Smart Scalper PRO Review
Smart Scalper PRO is a versatile forex scalping robot for the MetaTrader 4/5 platforms with innovative features that can be fully customised according to user preferences. Myfxbook accounts are available.
The Smart Scalper PRO EA (expert advisor) is a multi-currency forex robot developed to run in the industry standard MetaTrader 4 and MetaTrader 5 desktop platforms. The software implements an innovative and unique trading algorithm to scan currency pair charts for trading signals. When the EA finds a signal based on the underlying scalping strategy, it can enter a trade, manage it and close it on behalf of the trader. There is also the option to set Smart Scalper PRO into manual mode where it will still send you a forex signal but you can then decide if you would like to manually take a position or wait until the next one. In this Smart Scalper PRO Review, we will take a look at the key features, automated strategy that it uses and how it has been performing recently.
As the name rightly suggests, the Smart Scalper PRO Robot has a built-in scalping strategy that was designed, developed and tested by the Fxautomater team. They have more than 50 years of combined experience in trading, researching and software development. We have reviewed other Fxautomater robots including BF Scalper Pro, Grid Master PRO, GOLD Scalper PRO, Omega Trend EA, Volatility Factor 2.0 Pro, Forex Diamond EA, Forex GOLD Investor EA, Forex Trend Detector and Forex Combo System.
Smart Scalper PRO is the more advanced version of the BF Smart Scalper EA from Fxautomater, with many additional features and improvements to the system. Smart Scalper PRO uses a very simple trading logic that is based on a long-standing technique. The software will aim to enter the market in the direction of a strong market impulse, after a reasonable correction is detected. The developers state that the goal with this particular expert advisor was to keep it as simple as possible in order to try and avoid the possibility of curve-fitting, which can be detrimental when using automated trading systems.
Curve fitting is when an automatic trading strategy or edge is not fit to market behaviour, but market noise, often leading to failure in live trading. It is a process used in machine learning, predictive modelling, and data mining to create a mathematical formula that is able to fit a series of historical data. Once we are able to do this, the idea is that the formula can then be applied to other data series to try and predict future prices. The problem is that the automated system has been designed on this very same data.
To combat curve fitting, robot developers use some tricks of the trade such as testing on out of sample data, not optimizing parameters for the best back tested results, and making sure there are as few parameters as possible in the system.
The Smart Scalper PRO uses reasonable stop loss and take profit levels whilst there is an average true range (ATR) based algorithm that is used to try and prevent the EA trading in market conditions when the volatility is too high, which can decrease the drawdown and improve the profit factor. The ATR is the average of true ranges over the specified period. ATR measures volatility, taking into account any gaps in the price movement. Typically, the ATR calculation is based on 14 periods, which can be intraday, daily, weekly, or monthly.
The Smart Scalper software can be used on multiple currency pairs. When it comes to a forex scalping robot, they can be very dependant on spreads, slippage and commission. As scalping strategies target a few pips per trade, high spreads, slippage and commission fees can all have a significant impact on results. Therefore, they would usually perform better on a forex broker with tight spreads, minimal slippage and low commission fees. The same principle applies to the currency pairs used. Major currencies such as the EUR/USD and GBP/USD will tend to have the lower spreads due to the increased liquidity. Exotic pairs with less liquidity can have very high spreads which makes them very difficult for scalping. The EA does have maximum spread and slippage filters which can prevent trading if the conditions are unsuitable.
Now that we have covered what strategy the Smart Scalper PRO EA is using, let’s take a look at some of the expert advisor key features.
Automated Trading
The EA can automatically scan the charts in the MetaTrader platforms for scalping opportunities. When it finds them, it will place, manage and close the trade on behalf of the user. This makes it a completely automated trading robot for those who prefer hands-free trading.
Money Management
The Smart Scalper PRO software comes with an important money management system that can be fully customised according to your risk preferences. You can set the EA to use a risk as a percentage in which instance the robot will automatically calculate the required lot size according to the risk and your account free margin. Alternatively, you can use fixed lots for your positions. Other important money management aspects such as stop loss and take profit can also be modified accordingly.
Advanced News Filter
There is a built-in news filter which will try and make sure that the robot avoids trading around high impact news events. Many forex traders will follow an economic calendar to keep an eye out for the date/time of important news releases and not trade before or after them in order to not get caught in highly volatile market conditions. Trading around the news can mean larger spreads and greater slippage which aren’t helpful for a scalping strategy.
Advanced Time Management System
With the EA’s time management system, users can precisely configure the robot to trade or not to trade during specific week days and hours. This option is useful if you want to avoid trading certain days and hours when the forex market conditions may not be suitable.
Friday Exit System
Many traders believe that it is risky to trade on Friday because the trades may remain open during the weekend when there can be large gaps which could cause a big loss when the market reopens again at the end of the weekend. The Smart Scalper Robot has an automatic Friday exit system that you can configure so that it will close out all open trades on Friday evening at a specific time and also avoid trading after this time.
Broker Protection System
The software has a filter to avoid trading when the spreads and slippage are too high. You can adjust these values from the input settings. This is an important feature especially for a scalping robot which can be very dependent on the perfect broker conditions for increasing its chance of success.
