Today I’m analyzing a brand-new expert advisor that’s being offered for over $1100 on the MQL5 marketplace, Contraphant FX Scalper. First published on 16 March, this new robot is already up to version 7, and is garnering a fair bit of attention on the marketplace. During this time, there are already for reviews, and 46 comments, but I’ll get into the detail of each of these later in the review.
The software is managed and developed by a sole proprietor, Stefan Van Der Berg. This is Stefan’s only product on the market, which is rare on this website. There doesn’t seem to be much information about Stevan online either, so I can’t really comment on his reputation, other than by saying it’s yet to be determined. In order to get in touch with support, traders can leave a comment on the sales page, or direct message Stevan directly through his profile.
Contraphant FX Scalper Review
The goal of the Contraphant FX Scalper robot, is “to take advantage of short-term price movements during times of low liquidity using a fixed stoploss and dynamic profit target for every trade.”
In addition, the robot also looks to take advantage of gaps created by the open of the markets. Outside of these sentences, there is little more discussed about the strategy, but this explanation is adequate if you’re looking to get a general consensus.
As for some of the characteristics, the EA always uses stop loss, has a built-in Max drawdown safety option, and doesn’t rely on any hedging, martingale or grid trading strategies. The system will only open one trade per currency pair at a time as an additional measure of safety.
As is often the case with scalpers, it is recommended that traders use a broker with a low spread and no commission. This is normal, and what you can expect from many of the best expert advisors that I’ve reviewed over the years.
- Type: Forex Robot
- Price: $1199
- Strategy: Scalper
- Timeframe: M5
- Pairs: EURUSD, GBPUSD
The Contraphant FX Scalper is another exorbitantly priced MQL5 marketplace EA. For years, the most common price point for the trading robot was between $69 and $199. Yet, I find that many of my most recent reviews are showing a trend where developers are pricing their systems much higher than before. If the systems work, it’s certainly worth the money, but it puts a lot more risk on the consumers end, which I don’t appreciate.
In this case, traders can download a free demo and test the system before they make up their mind. When dealing with a price point this high, I believe that offering a demo is a requirement.
In terms of trading results, the Contraphant FX Scalper developer is using the MQL5 signals section to upload their trading statements. Generally, I prefer serious developers to rely on more popular statement sharing services like Myfxbook or FX Blue. I just haven’t done enough research on the MQL5 signals section to know whether or not it’s reliable, or if it can be gamed by a clever uploader.
The account we are provided with is showing a growth of over 1700%, with a very small drawdown of just over 8%. The longest win streak for the expert advisor is 30 wins, and the longest losing streak is just 5 losses. The majority of the numbers associated with this account are very positive, but I would still like to see the statement uploaded to more reliable services before I give it the green light.
Considering the robot just hit the market, it’s hard to put too much faith into the reviews at this point in time. 3 of the 4 reviews are 5 star ratings, and one of the reviews has decided not to leave a review as he believes that it’s way too early to leave a review on a system this new.
It would probably be smart for these reviewers to wait at least 2 to 3 months before claiming that this is worthy of 5 stars.
It’s really too early to tell if the Contraphant FX Scalper is a viable expert advisor. Yes, the trading results do look impressive, and yes they are spread over a good sample size of trades, but I still have some reservations. I would like to see the results of the clients of the software, to see how the system is working for regular traders before I decide whether or not I want to get involved.
So, let’s check back soon, and if you have anything you would like to add to the review, please leave your questions and comments below the article now.