EA Shadow Serpent MT4 – Free Download

Introduction EA Shadow Serpent

In the fast-paced world of forex trading, automated trading tools, known as Expert Advisors (EAs), have become indispensable for traders aiming to maximize their efficiency and profitability. One such tool is the EA Shadow Serpent. Designed to operate on the Black Dragon indicator, this EA provides traders with advanced functionalities like order management, hedging, and customizable inputs to fine-tune trading strategies. This article delves deep into the features, advantages, and disadvantages of the EA Shadow Serpent, offering a comprehensive review for potential users.

Overview 

The EA Shadow Serpent is a sophisticated trading tool that leverages the Black Dragon indicator to automate forex trading. It offers a high level of customization, allowing traders to adjust various parameters according to their trading strategy. The EA opens trades based on the indicator's color, and traders can opt to increase the network of orders or utilize a stop-loss mechanism.

Technical Specifications

Version: 8.0
Year of issue: 2024
Working pairs: Any
Recommended timeframe: Any
Minimum Deposit: $1000
Average of account: 1:30 To 1:1000

Best Brokers List

EA Shadow Serpent works with any broker and any type of account, but we recommend our clients use one of the top forex brokers listed below:

BROKER NAME	REGISTER	Year Founded	Headquartered	Leverage	Minimum Deposit	Regulating
	Register	2007	🇦🇺 Australia 🇨🇾 Cyprus 🇧🇸 The Bahamas 🇸🇿 Seychelles	1:1000	$200	ASIC, SCB, FSA
	Register	2008	🇨🇾 Cyprus	1:Unlimited	$10	CySEC, FCA, FSCA, FSA, BVI
	Register	2009	🇧🇿 Belize	1:2000	$10	FSC
	Register	2009	🇧🇿 Belize	1:3000	$1	IFCS
	Register	2009	🇨🇾 Cyprus 🇦🇺 Australia 🇧🇿 Belize 🇦🇪 Emirates	1:1000	$5	ASIC, CySEC , IFSC
	Register	2010	🇦🇺 Australia	1:500	$200	FCA , ASIC, DFSA
	Register	2011	🇬🇧 England	1:500	$25	CySEC
	Register	2006	🇪🇭 Ireland	1:400	$100	CBI, CSEC, PFSA, ASIC, BVIFSC, FFAJ, SAFSCA,ADGM, ISA

EA Shadow Serpent Settings

Key Features

The EA Shadow Serpent is packed with a plethora of features aimed at enhancing the trading experience. Below is a breakdown of some of the key functionalities:

• Open New Series: This option allows the EA to open a new series of orders, giving traders flexibility in managing multiple trades.
• Trade Buy/Sell: Traders can enable or disable the EA's ability to buy or sell, providing greater control over trading activities.
• Manage Manual Orders: The EA can manage manual orders, which is a crucial feature for traders who want to maintain some level of manual intervention.
• Hedging: The EA offers the option to hedge trades, which can be a powerful tool in minimizing risk.
• Customizable Comments: Traders can add custom comments to orders, which can be useful for tracking and record-keeping.
• Spread Control: The EA allows traders to set a maximum spread, ensuring that trades are only executed under favorable conditions.
• Trading Hours: Traders can specify the hours during which the EA will operate, providing greater control over trading sessions.
• Magic Number: A unique identifier that helps the EA recognize its own positions, preventing interference with other trading activities.
• Stochastic Settings: The EA can utilize stochastic indicators for trade entries, adding another layer of technical analysis.
• Order and Lot Management: From setting maximum buy/sell orders to adjusting lot sizes and enabling auto lot calculations, the EA offers comprehensive order and lot management options.
• Take Profit and Stop Loss: These settings allow traders to automate profit-taking and risk management, essential for maintaining a balanced trading strategy.
• Overlap Orders: This feature helps in reducing drawdown by closing the first and last orders together, thereby canceling each other out.

EA Shadow Serpent Result

Advantages of EA Shadow Serpent

1. High Customizability

The EA Shadow Serpent is highly customizable, allowing traders to tailor the EA to their specific needs. From order management to trading hours, nearly every aspect of the EA can be adjusted.

2. Advanced Risk Management

The inclusion of features like stop-loss, take-profit, hedging, and overlapping orders provides traders with multiple layers of risk management. This can be particularly beneficial in volatile market conditions.

3. Flexibility in Trading Strategy

Whether you prefer a conservative or aggressive trading approach, the EA Shadow Serpent can accommodate various strategies. The ability to enable or disable specific features ensures that the EA can be adapted to different market environments.

4. Efficiency

By automating the trading process, the EA saves time and effort, allowing traders to focus on strategy development and analysis rather than manual execution of trades.

5. Technical Analysis Integration

The use of the Black Dragon indicator and stochastic settings allows for more informed trading decisions, combining both trend-following and momentum-based strategies.

Disadvantages of EA Shadow Serpent

1. Complexity for Beginners

While the EA offers a wide range of features, this can be overwhelming for novice traders. The sheer number of options and settings may require a steep learning curve.

2. Risk of Over-Optimization

With so many customizable options, there is a risk of over-optimizing the EA for past performance, which may not necessarily translate to future success. Traders must be cautious not to rely too heavily on historical data when setting parameters.

3. Dependence on the Black Dragon Indicator

The EA's performance is closely tied to the Black Dragon indicator. If the indicator fails to perform well in certain market conditions, the EA's effectiveness may be compromised.

4. Potential for High Drawdown

While features like overlapping orders can help reduce drawdown, aggressive strategies or improper settings can still lead to significant losses. Traders must carefully manage their risk.

5. Requires Constant Monitoring

Despite being an automated tool, the EA still requires regular monitoring. Market conditions can change rapidly, and traders need to ensure that the EA's settings remain optimal.

Conclusion

The EA Shadow Serpent is a powerful and versatile tool for forex traders looking to automate their strategies while retaining a high level of control over their trades. Its extensive features and customization options make it suitable for both conservative and aggressive traders. However, it is not without its drawbacks. The complexity of the tool and the potential risks associated with over-optimization and market dependence are important considerations.

Download EA Shadow Serpent

Please try for at least a week an ICMarket demo account. Also, familiarize yourself with and understand how this free forex Tool works before using it on a live account.