How to Download Goldwave EA MT5: Setup Guide, Live Results & 50% Discount

Last updated: February 2026. Signal data and pricing verified at time of writing.

Bottom Line Summary

Goldwave EA is one of the strongest Gold-only trading robots we’ve seen come through the MQL5 marketplace. The verified live signal on IC Markets tells the story: 414% growth, 97% win rate, and a 12.37 profit factor over 37 weeks of live trading. No grid, no martingale, no averaging down — just one position at a time with AI-assisted adaptive logic.

Developer Shengzu Zhong brings 16+ years of real trading experience and an unusually honest philosophy. He explicitly tells buyers not to trust backtests because the EA’s WebRequest-based features — including news filtering and adaptive logic — cannot be replicated in the Strategy Tester. When a developer points you toward live results instead of polished backtests, that’s credibility worth paying attention to.

With 64 purchases per month, 22 five-star reviews, and a prop firm filter added in the latest update (v1.90), Goldwave has quickly become one of the highest-demand Gold EAs on the marketplace. At CheaperForex, you can save 50% off the MQL5 price and get the exact same official product with all future updates included.

What Is Goldwave EA?

Goldwave EA MT5 is a fully automated Expert Advisor designed exclusively for trading XAUUSD (Gold) on MetaTrader 4 and MetaTrader 5. Unlike most Gold EAs that trade aggressively with grid or martingale methods, Goldwave takes a fundamentally different approach: it prioritizes trade quality over frequency and only enters the market when multiple conditions align.

The EA uses AI-assisted adaptive logic that evaluates trend structure, volatility, and risk conditions before every trade. It asks three questions before opening a position: Is the trend genuine? Is the risk environment appropriate? Is the current market worth participating in? If any answer is no, it waits.

Goldwave opens only one position at a time. Every trade has a defined stop loss, and the system includes dynamic take profit logic that adapts to market behavior. The result is a low-frequency, high-accuracy trading approach — averaging just 2 trades per week with a 2-hour average holding time.

The EA was published on MQL5 in December 2025 and has already reached version 1.90, with frequent updates including a Prop Firm Rule Filter added in February 2026.

MQL5 listing: Goldwave EA MT5 on MQL5 Marketplace

The Developer — Shengzu Zhong

Shengzu Zhong is a MetaTrader EA and indicator developer with over 16 years of real trading experience. His portfolio on MQL5 includes multiple products spanning EAs, signal indicators, divergence detection systems, and copy trading utilities — indicating deep expertise across different aspects of algorithmic trading.

What sets Zhong apart from most EA developers is his transparency about what automated trading can and cannot do. His product description explicitly states that he doesn’t pursue “short-term explosions, parameter stacking, or overfitted strategies.” Instead, his focus is on building “logically stable, risk-controlled trading systems that can adapt to different market environments.”

He also makes an unusual admission for any EA seller: he tells buyers that highly optimized backtests should be viewed with caution, and that live trading performance is the only meaningful benchmark. That kind of honesty is rare in an industry dominated by screenshots of perfect equity curves.

Developer profile: Shengzu Zhong on MQL5

The AI-Assisted Logic — How It Works

The “AI” in Goldwave is worth unpacking because the developer is refreshingly clear about what it actually is — and what it isn’t.

Goldwave uses rule-based algorithms that adapt to changing market conditions, analyzing price behavior, volatility, and momentum across multiple timeframes. The system performs multi-timeframe confluence analysis from M15 to H4, cross-validating trend structures to filter out noise and false breakouts. This is the “AI-assisted” component — it’s adaptive logic, not a self-learning neural network.

The AI primarily serves as a trade filter rather than a signal generator. Its job is to identify and reject low-quality or unfavorable trading conditions. This explains the EA’s remarkably low trading frequency (averaging 2 trades per week) combined with its exceptionally high win rate (97.48%). The system is designed to stay out of the market far more often than it’s in it.

Specifically, the system evaluates multi-timeframe trend consistency, volatility state identification, momentum clustering and trend persistence, and noise reduction from false breakouts. The core objective is to participate only in trend movements with a higher probability of continuation.

