Expert Advisor Review

Wave Rider Review MT5

Not Recommended MT5 XAUUSD — grid recovery by default $299 (499 regular) Signal Withdrawn 10 Sep 2026 Updated 28 Oct 2026

The Bottom Line

Not Recommended. The Robotic Trader rates Wave Rider EA Not Recommended because its default mode is a grid. In "Recovery (Grid)" mode, which the developer sets as the default and calls "Your backup plan when the market moves against you", the EA adds positions to a trade that has moved against it. The developer's manual (2 March 2026) says "If price moves against it, additional positions may be added at the configured distances" and that "the whole group closes together once that average moves into profit", with a default "Maximum Grid Orders" of 10.

As we recorded on 13 August 2026, the live signal we assessed ran the grid configuration at its High Risk preset. It was withdrawn before we read its trade history, so we did not confirm the mode from its trades. Under our methodology, where no trade history can be read, the developer's own description of the default decides the verdict for the product as sold, and any grid, averaging, martingale or recovery strategy is Not Recommended, whether the seller discloses it or not.

This verdict changed on 28 October 2026. Until then we rated Wave Rider Inconclusive: it passed the checklist we then used, under which a disclosed grid was not a fail, and we stopped short of recommending it because its record was weak and short. On 28 October we adopted the rule above, and we apply rule changes to published reviews straight away. No figures were re-measured.

What the record showed. The evidence was an MQL5 signal running the developer's High Risk preset on gold: 310 trades over 24 weeks to 13 August 2026. It had a 75.48% win rate, a profit factor of 1.43, and a maximum drawdown of 33.76% by balance and 33.01% by equity. Its recovery factor was 0.77: less net profit than its largest balance drawdown. At our final reading on 10 September 2026, MQL5 showed monthly growth of −23.52%.

The signal is no longer publicly available. It was withdrawn on 10 September 2026, and when we read its address on 28 October 2026, MQL5 said the signal was not found. Its figures cannot be re-checked against the original public signal, and we did not read its trade history before it went.

What this verdict does not cover. Wave Rider also has a Single Position mode, with a fixed stop loss and take profit and no grid. We found no assessable live record of that mode, so this verdict does not rate it. It rates Wave Rider as sold, in its default mode. In October 2026 the product page linked a new signal, "WR 6 High Risk Default Settings". It started on 15 September 2026; when we read it on 28 October, MQL5 showed 5 weeks and 31 trades, far too short to assess.

What would change this verdict is set out in the disclosures below.

Methodology
ⓘ

Evaluation Methodology

What we read:

  • 13 August 2026: the MQL5 signal statistics (Signal 2361754), recorded directly that day and covering 24 weeks; the developer's product page and its risk-preset documentation; third-party reseller marketing; and Forex Peace Army and Trustpilot, where we found no coverage of this EA.
  • 10 September 2026: a final reading of the signal, shortly before it was withdrawn.
  • 28 October 2026: the product page, the developer's manual and his MQL5 signals, including the new MQL5 Signal 2391460.

We did not purchase or run the Expert Advisor, and we did not re-verify trade-by-trade execution or broker conditions.

A legacy review. We published this review on 13 August 2026, before our current minimums were adopted: a real-money record of 12 months and 300 closed trades for an Early Review, and 24 months for a Full Review. Its 24-week record is below both, so it is neither: it stays published as a dated record, and when a verdict rule changes, its verdict changes at once. The verdict would be the same with no record at all.

The product page calls Single Position mode "ideal for prop firm accounts". We have not run a prop-firm test: our prop-firm tests sit alongside a live record, never in place of one, and we found no assessable live record of that mode.

We record the Sharpe ratio where a platform publishes it (0.15 in this case), but we do not use it as a pass or fail threshold, because platform-reported Sharpe is not comparable across differing monitoring periods and trade counts.

Note. The performance figures in this review are dated snapshots of MQL5-hosted signal statistics, captured while the signal was public.
  • Not a live feed: they are not self-reported developer figures, and they are not updated.
  • Cannot be re-checked: the signal has been withdrawn, so the figures cannot be re-checked against the original public signal. We keep them published, because deleting them would conceal what we assessed and why.
  • Drawdown: MQL5's drawdown is the worst it recorded, so a dip between its readings may not show.

