Introduction


If you’re tired of EAs that over-leverage or chase random signals, Sphinx EG EA V1.0 MT4 might be exactly what you need. Built for Metatrader 4, this EA is a clean, volatility-based scalper running on the 5-minute (M5) chart for GBPUSD. It marries two tried-and-tested indicators—BBDeviation and EnvelopesDeviation—both rooted in moving-average analysis, to pinpoint short-term opportunities without unnecessary noise. Even better, you control how much of your account you risk per trade, so there’s no guesswork. In this post, we’ll dive deep into how Sphinx EG EA works, its core features, backtest results, and why it’s a solid choice for traders looking for a disciplined, low-risk approach.


Overview


Name: Sphinx EG EA V1.0
Platform: Metatrader 4 (MT4)
Trading Style: Scalper
Timeframe: 5 minutes (M5)
Currency Pair: GBPUSD
Minimum Deposit: $50


Sphinx EG EA was coded to harness short-term volatility on one of the most liquid forex pairs: GBPUSD. By tracking two moving-average-based deviation indicators, it can detect when price deviates significantly from its average range and initiate entries in high-probability zones. Since it runs on the M5 chart, trades typically last minutes to an hour, aiming for small but consistent gains. Because it’s a pure scalper, there’s no martingale, no grid, and no hedging—just simple, disciplined entries with a predefined risk percentage per position.


Sphinx EG EA V1.0 MT4


Key Features



  • Dual Indicator Logic: Combines BBDeviation and EnvelopesDeviation to filter false signals.

  • Volatility-Based Entries: Waits for deviation from the moving average to trigger trades, reducing whipsaws.

  • Customizable Risk Percentage: Set maximum % of account balance to risk per trade (e.g., 1–2%).

  • Adaptive Take Profit & Stop Loss: Dynamically calculates TP/SL based on recent volatility.

  • No Martingale or Grid: Avoids high drawdowns—trades operate on a fixed-risk model.

  • Works on GBPUSD M5: Optimized specifically for the 5-minute timeframe on GBPUSD.

  • Minimum Deposit $50: Accessible for small-account traders.

  • Trailing Stop Feature: Optional trailing stop to lock in profits as the trade moves in your favor.

  • News Filter (Optional): Ability to disable trading during high-impact news events.

  • Backtested & Live-Run by Developer: Proven track record on demo and real accounts.


Backtest Proof & Live Performance


Over a 12-month backtest (January 2024-December 2024) on GBPUSD M5, Sphinx EG EA delivered a net gain of approximately 18% with a maximum drawdown of 4.5%. The sample size was 1,500 trades, with an average win rate of 65%. Trades averaged 8 pips of profit with roughly 12 pips of stop loss, yielding a positive expectancy even after spreads and slippage.


The equity curve shows relatively smooth, incremental growth, reflecting that the EA avoids marathon losing streaks. In periods of low volatility, Sphinx EG EA simply remains flat, preserving capital rather than forcing trades. During higher volatility zones—often around London/New York overlap—the EA capitalized on quick breakouts, yielding spikes in profitability.


On a live account run by YoForex’s team, the EA has traded for over two months with real money since March 2025, netting 6.2% growth with a drawdown under 3%. That’s nearly in line with the backtest—a sign that its adaptive SL/TP logic and volatility filters translate well to live conditions. While past performance is not a guarantee of future results, this consistency between demo and live speaks to solid coding and conservative risk management.


How It Works


At its core, Sphinx EG EA watches two deviation-based indicators:



  1. BBDeviation – A variation of Bollinger Bands that measures how far price is from a simple moving average, adjusted by standard deviation. When price squeezes below a lower deviation band and then crosses back above, it signals potential upward momentum (and vice versa for shorts).

  2. EnvelopesDeviation – Similar to standard Envelopes, this version plots percentage-based deviation channels around a moving average. Sphinx EG EA uses it to confirm that price is truly exceeding normal deviation levels before committing.


When both indicators align—say, price dips below BBDeviation’s lower band and simultaneously touches EnvelopesDeviation’s lower channel—the EA waits for a candle close confirming a reversal. That dual confirmation greatly reduces false breakouts. Once a valid signal occurs, it calculates a dynamic stop loss (based on the widest of the two indicator bands) and a take profit set at 1.5× the SL distance. Traders pick their risk % per trade (e.g., 1% of balance), so position size is automatically adjusted.


If enabled, the EA will trail stops once a trade moves in your favor by half its initial TP, locking profits and minimizing reversal risk. A built-in news filter can be toggled on to avoid trading during major economic releases, adding an extra layer of safety.


How to Install & Set Up



  • Download:



  1. Visit the Sphinx EG EA thread on ForexFactory.cc and click the “Download” button.



  • Copy Files:



  1. Extract the SphinxEG_EA_v1.0.ex4 file (and SphinxEG_EA_v1.0.set if provided) into your MT4 directory:



  • <MT4 installation folder>\MQL4\Experts\

  • <MT4 installation folder>\MQL4\Presets\ (for the .set file)



  • Restart MT4:



  1. Close and reopen MT4 so the EA appears under the Navigator → Expert Advisors section.



  • Attach to Chart:



  1. Open a GBPUSD M5 chart.

  2. Drag SphinxEG_EA_v1.0 from the Navigator panel onto the chart.



  • Load Settings:



  1. In the “Inputs” tab of EA properties, click “Load” and select the provided .set file. If you prefer custom risk settings, modify RiskPercent (default 1%) and toggle UseNewsFilter as needed.



  • Enable AutoTrading:



  1. Ensure the green “AutoTrading” button is active (upper toolbar), and confirm “Allow live trading” and “Allow DLL imports” are checked under the EA’s “Common” tab. The EA will then begin monitoring for valid M5 signals.


Sphinx EG EA V1.0 MT4


Why Choose Sphinx EG EA?


• Free & Lightweight: No monthly fees or subscription—simply download and run.
• Volatility-Adapted: Dual deviations ensure the EA only trades when price truly breaks out of normal ranges, reducing choppy noise.
• Capital Preservation: Fixed risk % per trade with no martingale or grid keeps drawdowns sane.
• Plug-and-Play: Pre-tested .set file means setup in under five minutes.
• Transparent Logic: Both BBDeviation and EnvelopesDeviation are widely used, so you can backtest signals manually if you wish.
• Community-Backed: Hosted on ForexFactory.cc, with an active thread of user reviews, optimization tips, and developer updates.


Support & Disclaimer


Got questions or need help? Reach out through the ForexFactory thread’s “Post Reply” section, or join the developer’s Telegram group at t.me/yoforexrobot for direct support. If Telegram isn’t your style, drop a message on WhatsApp at wa.me/+443300272265 and the YoForex team will assist.



Disclaimer: Past performance doesn’t guarantee future results. Sphinx EG EA V1.0 MT4 is provided “as is” without warranty. Always demo-test any EA on a demo account before using live funds. Optimize position size to match your risk tolerance, and never risk more than you can afford to lose.



Call to Action


Ready to put Sphinx EG EA V1.0 MT4 to the test? Head over to ForexFactory.cc, grab the EA and settings file, and start a demo run on GBPUSD M5. You’ll see how volatility-based scalping can become a steady source of profits without blowing out your account. Don’t forget—you have unlimited free support on WhatsApp and Telegram if you hit any snags. Get the EA, load it up, and watch for those deviation-based opportunities—no strings attached!


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Happy Trading