries. Further, when the “wave count indicates a potential turning point, if there are trend reversal signs on daily and H4 time frames at the same time, then we enter the trade.” So, although the description is brief, the methodology is quite direct.
The robot uses no grid or martingale strategies, and every single trade includes a stop loss and take profit. These elements are not displayed in the order, because they are hidden from the brokerage.
There are only 2 parameters for the trader to modify with this expert advisor, the lot size and order magic number. This is the fewest amount of parameters I’ve ever seen with the robot, and generally I prefer the ability to customize the system to meet my needs. Being able to customize it trading robot is very common in this market, as you can see in my recent reviews of Eklatant Forex Robot, Wolf Grid EA, and Signal2Forex.
- Type: Forex Robot
- Price: $30/month
- Strategy: Elliot Wave Theory
- Timeframe: H1
- Pairs: XAUUSD
Published originally on March 8th 2018, and updated on June 4th 2018, the Algo Scalper is available to the public for $30 per month. There is also a free demo available, which has been downloaded by over 350 people so far.
Usually, I prefer trading systems with a set price, so that I can pay the fee one time, and then work to earn those funds back. I’m really not a fan of monthly fees, because they add up, and I often forget about them too.
As for the trading results, the vendor provides us with a back test showing that the Algo Scalper EA is profitable from 2009, to late February 2018. Considering we are nearing the end of summer, it would be in the developer’s best interest to update their back test, so we know that it’s performing in current market conditions.
I am really not a fan of back testing, because most effective trading robots all use live data which cannot be reproduced by the strategy tester.
Yue also had a copy trade signal service available for this EA, but this is now disabled and unavailable to the public. I’m not sure if this is because the account wasn’t performing, or if Yue just wasn’t interested in providing the service any longer. Either way, the trading results are not at the level I’d like to see them at. I prefer much more transparency, and verified trading results hosted on third-party websites like FX Blue and Myfxbook.
At this point in time, I have very little interest in the Forex Algo Scalper. While I am certainly a big fan of scalping in the Forex market, and expert advisors the focus on a single pair, I just don’t believe that there is enough information available for me to recommend this system to anyone. There are no reviews available from their current client base, and there are very few comments on the sales page as well. Our best bet is to wait for more transparent results, and see what the community has to contribute as well.
If you have anything you would like to add, please leave your comments to the bottom of the review now.