Live Performance Data

The record we assessed: MQL5 Signal 2361754, no longer publicly available.

Archived — signal withdrawn

Wave Rider — Live Signal Performance (High Risk preset)

Assessed: 13 August 2026; withdrawn by the provider 10 September 2026. These figures are a dated record and cannot be re-checked against the original public signal.
310
Total Trades
75.48%
Win Rate
1.43
Profit Factor
33.76%
Max Drawdown (by balance)
33.01%
Max Drawdown (by equity)
0.77
Recovery Factor
0.15
Sharpe Ratio
24
Weeks Recorded
InstrumentThe developer recommends gold (XAUUSD); the signal we assessed traded gold.
Mode and presetAs we recorded on 13 August 2026: Recovery (Grid) mode at the High Risk preset. In August 2026 the developer published three presets, targeting roughly 10%, 15–20% and up to about 35% drawdown.
Broker and leverageVTMarkets, 1:500.
Final reading before withdrawalRecorded by us on 10 September 2026: 330 trades, 76.36% win rate, maximum drawdown unchanged at 33.76%, growth 68.94%, monthly growth −23.52%, equity 667.38 EUR on 223.43 EUR profit. MQL5 also showed an annual forecast of −100.00%: a platform projection, not an observed return.
Account sizeUnder 700 EUR equity at our final reading, so the record says little about behaviour at larger account sizes.
Not capturedPairs breakdown, expected payoff, best and worst trade, consecutive wins and losses, trades per week, average holding time, slippage and the trade-by-trade history. The signal was withdrawn before we captured these under our current data standard.
View Official Product Page →

How the EA Trades

From the developer's product page and manual, read on 28 October 2026.

Default mode"Recovery (Grid) — Intelligent grid recovery with progressive spacing, trailing stop, and breakeven tracking. Your backup plan when the market moves against you. Default mode."
How the grid works (manual, 2 March 2026)"If price moves against it, additional positions may be added at the configured distances", and "the whole group closes together once that average moves into profit". The default "Maximum Grid Orders" is 10.
Recovery settingsFour "recovery personalities": Wide (Slow), "the balanced default"; Wide (Fast); Static; and Hybrid, with "Hard ceilings on both total basket volume and position count". The product page adds: "Real basket depth still depends on the market. No recovery system on earth can promise you an outcome".
The other mode"Single Position (SL/TP) — One trade, fixed stop loss, fixed take profit … No grid, no recovery layers." The product page calls it "ideal for prop firm accounts".
Account protectionA daily drawdown limit that "Automatically closes Wave Rider positions and pauses trading when your threshold is hit"; an all-time-high filter that "Prevents new entries when price is near all-time highs"; and a "Dynamic Exit" that "Detects rapid adverse price moves and auto-closes all open positions".
What we could checkAs we recorded on 13 August 2026, the signal we assessed ran Recovery (Grid) mode. It was withdrawn before we read its trade history, so we could not measure how many positions it added against the market, or confirm the mode from its trades. The verdict rests on the default the developer publishes.

A grid recovery is a strategy our methodology rates Not Recommended.

How Long Losses Stayed Open

We publish the longest losing periods because averages hide them; see our methodology.

Longest group or tradeNot measurable. The signal was withdrawn before we captured its trade history or holding times.
Longest open drawdownNot measurable. We did not capture an equity series before the signal was withdrawn.
Against the 90-day ruleNot assessable. This verdict rests on the grid default.

What the Sales Pages Say, and What the Record Shows

A 7.8% maximum drawdown, quoted by at least one third-party resellerThe reseller does not name a preset. The signal we assessed ran the High Risk preset and recorded 33.76% by balance. The difference may be explained by preset selection; we have not established the source of the figure. A drawdown figure published without its preset is incomplete. The figure does not appear in the developer's own description.
"With 98% Win Rate" (Single Position mode, product page)We found no assessable live record of Single Position mode, so we could not check this figure.

