Quick Verdict: The Gold Reaper MT5 is a breakout-based gold EA with a strong 104-week live track record (+326% growth) and a 4.43 MQL5 rating from 120 reviews. However, the premium $949 price, a noted risk asymmetry in its trade distribution, and independent warnings about drawdown depth mean it is a tool for experienced traders who understand gold volatility and can monitor open exposure. It is not a “set and forget” wealth generator.

What Is Gold Reaper MT5?

The Gold Reaper MT5 is a MetaTrader 5 Expert Advisor developed by Profalgo Limited (Wim Schrynemakers) that trades exclusively on XAUUSD (Gold). It is built on a breakout strategy around support and resistance levels, using multiple confirmation algorithms and trailing stops to manage entries and exits. The developer explicitly states it does not use grid or martingale systems, which is a significant differentiator in the gold EA space. The EA adapts lot size and trade frequency automatically based on account equity and a user-defined maximum drawdown setting. It is currently priced at $949, with a final price of $990 planned.  

💠Download: View product details & Download the tool here

💠Telegram Support: Join for updates, announcements, and support

Gold Reaper MT5 Key Features and Trading Strategy

The core of the Gold Reaper MT5 is its breakout methodology. It identifies key support and resistance levels on gold and enters on breakouts, using multiple timeframes and confirmation algorithms to filter signals. Trades are protected with hard stop-loss and take-profit levels, supplemented by trailing stops.

The EA offers configurable risk modes (from conservative to aggressive) and includes features like an NFP filter, GMT offset handling, and Friday trade cutoffs. It requires a minimum account balance of $600, though the developer recommends $2,000+ for standard risk.

Important Limitation: While the EA uses no grid or martingale, it does use dynamic lot sizing based on equity and drawdown settings. This means the risk per trade can increase as account equity grows, which is a different risk profile than a fixed-lot system. The developer discloses that drawdowns of around 30% are possible.

MQL5 Rating and User Feedback

As of 23 October 2026, the MQL5 Market listing shows a rating of 4.43 from 120 reviews. This is a strong rating and indicates general satisfaction, particularly with the developer’s support and the system’s consistency.

Independent review sites echo this sentiment. GlobeGain notes that several public comments are positive, with users praising the EA’s consistency, the developer’s support, and the absence of grid/martingale behavior. However, some customer feedback highlights issues with broker mapping and consecutive losing days. It is crucial to distinguish this product rating from any reliability score attached to the MQL5 signal itself; they measure different things.

💠Check live ratings here

Gold Reaper MT5 Live Signal Performance and Risk Analysis

We analyzed three separate live accounts provided by the user. All three show consistent headline figures, but the underlying data requires careful interpretation.

1. MQL5 Signal: Gold Reaper New V2 2 (2265877)  | Check live results

• Key Performance Findings: Over 104 weeks (approximately 2 years), this signal has generated 326.06% growth with a maximum drawdown of 16.9%. Profit Factor is 2.09, and the win rate is 71.71% across 905 trades.

• What the Results Reveal: The win rate is high, but the average loss ($17.63) is larger than the average win ($14.56). This means the system relies on a high frequency of small wins to offset fewer, but larger, losses. The maximum consecutive losses were 9, with a maximal consecutive loss of $503.67. The equity curve shows strong upward growth but with noticeable plateaus and drawdown periods, particularly in early 2025 and mid-2026.

• Future Behavior and Risks: The high win rate can create a false sense of security. The risk is that a losing streak (which has already reached 9) could coincide with a period of low win frequency, causing a deeper drawdown than the 16.9% historical maximum. Users should monitor the average loss vs. average win ratio and the length of losing streaks.

2. Myfxbook: Gold Reaper (Profalgo) | Check live results

• Key Performance Findings: This real USD account on IC Trading shows a Gain of 322.56% with a Drawdown of 16.78%. Profit is $5,252.63 on a balance of $6,435.42. The account has been running since October 2024.

• What the Results Reveal: The figures are almost identical to the MQL5 signal, which is expected as they likely represent the same underlying strategy or account. The equity curve is smooth but includes a significant flat period in late 2025/early 2026. The profit is concentrated in specific trending periods for gold.

• Future Behavior and Risks: The primary risk is that the current drawdown figure (16.78%) is a historical maximum, not a guaranteed ceiling. In different market conditions (e.g., prolonged ranging), the strategy could experience a longer or deeper drawdown.

