The Viper EA 1.5 MT4

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LIVE Results: The Viper EA uses sharp and effective “mean reversion” entries during the ranging period of the trading sessions (between 23h and 1h GMT+2, US DST). These trades already have a very high succesrate, but if the market turns against the position, the EA will initialize its trademark recovery mode. The recovery algorithm will try to convert every unsuccesfull first entry into a profitable result. This EA was developed using live results from my previous EA’s as starting point, and optimized using 99.99% Tickdata on MT5, using 7$/lot commission on each trade. It has been stress-tested with multiple “random settings” for all pairs and succeeded every single test.  This means that the risk of over-optimization is minimized to almost zero. MT5 Version can be found here Supported pairs: GBPCAD;GBPCHF;GBPAUD;CHFJPY;AUDCHF;EURCHF;EURUSD;CADCHF;GBPJPY;GBPUSD;AUDCAD;AUDUSD;EURJPY;USDCHF;AUDJPY;USDCAD;EURGBP;EURAUD;EURCAD; Timeframe: M15 Recommended minimum balance: 150$ -> max 4 pairs. For running all 20 pairs, 500$ or more is recommended For the AutoGMT and news filter to work: it is important to add these 2 URL’s to the “allowed URL’s” in the  MT4/MT5 settings (Tools -> Options -> Experts):
  • https: //
  • https: //www.
  • (remove the spaces!)
  • The EA does not require any setfile to run.  All pairs are pre-optimized and settings are stored internally.
  • Simply run the EA on a EURUSD M15 chart, and then in the parameters: enable the OneChartSetup and set the pairs you wish to use.
  • Either choose fixed lotsize (AutoLotMode = use StartLots) or automatic lotsize based on balance/equity (AutoLotMode = use LotsizeStep).
  • When using all 20 pairs -> Low risk (DD up to 15%): use LotsizeStep=2000 and minimum 2000$ balance; Medium Risk (DD up to 30%): use LotsizeStep=1000 and minimum 1000$ balance ; High Risk (DD up to 60%): use LotsizeStep=500 and minimum 500$ balance.  These value are based on USD.  If you are using a different base currency on your accounts, please convert these values first.
  • You can also run on smaller account (minimum 150$ recommended when running max 4 low risk pairs) if you select only a few pairs to trade.
  • When using less pairs, it is best to do the backtest on MT5 to determine the max drawdown, and based on that, set your LotsizeStep accordingly (contact me if you have questions about this).
How to backtest:
  • It is highly recommend to run backtests on MT5 platform.  That way you can test the whole portfolio at once using real ticks with variable spreads.  This will be the closest you can get to real live trade conditions.
  • On MT5, Run the backtest on EURUSD M15 and enable the OneChartSetup in the parameters.
  • Select the lotsize settings (fixed lot, or LotsizeStep for automatic lotsize).
  • Set testing quality to “1 minute OHLC” for faster, but quite reliable testing or “every tick based on real ticks” for most reliable testing.
Settings of the EA:
  • “EA Settings” -> here you can allow the infopanel to be shown, adjust its size, set the comment for the trades, set the magicnumber for the EA, enable the OneChartSetup and choose which pairs to run.
  • “Trading times” -> here you can choose when the EA should start trading (only regarding the first trade, not the recovery trades).  Recommended not to change this.
  • “First Trade Settings” -> here you can set max spread for the first trade, as well as choose if you want to use marketorders instead of pending orders, and virtual TP or not.
  • “Recovery trades settings” -> here you can simply choose “use Auto Settings” if you want to use my optimized settings for all pairs, or set up everything manually to your own optimization (Optimization set).  More detailed explanation -> click here.
  • “News Filter” -> here you can enable, and adjust the news filter (only for the first trade).
  • “Lotsize Settings” -> Here you can set up the lotsize calculation method.
  • “GMT settings” -> here you can simply use AutoGMT (recommended) or set it up manually.
  • “Roll over filter” -> here you can configure the rollover-filter to prevent starting to trade during rollover.

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