Price and Licence Terms

Price299 USD ("VERY LIMITED PRICE (6 licenses left)"; 499 USD regular). Version 6.10, updated 21 October 2026; 10 activations. A free demo is available on MQL5.
Where to buySold on the MQL5 Market. The page says "43 purchases per month".
Recommended setup (product page)XAUUSD, any timeframe. Minimum deposit $300 at 0.01 lot; $800+ "for comfortable grid recovery"; around $150 at 0.01 lot in Single Position mode. "Hedge" account. Leverage 1:100 minimum, 1:500 recommended. ECN or raw-spread broker; VPS recommended.
US brokers (FIFO, no hedging)Not established. The developer asks for a "Hedge" account. We could not check whether the signal held buy and sell positions at the same time, which US retail forex accounts at NFA-member dealers cannot do (NFA Compliance Rule 2-43).
Prices recorded28 October 2026. On 10 September 2026 it was 399 USD (499 regular).

Key Evaluation Criteria

  • ❌ No grid, averaging, martingale or recovery strategy: failed. Recovery (Grid) is the default mode, by the developer's own description; our 13 August review recorded the signal running it.
  • ⚠️ Evidence availability: the signal this review was built on was withdrawn on 10 September 2026. Our figures stand as a dated record that cannot be re-checked against the original public signal.
  • ✅ Third-party tracked record (at assessment): MQL5-hosted signal statistics, captured 13 August 2026: 310 trades over 24 weeks, on the developer's High Risk preset.
  • ⚠️ Risk profile: maximum drawdown 33.76% by balance and 33.01% by equity, a profit factor of 1.43, and a recovery factor of 0.77: less net profit than its largest balance drawdown.
  • ⚠️ Marketing accuracy: third-party marketing quotes a 7.8% maximum drawdown without naming the preset.
  • ⚠️ Independent corroboration: no coverage found on Forex Peace Army or Trustpilot when we assessed it in August 2026.
  • ⚠️ Sample scale: under 700 EUR equity at our final reading.

Suitability & Risks

What's Genuinely Positive
  • ✅The developer describes the grid recovery and its settings in detail.
  • ✅A Single Position mode with no grid at all is available.
  • ✅The record showed a losing month rather than hiding it.
  • ✅Withdrawing a signal is a business decision, not evidence of a performance failure.
Key Risks
  • ⚠️Grid by default: when the market keeps moving against an open trade, Recovery (Grid) mode adds positions, up to the configured maximum (10 by default). The developer's own words: "No recovery system on earth can promise you an outcome".
  • ⚠️The evidence is gone: the figures cannot be re-checked against the original public signal.
  • ⚠️Recovery factor 0.77: less net profit than its largest balance drawdown.
  • ⚠️Deteriorating before withdrawal: MQL5 showed monthly growth of −23.52% at our final reading.
  • ⚠️Incomplete marketing: a third-party drawdown figure that does not name its preset.
  • ⚠️A short, small record: 24 weeks, on an account under 700 EUR.

Important Disclosures

UPDATE — 10 SEPTEMBER 2026. The provider has withdrawn this EA's MQL5 signal. That day its address returned "signal is disabled and unavailable." Every performance figure in this review was recorded while that signal was public, and none of it can be re-checked against the original public signal. We have left the figures published rather than delete them, because removing them would conceal what we assessed and why, but they are a historical record only. We do not treat withdrawal as evidence against the product: closing a signal is a business decision, not a performance failure.
Verification History
13 August 2026 — initial assessment. 310 trades, 75.48% win rate, 1.43 profit factor, 33.76% maximum drawdown by balance and 33.01% by equity, 0.77 recovery factor, 0.15 Sharpe, 24 weeks verified history. Signal already closed to new subscriptions at this point.
10 September 2026 — final reading. 330 trades, 76.36% win rate, maximum drawdown unchanged at 33.76%, growth 68.94%, monthly growth −23.52%, annual forecast −100.00%, equity 667.38 EUR on 223.43 EUR profit. The annual forecast is MQL5's mechanical extrapolation of one bad month, not a measurement.
10 September 2026 — signal withdrawn. Later the same day, the signal became unavailable entirely. No further verification is possible.

This re-verification also corrected an error in our original review. We had described third-party marketing as "materially misleading" for quoting 7.8% drawdown against our recorded 33.76%, without disclosing that the signal we assessed was the developer's High Risk preset, calibrated for up to around 35%. That comparison was not like for like, and the correction is reflected throughout this page.