3. Myfxbook: Gold Reaper V3.0 (Strueli) | Check live results

• Key Performance Findings: This account shows a Gain of 321.28% and a Drawdown of 16.78%, with a profit of $4,920.37 on a balance of $6,435.42. It is also on IC Trading.

• What the Results Reveal: This account mirrors the performance of the first two signals almost exactly, confirming that the core strategy is the primary driver of results, and that the EA’s behavior is consistent across accounts using the same broker and settings.

• Future Behavior and Risks: Because this account belongs to a different signal provider (Strueli) but shows identical drawdown and similar returns, it reinforces the consistency of the EA. However, it also means all three signals are not independent; they are effectively measuring the same strategy. This reduces the diversification value of the evidence.

Comparison of Signals

The three signals are highly correlated, essentially representing the same strategy on different accounts. The most meaningful difference is the slight variation in profit, likely due to minor differences in execution or deposit timing. Do not treat these as three independent confirmations of performance. The key takeaway is that the strategy has produced consistent historical returns with a historical maximum drawdown of ~16.8%. Independent audits, however, have measured deeper drawdowns (up to 24.4%) on their own accounts, suggesting the historical maximum may not be the worst-case scenario.

What the Results May Indicate About Future Performance

The historical record shows a breakout strategy that has performed well during strong gold trends. If gold continues to trend, the EA may continue to produce similar results. However, if gold enters a prolonged range-bound or choppy market, the breakout logic could suffer from false signals, leading to a higher frequency of losses and potentially a deeper or longer drawdown than observed historically.

The average loss being larger than the average win is a structural feature that requires monitoring. In a losing streak, the account could give back profits faster than they were accumulated. Spreads, slippage, and commissions are also critical; gold is sensitive to these costs, and a high-frequency system (10 trades per week) can see performance degrade significantly on suboptimal brokers.

Gold Reaper MT5 Main Advantages and Limitations

Advantages

• Transparent, rule-based breakout strategy with no grid or martingale.

• Strong live track record over 104 weeks with a ~4.43 MQL5 rating.

• Responsive developer with an active community.

• Automatically adapts to account size and drawdown tolerance.

Limitations

• High price ($949).

• Average loss is larger than average win, creating a risk asymmetry.

• Maximum possible loss is not explicitly capped; independent risk classification is “No ceiling on loss”.

• All provided signals are effectively the same strategy, reducing the independence of the evidence.

• Requires a broker with tight spreads and good execution on gold.

📩 Free Support & Setup Help – Contact us 👉 Telegram Support

Gold Reaper MT5 Download Information

The Gold Reaper MT5 is available for purchase on the MQL5 Market for $949 (price increasing to $990). You can view the full specifications and download the EA directly from the official MQL5 product page. A demo download is available for testing. Before purchasing, verify that your broker offers competitive spreads on XAUUSD and that your account meets the minimum balance requirement of $600 (higher recommended).

💠Download: View product details & Download the tool here

Frequently Asked Questions

Is Gold Reaper MT5 compatible with MT4?

No, it is an MT5-only Expert Advisor.

What is the minimum deposit for Gold Reaper MT5?

The developer states a minimum of $600, but recommends $2,000+ for standard risk management.

Does Gold Reaper MT5 use martingale or grid?

No. The developer explicitly states it uses a breakout strategy with stop-loss and take-profit on every trade.

What is the maximum drawdown of Gold Reaper MT5?

The historical maximum drawdown on the provided live signals is approximately 16.8%, but independent auditors have measured deeper drawdowns (up to 24.4%) on their own accounts. The developer discloses that 30% drawdowns are possible.

Where can I download Gold Reaper MT5?

It is available for purchase and download on the official MQL5 Market page.

Final Verdict and Risk Disclaimer

The Gold Reaper MT5 is a well-constructed, transparently documented breakout EA with a genuine live track record. Its 4.43 MQL5 rating and 104-week signal history are strong evidence that the strategy has worked in recent market conditions. However, the premium price, the risk asymmetry in its trade distribution, and independent warnings about unquantified maximum loss mean it is not a low-risk product. It is best suited to traders who understand gold volatility, can monitor open positions, and have a broker with reliable execution.

Risk Disclaimer: Forex and gold trading involves substantial risk of loss and is not suitable for every investor. Historical performance does not guarantee future results. The Gold Reaper MT5’s past drawdown of 16.8% does not mean future drawdowns will be limited to that level. Leverage, spreads, slippage, and market gaps can amplify losses. Never trade with money you cannot afford to lose.