v4
MANUAL
About
CAD Sniper is an EA that uses a rarely used indicator that uses tick volumes to make most of its entries. Because of this CAD sniper works better with some brokers more than others. The popular broker this EA has been designed for is ICMarkets.com. It has been shown to work almost flawlessly since 2018 and it boasts some very impressive performance stats, including a high win-rate.
It doesn’t use grids or martingale, but its risk to reward ratio is high, The 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 4 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).
Risks and Limitations
CAD Sniper uses a simple approach to risk, small TPs and large SLs, so please be aware of this. It also has some limitations, for example because it is a multi-currency EA it’s currently limited to the MT5 platform only, and as mentioned, 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 will be varied. CAD Sniper doesn’t trade too frequently, generally opening around 2-4 trades per month, and is restricted to only open between the 10th and 20th of any given month.
Downloading
For information on how to download CAD Sniper 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 to Metatrader.
1. Click here to open an account with ICMarkets.com (necessary)
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 to your VPS machine.
5. Hide all charts in the Market Watch via ‘Tools -> Symbols’ except the following pairs and one index: GBPCAD, CADCHF, AUDCAD and NZDCAD, 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’. Drag CAD Sniper 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 riskier end of the spectrum, but with great annual returns.
4 High risk. This risk factor is only recommended for disposable accounts.
5 Experimental. Very high risk, only recommended for test or disposible accounts.
Every trade is protected by a wide 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.
TP / SL / Multiple pairs?
Set custom Take Profit and Stop Loss levels here in pips, and choose whether to trade multiple pairs at once. Lowering the TP and increasing the SL will increase the win-rate, but risks more of the account, and trading multiple pairs simultaneously increase trading, but increases the risk profile dramatically. Do your own testing and find what works for you. I recommend you leave everything at defaults except to enable Risk Factor 2.
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!