25 September 2026 — editorial correction. No figures were re-measured and the verdict is unchanged. A line describing the MQL5-monitored record as "the seller's own numbers" was corrected, and a statement about how many of our reviews currently carry a Recommended verdict was removed, because it would silently become false as new reviews publish.
28 October 2026 — verdict changed from Inconclusive to Not Recommended.
  • The rule: on 28 October 2026 we adopted a rule that any grid, averaging, martingale or recovery strategy is Not Recommended, whether disclosed or not, and that where no trade history can be read, the developer's own description of the default decides. Wave Rider's default mode is Recovery (Grid); our 13 August review recorded the signal running it. No figures were re-measured.
  • Re-read the same day: the product page (299 USD, 499 regular; version 6.10, updated 21 October 2026), the developer's manual (2 March 2026) and a new linked signal, 2391460 (5 weeks and 31 trades, too short to assess). The signal we assessed is no longer publicly available: MQL5 said it was not found.
  • Wording corrected: the 10 September entry above describes the annual forecast as an extrapolation of "one bad month"; it is a platform projection, not an observed return. Preset selection is a possible explanation of the 7.8% figure discussed below, not an established one: we have not established the source of the figure. We also removed a starting equity of about 445 EUR that we had inferred, which MQL5 did not show.
  • Layout: the page was moved to our current review layout. The old "what would change this verdict" conditions were replaced, because they were written for an Inconclusive verdict.
What would change this verdict.
  • While the default is a grid: while Wave Rider's default mode is a grid recovery, it is Not Recommended under our methodology, whatever its profit.
  • Single Position mode: this mode could be reviewed on its own once a real-money record of it reaches 12 months and 300 closed trades: an Early Review, which cannot be Recommended. A Full Review, which can, needs 24 months. Either would be a fresh review against all our criteria.
  • A new default: a version whose default mode has no grid, with an attributable real-money record of at least 12 months and 300 closed trades showing no grid, averaging, martingale or recovery strategy, would need a fresh review on the same terms.
Marketing and preset disclosure: At least one third-party reseller markets this EA as showing a 7.8% maximum drawdown, without stating which risk configuration that figure refers to. The developer publishes three calibrated presets, targeting roughly 10%, 15–20%, and up to around 35% drawdown respectively. The signal we assessed was his High Risk preset, which recorded 33.76% over 24 weeks to 13 August 2026. The gap between those two numbers is therefore explained by preset selection, not by concealment on the developer's part. We flag it because a single drawdown figure published without naming its preset is incomplete, and a buyer comparing 7.8% against a High Risk track record would be misled by omission. We could not confirm the developer made the 7.8% claim himself — it does not appear in his own product description. (Note, 28 October 2026: preset selection is a possible explanation; we have not established the source of the 7.8% figure.)
This EA's evidence was a live, independently-monitored MQL5 Signal, not a self-reported backtest. We pulled the official signal statistics directly rather than relying on third-party figures. We did not independently re-verify trade-by-trade execution or broker conditions, and we did not purchase or run the EA ourselves. The reference account was small — under 700 EUR equity at its final reading — which limits how far its record demonstrates behaviour at larger account sizes. Past performance, including verified live performance, is not a guarantee of future results.
Affiliate Disclosure: The Robotic Trader has no affiliate or referral relationship with this EA or its developer. We earn nothing whether you buy it or not.
Corrections. If you are the vendor and believe a figure here is wrong, contact us at [email protected] with the evidence; we will check it and record any change in the verification history above.
Risk warning. Trading foreign exchange and contracts for difference carries a high level of risk and can result in the loss of all invested capital. Automated trading does not remove that risk; it removes the delay between a decision and its execution. Past performance, including verified past performance, is not a reliable indicator of future results. Nothing in this review is financial advice, a personal recommendation, or an invitation to trade. We are an independent publisher, not a regulated financial adviser.

