Cheeta FX EA — EUR Grid Scalper with 21.65% Peak Drawdown on Live MT4

Cheeta FX EA is an automated grid scalper for MetaTrader 4 that opens and compounds positions using a configurable multiplier lot system on a 1-hour timeframe.

A live real-money account on TopFX returned 63.92% total gain with €2,000 withdrawn during the tracking period, against a 21.65% peak drawdown.

Key Benefits

• ✅ Live-Verified Return: 63.92% total gain on a real TopFX account with withdrawals confirmed — grid compounding drives this, meaning drawdown scales with open basket size.
• ✅ Withdrawal-Tested: €2,000 extracted mid-run while the account stayed active — confirms the EA tolerates capital reduction without collapsing, though reduced balance raises per-trade risk percentage.
• ✅ Configurable Exposure: MaxLevel caps grid depth at 20 layers; reducing this is the primary lever for controlling drawdown before going live.
• ✅ Flexible Lot Mode: Switches between multiplier and fixed lot sizing — fixed mode removes compounding risk entirely at the cost of lower upside.

This EA runs on MT4 only. Browse MT5 alternatives if your broker requires MT5.

Cheeta FX EA Performance

The live verified signal runs on a real EUR account at TopFX under the name CHEETA H1 — full statement available on Myfxbook.

Starting deposit €3,000, the account reached a highest balance of €5,085.95 before €2,000 was withdrawn. Current balance stands at €2,759.35 with €2,000 total withdrawals — net profit €1,759.35 over approximately 12 months of active trading (April 2022 – June 2024).

The 21.65% peak drawdown is the direct cost of the grid multiplier system. When price moves against an open position, the EA adds layers at the Distance interval (default 3.0 points) with each successive lot multiplied by 1.6 — a sustained directional move opens up to 20 layers simultaneously, compounding both exposure and unrealised loss. This is structural: the grid mechanism cannot be removed, only sized for.

The primary mitigation is MaxLevel. Default is 20; reducing to 8–10 limits basket depth and cuts the theoretical maximum loss per sequence, but also reduces recovery speed when the grid closes profitably. Fixed lot mode (Use_DbLots = 2) removes multiplication entirely — drawdown becomes more predictable but total return potential drops proportionally.

Live account data covers April 2022 to June 2024 — current spread, execution speed, and post-2024 market conditions are not reflected in these figures.

How Cheeta FX EA Works

Mechanism: Cheeta FX trades a grid recovery system on the 1-hour chart. When an initial position moves against the entry, the EA opens additional positions at fixed distance intervals, sizing each successive trade larger via a multiplier. The strategy profits when price reverses enough for the basket’s average entry to reach the TP level — it does not require the original entry to be correct, only that price eventually reverts within the grid span.

Signal Trigger: Positions open within a configurable trading window (Start Trade / End Trade hours). The EA monitors price continuously within that window and enters when internal distance thresholds are met — entry logic is time-windowed, not indicator-gated.

Position Close: Each basket closes when cumulative profit reaches the TP target (default 4.0 points). No individual trade stop loss is set by default (SL = 0.0) — the basket itself is the exit mechanism, closing as a unit at the TP level.

Exposure Limits: MaxLevel = 20 caps total grid layers per basket. Reducing this value is the primary drawdown control — it limits how deep the EA can compound before the sequence must resolve or float indefinitely.

✅ Optimal conditions: Range-bound or mean-reverting price action on the 1-hour chart; periods where price oscillates within a bounded zone allow the grid to close repeatedly at TP without opening deep layer sequences.

⚠️ Avoid when: Strong sustained directional trends — particularly prolonged one-direction moves — force the EA into maximum grid depth with no reversal; thin-liquidity sessions where spread widens beyond the Distance setting can trigger unintended entries.

This EA requires MT4. Need MT5 platform support? Browse MT5 EAs

Recommended Settings

Who Should Use Cheeta FX EA

• ✅ Running MT4 on a VPS with uninterrupted connectivity — grid EAs require continuous execution; local machine shutdowns mid-basket create unmanaged open positions.
• ✅ Starting with €3,000+ capital at 1:500 leverage — the live signal ran this exact configuration; lower capital increases drawdown percentage per layer significantly.
• ✅ Comfortable with floating drawdown up to 21.65% during grid recovery phases — this is documented behaviour, not an edge case.
• ✅ Willing to demo-test for 90+ days before going live — the signal data ends June 2024 and current market conditions require independent validation.

Performance verified with: Real EUR account · TopFX broker · 1:500 leverage · MT4 · H1 timeframe.

Product Download Package Includes

• ✅ Experts:
  • CheetaFX EA(.ex4)
• ✅ Setfiles:
  • EURUSD_$2000_High Risk.set
  • EURUSD_$2000_Low Risk.set
  • EURUSD_$2000_Medium Risk.set
  • CHEETAFX GoldScalper_M15.set

The download link will be sent to your email immediately after purchase, along with a video tutorial on how to install it.

Frequently Asked Questions