Notification System
Smart Scalper PRO has a built-in e-mail and push notification system that will keep you informed regarding all of the actions that have been performed in your trading account. It easy to set-up your terminal to receive these notifications with simple instructions included if you haven’t done it before.
If you are looking for a forex robot, one of the most important things to look out for are the recent results. These can help to give you an idea of how the robot has been performing lately to see if it is something you would consider using on your own account. That being said, lets take a look to see if there are any verified Smart Scalper PRO results and backtests for us to analyse.
Smart Scalper PRO Myfxbook
The Fxautomater development team have published and shared verified Myfxbook accounts that you can see below. You can click the graphs for more detailed statistics to see how the EA has been trading. Just keep in mind that historical performance is not a guarantee of future results.
Update 15/08/2022: Some of the Myfxbook accounts have been deleted, which is often an indication that an EA could have crashed. Please see our trading robot ratings for an alternative option.
Smart Scalper PRO Backtesting
There is a selection of Smart Scalper PRO backtests showing its performance over years of historical data in the MT4 strategy tester on the following currency pairs: GBP/USD, EUR/USD, USD/CAD, USD/CHF and USD/JPY. There are backtests with 90% modelling quality which you can see below.
The problem with these backtests that only have a modelling quality of 90% is that they are not using tick data, variable spreads nor are they including commissions. These factors can all have significant implications on the performance of a trading robot, especially one that uses a scalping system. We have seen the exact same forex robots give completely different results simply because of the spreads, commission and slippage. However, the developer has also provided some backtests with 99% modelling quality which you can see below in order for us to get a better idea of the EA’s historical performance.
Whilst the Smart Scalper PRO EA does implement a versatile scalping system and range of fully customisable features, the performance is probably going to be highly dependent on broker conditions. There are verified Myfxbook account and 99% modelling quality backtests for you to get a rough idea of historical performance.
What is the Smart Scalper PRO price?
The software costs $177 with no ongoing costs. You get 1 license for your real account and 3 demo account licenses. All future updates of Smart Scalper PRO are included free of charge whilst users will get professional support from the Fxautomater team and a money back guarantee.
Where can I download the Smart Scalper PRO?
You can download the EA from the Smart Scalper PRO official website here.
What kind of customer support does Smart Scalper PRO offer?
Fxautomater provide email support 24/7 and will be happy to answer all of your questions.
What are the best brokers to use with the Smart Scalper PRO?
You can use any MetaTrader broker to run the Smart Scalper PRO. Generally speaking, the lower the broker spreads, commission fee and slippage, the more chance a scalping system has. The Smart Scalper PRO will work with any broker on 4/ 5-digit price quotes. It is not necessary to change any parameters for 5 digits price quotes.
What’s the minimum amount required to trade with the Smart Scalper PRO?
There is no specified minimum amount required to start using this trading software. You should only use what you feel comfortable with and can afford to lose.
What is the Smart Scalper PRO refund policy?
There is a 60-day refund policy if you decide that this scalping robot is not for you for any reason.
Is the Smart Scalper PRO a scam?
Although we do not believe that the Smart Scalper PRO is a scam, that does not mean it will produce good results. No matter how good any trading robot is, none of them can predict the future with certainty.
Can I get the Smart Scalper PRO for free?
You probably could spend countless hours looking for a free version of the Smart Scalper PRO being shared but it is likely to be out of date, unsupported and potentially dangerous.
What currency pairs does the Smart Scalper PRO trade?
According to the developer, the supported currency pairs are: GBP/USD, EUR/USD, USD/CHF, USD/JPY and USD/CAD. These can be considered major forex pairs so they should have reasonable spreads and liquidity, depending on what time you are trading.
What timeframe does the Smart Scalper PRO trade?
You can run the EA on M1 or M15 chart – it makes no difference for the software as all of the used timeframes are hardcoded.
What are the best Smart Scalper PRO settings?
The best settings for the Smart Scalper PRO are more than likely going to be those that have already been provided by the developer. Nobody will know the robot more than the Fxautomater team who programmed it. They would have spent countless hours over many years optimising the settings so that users don’t have to.
Can I change the Smart Scalper PRO settings?
Of course, if you have the knowledge and experience, you are free to experiment with your own settings by changing the external parameters of the EA. You may wish to test your custom settings on a demo trading account to begin with. You could also backtest the robot in the MetaTrader strategy tester with your own inputs to get a rough idea of historical performance.
What do I need to run the Smart Scalper PRO?
You will need either the MetaTrader 4 or MetaTrader 5 desktop platforms and an account with a forex broker. Most forex brokers will provide a demo account and the MetaTrader platforms free of charge.
How much money can I make with the Smart Scalper PRO?
There cannot be any guarantees on how any forex robot will perform. This is because of the unpredictable nature of the forex markets. Therefore, you should make sure that you understand all of the risks involved using any automated trading strategy such as the Smart Scalper PRO.
Results are based on historical data. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. There is no guarantee of future performance. You should understand the risks involved with trading. Your capital is at risk.
