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MANUAL
About
CAD Sniper X is an updated, paid version of the free EA 'CAD Sniper' that now incorporates a battle-tested strategy as it's main approach, with 2 strategies included in the EA. The first is a classic grid system that has worked for a decade, the second deploys a rarely used indicator using tick volumes to make most of its entries. Because of this strategy 2 works better with some brokers more than others. The popular broker strategy 2 has been designed for is ICMarkets.com. CAD Sniper X has been shown to work almost flawlessly since 2018 and it boasts some very impressive performance stats, including a high win-rate.
Strategy 1 uses a light grid, only opening 6 trades, then seeks a loss, protected by its virtual stop-loss. Grids offer flexibility in an ever-changing market, and aren't anything to be scared of unless they are used without control and limits, which CAD Sniper X has. Strategy 1 trades very frequently.
Strategy 2 doesn’t use grids, but its risk to reward ratio is high, default TP is 25 pips and SL is 250 pips, meaning one loss can wipe out 10 wins! Please exercise caution, although please also note this risk:reward ratio is very common for many EAs, and note the EA is diversified across 3 pairs so if a loss is incurred it shouldn’t take too long to recover.
Entries are often restricted by time of the month to avoid volatility / larger trends, with the heaviest limitations being at the start and end of the year (Dec-Jan).
Strategy 1 trades from the 5th to the 25th of every month, except December, where it trades the 5th to the 10th.
Strategy 2 mostly trades from the 10th to the 20th of every month except December. Some NZDCAD trades will be made more frequently / outside this time period.
Risks and Limitations
CAD Sniper X is a multi-currency EA. It’s limited to the MT5 platform only, and as mentioned, strategy 2 is limited by its main entry approach, tick volumes, to just one broker, ICMarkets.com.
You are free to do your own testing with other brokers, but if your broker doesn't use standard pair names you must change them in the custom pair name / prefix / suffix section, and results for Strategy 2 will be varied.
If you don't have access to ICMarkets in your country, just keep Strategy 2 disabled to use only Strategy 1.
Downloading
For information on how to download CAD Sniper X or any product from mql5.com please see this video: How to purchase a robot or an indicator in Market of MetaTrader Platforms? - YouTube
Setting Up
There are four external services you need to start automated forex trading:
i) a broker account, to facilitate your bots’ trades
ii) a VPS (Virtual Private Machine), to run your bot 24 hours a day
iii) the Metatrader5 program, which is the program that the bot runs within, and
iv) a mql5.com account, which you use to track product downloads and purchases; you need this to download CAD Sniper X to Metatrader.
1. Click here to open an account with ICMarkets.com (necessary to use Strategy 2)
2. Fund your ICMarkets account
3. Rent a Virtual Private Machine (VPS) to run Metatrader 5 so the robot can work 24 hours a day.
I recommend forexvps.net’s Basic+ package which will suffice for most users. Once registered and package purchased, access your VPS via RDP (Remote Desktop Portal).
Click here to rent the Basic+ VPS package from forexvps.net
4. Login to your mql5.com account in the Metatrader terminal that’s pre-installed on your VPS, and also login to your ICMarkets account within the same terminal. You will be able to access your purchases and download CAD Sniper X to your VPS machine.
5. Hide all charts in the Market Watch via ‘Tools -> Symbols’ except the following pairs and one index: GBPCAD, CADCHF, NZDCAD and AUDCAD as well as US500 (SP500 index). Make sure automated trading is enabled at the top of the terminal (so a green arrow is visible, not a red square). Right click on the GBPCAD pair, and click ‘Chart Window’. Change the timeframe to 5 minutes, then Drag CAD Sniper X from the Experts list to the GBPCAD chart.
Well done! Now, what about the bot’s settings?
Luckily the settings are very simple in CAD Sniper, but here’s an explanation of each option....
Enable Risk Factor?
Either leave this set to ‘false’ and enter the amount of fixed lots you would like to use to trade with. Generally 0.01 -> 0.05 fixed lots per $1,000 balance is recommended, and 1:500 leverage is recommended.
Set ‘Enable Risk Factor?’ to ‘true’ to enable the Risk Factors. These are built-in settings that controls the money management (automatic lot calculations).
Risk Factor
Recommendation : ‘1’ / ‘2’ / ‘3’.
Here are the individual characteristics of each Risk Factor:
1 is the lowest risk, suitable for most account sizes. Expect good returns, but risk to be low. Expect drawdowns up to 7.5%.
2 is a decent risk to reward ratio, the default, and my recommendation. Drawdowns under 20%.
3 is on the risky end of the spectrum, but with great annual returns.
4 High risk. This risk factor is only recommended for disposable accounts.
Every trade is protected by a virtual (strat 1) or sent (strat 2) stop-loss, but one loss can wipe out a large amount of your account if you are not careful! Please exercise with caution and using my recommendations only.
Strategy 2 SL / TP Hedging?
Set custom Take Profit and Stop Loss levels for Strategy 2 here in pips. Do your own testing and find what works for you. I recommend you leave everything at defaults except to enable Risk Factor 2.
You can select whether or not to allow hedging trades depending on which account type you have.
My other EAs
Check out my new EA, The Ultimate Bot! It works across all brokers, uses incredible risk-management and is highly profitable!
*NEW* Click here for the Ultimate Bot MT5!*
Click here for Prosperity MT5
Click here for Prosperity MT4
Click here for EA Drawdown Limiter MT5
Click here for EA Drawdown Limiter MT4
Thank you for taking the time to read this carefully. I wish you well on your journey!