Live Performance (Verified Signal)

Metric	Value
Growth	414.46%
Signal Age	37 weeks
Initial Deposit	$50
Current Equity	$257.23
Total Profit	$207.23
Win Rate	97.48% (155 wins / 4 losses)
Profit Factor	12.37
Recovery Factor	20.12
Max Drawdown (Equity)	15.05%
Max Drawdown (Balance)	8.08% ($10.30)
Total Trades	159
Trades per Week	2
Avg Holding Time	2 hours
Monthly Growth	16.08%
Max Consecutive Wins	58 ($64.02)
Max Consecutive Losses	1 (-$10.22)
Max Deposit Load	10.50%
Sharpe Ratio	0.47
Broker	IC Markets (ICMarketsSC-MT5-4)
Leverage	1:500
Algo Trading	100%

Signal data sourced from MQL5 Verified Signal #2339082. Stats may change as new trades are executed.

Ready to Get Started?

The Strategy Explained

Goldwave uses a confluence-based trend following strategy that aggregates data from multiple timeframes (M15 to H4) while operating on a 1-minute chart for faster signal detection. Despite being attached to M1, the logic itself evaluates higher-timeframe structures to confirm trend validity.

The entry logic is not fixed. Unlike EAs that trigger based on static indicator crossovers, Goldwave’s criteria adjust as market behavior changes. The system evaluates trend consistency across timeframes, classifies the current volatility environment, assesses momentum persistence, and filters out noise before committing to a trade.

Risk management is equally adaptive. The EA uses volatility-based dynamic stop loss adjustments combined with a fixed stop loss backstop as a last line of defense. Take profits are managed through logic-based exit rules rather than static pip targets — trades are often closed well before the fixed stop loss would be reached.

The system also reduces trading activity automatically when conditions deteriorate. When trend structures are unclear, volatility becomes abnormal, or macro risks increase, Goldwave scales back or stays completely out. This disciplined restraint is reflected in the low 6% trading activity rate and just 2 trades per week average.

Built-In News Filter & WebRequest

Goldwave includes a built-in news filter that uses WebRequest to access real-time economic calendar data. The EA automatically avoids trading during high-impact news events — a critical feature for Gold, which reacts violently to news like NFP, FOMC, and CPI releases.

This is also why backtests are unreliable for this EA. WebRequest is not supported in the MT5 Strategy Tester, which means the news filter and certain adaptive logic components simply don’t function during historical testing. The live signal is the only accurate representation of how Goldwave actually trades.

To use the news filter, you need to enable WebRequest in your MT5 settings (Tools → Options → Expert Advisors → Allow WebRequest for listed URLs). The developer provides the required URLs in the user manual after purchase.

Drawdown Reality Check

The signal shows two different drawdown figures, and understanding the difference matters.

Balance drawdown: 8.08% — this measures only closed losing trades. At its worst point, the account dropped 8.08% from peak to trough in realized losses.

Equity drawdown: 15.05% — this includes unrealized (floating) losses from open trades. During the worst moment, open positions were down 15.05% from peak equity before recovering.

The gap between these two numbers tells you the EA sometimes holds trades through significant floating drawdown before they close profitably. This is consistent with its 2-hour average holding time and adaptive exit logic — the system gives trades room to work rather than cutting them at the first sign of adversity.

The max deposit load of just 10.50% is excellent. This means the EA is never using more than about 10% of available margin, keeping substantial buffer against adverse moves. Combined with the one-position-at-a-time approach, overall risk exposure stays controlled.

Why Backtests Don’t Tell the Full Story

The developer is unusually upfront about this limitation, and it’s worth highlighting because many traders evaluate EAs primarily through backtest results.

Goldwave relies on WebRequest for news filtering and adaptive logic — features that cannot be tested in the Strategy Tester. This means backtest results will differ from live trading behavior and should not be your primary evaluation reference. The developer himself states: when backtests look “perfectly identical” to live results, that often deserves extra caution.

