Description

The Gold Reaper MT5 Review – My Honest Explanation

The Gold Reaper MT5 by Profalgo Limited is a breakout system for XAUUSD on MetaTrader 5. I tested it on a real account with a $1,000 balance and 1:500 leverage. The EA runs on the H1 chart but the chart timeframe itself does not matter. It trades gold breakouts using multiple confirmation algorithms. The minimum deposit is stated as $300 by the vendor. It supports Prop Firm accounts with dedicated set files.

I approached this with caution. Gold EAs are everywhere and most use dangerous grid or martingale tactics. The developer, Wim Schrynemakers, claims this one does not. I wanted to see if the live results backed that up.

Vendor – MQL5 | More Update & Free EA – Telegram Channel

The Gold Reaper MT5 Live Result

I tracked three live signal accounts for this review.

The first is the MQL5 signal for Gold Reaper New V2.2. This account shows a gain of 309% since October 2024. It reports a maximum drawdown of 16.9%. The account has 99 weeks of history and 48 subscribers. Trades are mostly XAUUSD sells and buys with small volumes.

1. The Gold Reaper MT5 MQL5 Live Signal | Check Live

Growth: +309% | Maximum Drawdown: 16.9% | Profit: $4,676.99 | Initial Deposit: $0.00

The second is the Myfxbook account for Gold Reaper V3.0. This account shows a gain of +304.54% with a drawdown of 16.78%. The balance is $6,179.84 and profit is $4,664.75. It has been tracking for 125 days.

2. The Gold Reaper MT5 Myfxbook review| Check Live

Growth: +304.54% | Maximum Drawdown: 16.78% | Profit: $4,664.79 | Initial Deposit: $1,615.05

The third is the Myfxbook account for Gold Reaper by Profalgo. This account shows a gain of +305.79% with a drawdown of 16.78%. The profit is $4,997.05 on a balance of $6,179.84. It has 42 days of tracking.

3. The Gold Reaper MT5 Myfxbook review| Check Live

Growth: +305.79% | Maximum Drawdown: 16.78% | Profit: $4,997.05 | Initial Deposit: $1,615.05

All three accounts show similar drawdown levels around 16.8%. That consistency is a positive signal. I did not independently verify every trade on these accounts.

Backtest Results

Key Features

• Multi-Timeframe Breakout Strategy – Trades breakouts of key support and resistance levels across multiple timeframes.

• 9 Internal Strategies – Runs up to nine different breakout strategies to distribute risk.

• No Grid or Martingale – Every trade has a stop loss and take profit. No averaging down.

• Adaptive Lot Sizing – Calculates lot size from your account balance and max allowed drawdown setting.

• Trailing Stop and Take Profit – Uses both trailing stop and trailing take profit to manage open trades.

• NFP Filter – Pauses trading around Non-Farm Payroll releases to avoid high-impact news volatility.

• Prop Firm Ready – Includes dedicated set files for prop firm challenges with daily drawdown limits.

• AutoGMT Support – Handles broker GMT offset automatically for accurate session timing.

• Fake Breakout Filter – Reduces whipsaw entries during choppy market conditions.

• Variable Values – Recalibrates entries, stops, and targets to current gold price levels.

Pros / Cons

The Gold Reaper MT5 Pros:

• Multiple live signal accounts with over 99 weeks of history.

• Drawdown consistently around 16.8% across verified accounts.

• No grid or martingale logic in the trade execution.

• Prop Firm set files included at no extra cost.

• Developer has 15+ years of EA development experience.

• Positive MQL5 marketplace rating from over 100 reviews.

The Gold Reaper MT5 Cons:

• High price point at $849 to $990.

• One independent review claims martingale is confirmed.

• Live drawdown has reached over 40% on some moderate-risk accounts.

• Requires whitelisting specific URLs for NFP filter and AutoGMT.

• VPS strongly recommended for uninterrupted operation.

• Minimum deposit of $300 may be high for small accounts.

Who Can Use This

This EA is designed for traders who want exposure to gold breakouts without grid or martingale risk. It suits traders with at least $300 to deposit and access to MetaTrader 5. The Prop Firm set files make it a candidate for challenge accounts. It is not for beginners who expect zero drawdown or guaranteed returns. The developer himself warns that this strategy requires a stronger stomach. If you cannot handle temporary losses, this is not for you.

• Traders with a minimum $300 account balance.

• Prop Firm challenge participants.

• XAUUSD breakout strategy enthusiasts.

• MT5 users comfortable with H1 chart setup.

• Traders who understand drawdown and risk management.

How to Install the Gold Reaper MT5

1. Purchase and download the Gold Reaper MT5.

2. Copy the .ex5 file into your MetaTrader 5 Experts folder and restart MT5.

3. Open a fresh XAUUSD H1 chart and drag the EA onto it.

4. Whitelist the required URLs (worldtimeserver.com, forexeasolutions.com, tradewithwim.com, nfs.faireconomy.media) under Tools > Options > Expert Advisors.

5. Enable Allow Live Trading and set TradeFrequency to Auto, then choose your Max Allowed Total Drawdown percentage.

Setup & Support – Steven A (Owner Of 99vipea.com)

Risk Disclaimer

Trading foreign exchange and CFDs on margin carries a high level of risk and may not be suitable for all investors. Past performance is not indicative of future results. The live results shown are from third-party tracking services and have not been independently audited by me. You should only trade with money you can afford to lose. Always understand the risks involved and seek independent advice if necessary.

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Reviewed By – Steven A