Frequently Asked Questions

Is Wave Rider EA a scam?
We have seen no evidence of fraud, and we do not call it one. The developer describes the grid openly and published a live MQL5 signal while we assessed it. Our verdict is about the risk of a grid strategy, not about honesty.
Can I still verify the figures in this review?
No. The signal is no longer publicly available: it was withdrawn on 10 September 2026, and when we read its address on 28 October 2026, MQL5 said it was not found. The signal's figures on this page were recorded while it was public, and we keep them as a dated record, but they cannot be re-checked against the original public signal.
Why is Wave Rider rated Not Recommended?
Because its default mode is a grid. In Recovery (Grid) mode, which the developer sets as the default, it adds positions to a trade that has moved against it and closes the group together once the average moves into profit. As we recorded on 13 August 2026, the signal we assessed ran that mode; it was withdrawn before we read its trade history, so the verdict rests on the default the developer publishes. Our methodology rates any grid, averaging, martingale or recovery strategy Not Recommended, disclosed or not. The verdict does not cover the Single Position mode, which has no live record we could assess.
Why did the verdict change from Inconclusive?
On 28 October 2026 we adopted the rule that any grid or recovery strategy is Not Recommended, and we apply rule changes to published reviews straight away. Before that, Wave Rider was Inconclusive: it passed the checklist we then used, under which a disclosed grid was not a fail, but its record was short and weak, with a recovery factor of 0.77. No figures were re-measured for the change.
Does the signal being withdrawn mean the EA has failed?
No, and we won't imply otherwise. Providers close signals for many reasons, such as subscription management, account changes or a move to a different broker. We do not know why this one was withdrawn. Withdrawal is a business decision, not a performance result. It does mean the evidence behind our assessment can no longer be checked, which is why we flag it at the top of the page. It played no part in the verdict.
Does Wave Rider use a grid strategy?
By default, yes, and the developer says so in detail: on the product page, which calls Recovery (Grid) the "Default mode", and in his manual. The EA also offers a Single Position mode with a fixed stop loss and take profit and no grid, which the product page calls "Prop firm friendly". As we recorded on 13 August 2026, the signal we assessed ran the grid mode at its High Risk setting.
What was the real maximum drawdown of Wave Rider?
It depends which preset you run. In August 2026 the developer published three risk levels targeting roughly 10%, 15–20% and up to around 35% drawdown. The signal we assessed ran the High Risk preset and recorded 33.76% by balance and 33.01% by equity over 24 weeks to 13 August 2026, still unchanged at our final reading on 10 September. A 7.8% figure circulating in third-party marketing does not state which preset it refers to. A newer signal linked in October 2026 showed 6.14% by equity after 5 weeks, too short to assess.
How much does Wave Rider cost?
On 28 October 2026 the product page listed it at 299 USD, marked "VERY LIMITED PRICE (6 licenses left)", against 499 USD regular. On 10 September it was 399 USD. Prices on the MQL5 Market change often, so check the official product page.
What account size does Wave Rider need?
The developer states a minimum deposit of $300 at 0.01 lot, and recommends $800 or more for comfortable grid recovery. Single Position mode, which runs no grid, needs less: around $150 at 0.01 lot. The signal we assessed had under 700 EUR equity at our final reading.
What instrument does Wave Rider trade?
The developer recommends gold (XAUUSD), and the signal we assessed traded gold on VTMarkets at 1:500 leverage. That was the account the signal ran on, not a requirement of the EA.
Review Our Complete Testing Methodology

Discover More EAs

For another grid EA we rate Not Recommended, see our Quantum King EA review. For an EA that trades without grid or averaging, see our Gold Trade Pro EA review. To see how we handle a verdict that changes, read our Perceptrader AI review: we moved it from Recommended to Not Recommended after checking every real account its developer publishes. Our guide to martingale, grid and scalping EAs explains how these systems behave.

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Risk Warning & Affiliate Disclosure: Trading foreign exchange and CFDs on margin carries a high level of risk and may not be suitable for all investors. Past performance, including a verified live track record, is not a guarantee of future results. The Robotic Trader may receive compensation from partner brokers, VPS providers and prop firms through affiliate links, at no extra cost to you. This supports our research and does not constitute personal financial advice. Commercial relationships never affect our verdicts, and every one is disclosed on the page it affects. Always trade with money you can afford to lose.

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