Instead, evaluate Goldwave based on its 37-week verified live signal on IC Markets. This signal runs on a real account with real money, real spreads, and real execution — the only conditions that actually matter for a trading system.

What Real Buyers Are Saying

Goldwave has 22 reviews on MQL5 with a 4.76-star rating. For an EA published just two months ago, that’s an exceptional review velocity. Here’s a selection:

⭐⭐⭐⭐⭐ Avinash Reddy Kummetha: Called it the “best EA in the Market” and praised the drawdown control after 3 weeks of use. Noted fast developer support when fixes or changes were needed.

⭐⭐⭐⭐⭐ Mohsen Moshiri: Purchased because of the real live test and strong support. Reported it had been closing only take-profits for a full month. Praised the developer’s efforts.

⭐⭐⭐⭐⭐ Ferran Lopez Navarro: Provided a detailed technical review noting the EA’s focus on “trend quality and strict risk control rather than aggressive growth.” Highlighted the developer’s emphasis on live results over backtests.

⭐⭐⭐⭐⭐ Alireza Kalamati: Used the signal for two months before purchasing. Praised the seller’s professional treatment and noted everything had been “great” since buying.

⭐⭐⭐⭐⭐ kazuto19851126: Reported 3 consecutive wins immediately after setup. Highlighted the 97% win rate and low stress from the short 2-hour holding time.

No negative reviews exist at this time. The 105 comments section shows active developer engagement — Zhong responds to every buyer with manual and setup files via private message.

How to Get Goldwave EA MT5

Feature	CheaperForex	MQL5 Direct
Price	$299.95	$599
Official MQL5 Product	✅ Yes — same activation	✅ Yes
Future Updates	✅ Included (download in MT5)	✅ Included
Refund Policy	✅ Full refund before activation	Store credit only
Crypto Discount	✅ Extra 20% off	❌ Not available
Installation Help	✅ Free remote setup	Self-install only
Payment Options	Cards, Apple Pay, Crypto	Cards only
Hardware Activations	1 (up to 10 MT5 accounts)	10 activations
Rental Option	❌ Lifetime only	$199/month available

⚠️ Beware of pirate sites offering “free downloads” or “group buys” of Goldwave EA. MQL5 marketplace EAs cannot be cracked — they require official activation through MetaQuotes’ servers. Any site offering a downloadable .ex5 file is selling you a fake or malware. Legitimate sellers activate the EA directly into your MT5 terminal.

Step-by-Step Setup Guide

Step 1: Prepare your broker account. Open a live or demo account with an ECN/RAW spread broker. IC Markets is used on the signal. Ensure leverage of at least 1:100 (1:500 is used on the signal). Minimum recommended deposit: $500.

Step 2: Add XAUUSD to Market Watch. In MT5, open the Market Watch panel (Ctrl+M) and ensure XAUUSD (Gold) is visible. Right-click → Symbols → search for XAUUSD and add it if needed.

Step 3: Activate the EA. If purchasing through CheaperForex, the team will remotely activate the EA on your MT5 terminal (takes about 2 minutes). If buying direct from MQL5, it activates automatically through the marketplace.

Step 4: Open an M1 chart for XAUUSD. Although the EA analyzes higher timeframes internally (M15 to H4), the developer recommends attaching it to a 1-minute (M1) chart for faster signal detection and more precise execution.

Step 5: Enable WebRequest. Go to Tools → Options → Expert Advisors → check “Allow WebRequest for listed URLs.” Add the URLs provided in the developer’s user manual. This enables the news filter — without it, the EA will trade during high-impact news events.

Step 6: Configure settings and enable Auto Trading. Load the recommended .set file from the developer (sent via private message after purchase). Click the Auto Trading button to enable it. Consider running on a VPS for 24/5 uninterrupted operation.

