Spike Trader 1.01 — MT4/MT5

Spike Trader 1.01 is a free EarnForex expert advisor for MT4 and MT5 that trades against pronounced price spikes. The author's example is USDCAD on D1. There is no built-in stop loss or take profit.

High risk. TradEApro has not tested its trading performance. An antivirus scan and successful compilation do not establish profitability, safe operation or a limit on potential losses.

How it works

The EA evaluates a completed candle, comparing its extreme with preceding bars and checking where it closed within its range. A signal triggers a trade against the spike. The intended exit is after a configured number of bars or on an opposite signal; another signal in the same direction resets the holding counter.

The author uses USDCAD D1 as an example. This does not establish suitability for other instruments or timeframes and does not promise regular trades.

Source-code risks and limitations

• No stop loss or take profit. The code does not set a predefined loss limit for a position. Exits depend on the terminal remaining operational and the EA's logic.
• MT5 manages a position by symbol without a dedicated magic-number filter. It may affect a manual position or another EA's position on the same instrument. Evaluation requires a separate demo environment with no other positions on that symbol.
• The holding counter is stored in memory. Restarting or reinitializing the EA loses the previous count; an exit after Hold bars from the original entry is no longer assured.
• In MT4, a failed close does not block the attempt to open an opposite trade. A broker error may result in additional positions.
• In MT5, a CopyRates error does not immediately return from the handler. Insufficient history may cause an array access error and stop the EA.
• A lot size of 0.01 reduces position size compared with the default 0.1, but does not make trading safe or define a fixed risk.

Archive contents

• MT4: SpikeTrader.mq4 and the compiled SpikeTrader.ex4.
• MT5: SpikeTrader.mq5 and the compiled SpikeTrader.ex5.
• For each platform: AuthorDefaults.set with the source-code defaults and DemoLot001.set with Lots changed to 0.01.
• Apache-2.0 license and READ-ME.txt instructions.

TradEApro generated the SET files from the source inputs. They are not optimized presets supplied by the author. Loading them in a terminal and their trading behavior have not yet been tested. The author's sources are unchanged; the EX4 and EX5 files were compiled locally.

Main inputs

What TradEApro checked

On 1 November 2026, we downloaded the official repository and pinned commit abc322e8da3c7fc9c701d056f01a70ebe4e20cd5. Both MT4 and MT5 sources compiled with 0 errors and 0 warnings. Kaspersky scanned the upstream archive and the 10 files in the prepared package: 0 detections, 0 suspicions, 0 skipped objects and 0 errors. Source inspection found no DLL imports, network requests or access to user files.

These technical checks do not guarantee the absence of malicious behavior or software defects. TradEApro has not run a backtest, forward test or trading-account deployment.

Author, source and license

Developer: EarnForex. Author's page, GitHub source, Apache License 2.0.

Copyright notices and the license are retained in the archive. TradEApro created the cover with an image-generation tool; it is an illustration, not the author's artwork or a chart of actual results.