Welcome to the official guide for Wave Rider — a hybrid grid-scalper built specifically for Gold (XAUUSD). This guide covers everything you need to get up and running: recommended setup, all input parameters explained in plain language, and tips for getting the most out of the EA.
Product Page: Click Here
Wave Rider runs 4 strategies that rely on precise entry timing and a grid system with tight profit targets. Low spreads directly impact how quickly the grid reaches its profit target. High spreads or excessive slippage can delay closures and increase exposure time. If you want the cleanest results, stick with a RAW/ECN account from one of the brokers listed above.
Wave Rider is not a blind grid EA and not a random scalper. It combines scalping precision with intelligent grid recovery:
Each strategy targets a different market condition. Run them all together, or pick the ones that suit your style:
When one strategy waits, another may fire — giving you consistent coverage across different market conditions.
Each strategy has its own magic number so the EA can track and manage positions independently. If you run multiple copies of Wave Rider on the same account, make sure each instance uses different magic numbers.
The grid is your recovery mechanism. When the market moves against an open position, the grid opens additional positions at calculated intervals to lower the average entry price. Once the combined position reaches the profit target, everything closes together.
Wave Rider supports multiple trading windows per day, with separate schedules for different days of the week. Time values use your broker’s server time.
Three layers of protection keep your account safe. These are independent of the trading strategies and act as hard limits.
This is the master trend filter that all strategies share. It uses two EMAs on the H1 timeframe to determine the overall market direction. Strategies will only enter trades that align with this filter.
Each strategy has a few user-facing settings. The internal parameters are pre-optimized and locked to defaults — you don’t need to touch them.
Can I run Wave Rider on symbols other than XAUUSD?
The EA is optimized and tested exclusively for XAUUSD (Gold). While it may technically run on other symbols, the internal parameters, time windows, and strategy logic are all tuned for gold’s behavior. Running it on other pairs is not recommended.
What timeframe should I attach the EA to?
It doesn’t matter. The EA uses its own internal timeframes regardless of the chart timeframe. Attach it to any chart — M1 or H1, the behavior is identical.
Can I run multiple instances on the same account?
Yes, but make sure each instance uses different magic numbers. The default magic numbers are 8001-8004 for strategies S01-S04. Change them to a different range (e.g. 9001-9004) for the second instance.
What happens if drawdown protection triggers?
All open positions are immediately closed and trading is paused for the rest of the day. The EA resets automatically at the start of the next trading day.
Is this a martingale EA?
No. The default lot multiplier is 1.0, meaning every grid order is the same size. You can increase the multiplier if you want, but the default behavior is flat-lot grid recovery — not martingale.
What is progressive spacing?
Instead of placing grid orders at equal intervals, progressive spacing makes the gaps wider as the grid gets deeper. This prevents positions from stacking too close together during strong trends, which is the main cause of grid blowups.
For questions or support, contact the developer via the MQL5 product page: Wave Rider on MQL5 Market
DISCLAIMER: Trading foreign exchange and CFDs carries a high level of risk. Past performance is not indicative of future results. Always test on a demo account first. Grid trading requires sufficient margin — use the drawdown protection features and start with conservative lot sizes. Wave Rider is a professional tool built for patient traders who understand risk management.