Pros and Cons

Pros:

✅ 414% verified live growth over 37 weeks on IC Markets
✅ 97.48% win rate with only 4 losses out of 159 trades
✅ 12.37 profit factor — exceptional for live trading
✅ No grid, no martingale, no averaging — one position at a time
✅ Built-in news filter via WebRequest
✅ Prop Firm Rule Filter added in v1.80 (February 2026)
✅ 22 five-star reviews in just 2 months since launch
✅ Developer responds to every buyer with manual and settings
✅ Works on both MT4 and MT5
✅ Active development — already at v1.90 with frequent updates

Cons:

❌ Very low trading frequency — only 2 trades per week average
❌ Small starting account ($50 signal) makes percentage growth look more dramatic
❌ Equity drawdown (15%) is nearly double the balance drawdown (8%)
❌ WebRequest required — won’t work on all VPS setups without configuration
❌ Backtests unreliable — no way to verify strategy historically
❌ Only trades XAUUSD — no diversification across pairs
❌ Price increases planned — developer targets $1,899 final price
❌ Relatively new (published December 2025) — limited long-term track record

Who Should Buy This EA?

Goldwave is ideal for:

Traders who prioritize capital protection and risk control over aggressive returns. Those who can accept periods of waiting — this EA may go days without opening a trade. Gold (XAUUSD) specialists looking for a disciplined automated approach. Prop firm traders who need controlled drawdown (prop firm filter now included). Anyone who values verified live results over polished backtests.

Goldwave is NOT for:

Traders who want daily action and constant trading. Anyone expecting overnight wealth or account doubling in weeks. Traders who can’t tolerate any floating drawdown. People who evaluate EAs solely through backtests — this one intentionally doesn’t optimize for backtests. Traders looking for multi-pair diversification from a single EA.

Frequently Asked Questions

Can I download Goldwave EA MT5 for free?

No. Any website offering a “free download” of Goldwave EA is either distributing malware or a non-functional file. MQL5 marketplace EAs require official activation through MetaQuotes servers — they cannot be cracked or pirated. The only legitimate way to get Goldwave is through the MQL5 Marketplace at $599 or through CheaperForex at $299.95 with the same official activation.

Is CheaperForex a legitimate seller?

Yes. CheaperForex has been operating since 2019 with over 28,000 customers and maintains a 4.5-star “Excellent” rating on Trustpilot with 116+ verified reviews. The EA is activated directly from the MQL5 marketplace into your MT5 terminal — same product, same updates, same functionality as buying at full price. The company offers a full refund before activation.

Does Goldwave EA use grid or martingale?

No. Goldwave explicitly avoids all high-risk trading methods. The EA opens only one position at a time, each with a defined stop loss. There is no lot size multiplication after losses, no position pyramiding, and no averaging down. Every trade is an independent decision.

Why does Goldwave trade so infrequently?

By design. The EA averages only 2 trades per week because it applies strict filters before entering the market. It evaluates trend structure across multiple timeframes, checks volatility conditions, and avoids news events. When conditions don’t meet its criteria, it simply waits. This disciplined restraint is what produces the 97%+ win rate.

Can I use Goldwave EA on a prop firm account?

Yes. Version 1.80 (released February 2026) added a dedicated Prop Firm Rule Filter specifically designed for funded account compliance. The EA’s low-frequency approach, controlled drawdown, and one-position-at-a-time structure are well-suited for prop firm challenges with strict risk limits.

What broker should I use with Goldwave EA?

The live signal runs on IC Markets (ECN/RAW spread account) with 1:500 leverage. The developer recommends any reputable ECN or RAW spread broker for optimal execution. Low spreads on XAUUSD are important since Gold has naturally wider spreads than forex pairs.

Why can’t I trust the backtest results?

Because Goldwave uses WebRequest for its news filter and certain adaptive logic features, which the MT5 Strategy Tester doesn’t support. This means backtests run without these critical components, producing results that don’t reflect actual trading behavior. The developer explicitly directs buyers to evaluate the live signal instead.

Disclaimer: Trading involves significant risk. Past performance does not guarantee future results. The signal data presented reflects verified historical results and may not continue. Always test on a demo account before trading with real funds. CheaperForex is an authorized reseller of MQL5 marketplace products.