Home Forex Service Review Analyst Bot Expert Advisor Review

Analyst Bot Expert Advisor Review

77
0

Analyst Bot is found on the MQL5 marketplace under the Experts sub-heading, it was created by Ivan Simonika and was uploaded to the marketplace on the 16th of March 2020, it was uploaded as version 1.0 and has not received any updates so it is still at version 1.0.

Overview

Analyst Bot is an expert advisor that was created for the MetaTrader 4 platform, the EA was created to use a number of moving averages indicators to try and search for the signals to enter the markets. It is a fully automated EA so there is no need for any manual actions once it is set up and running. The EA will look at the historical gaps between the year 2000 to 2019. The EA is different from many EAs as it can trade both buys and sells at the same time rather than just a single direction that many EAs do, this allows the EA to perform better than many others as it can take far more opportunities in the markets.

There are a number of different parameters and settings available that you can adjust, these will alter the way that the EA functions so it can better suit your requirements and it is also a way to either increase or reduces the risk that you are taking. Some of the options available include the risk to take, this is things like the starting lot sizes, and maximum sizes allowed, there is a standard risk, medium risk, and high risk and critical risk available.

There are also additional options available which include the lot sizes, maximum number of open trades, the starting lot size, the amount of volume to add for each subsequent trade, the amount of the account to risk, take profit options, stop loss options, the grid step to take, magic numbers, comments and more.

Looking through the options available, it looks like the Ea uses a grid-based system that can be quite dangerous to use, the grid-based system will open up a trade, if the markets move against the trade, it will open up another trade wither of the same size or at a larger lot size, it will then continue to do that in the hope that the markets reverse, if they do not, the drawdown will continue to grow exponentially until the account blows, it is a dangerous strategy to take and for it to be successful you will need a very large account, so take caution when setting git up.

Service Cost

The Analyst Bot Ea can be purchased from the marketplace for $127, this is a one-time payment that will get you up to 5 activations and no other limitations. Many EAs on the MQL5 marketplace can be rented but the developer has not given the option for the Analyst Bot so it can only be purchased outright. There is a free demo version available to download and try, but this can only be used with the strategy tester within the MetaTrader 4 platform and cannot be tested on a live account.

Conclusion

At the time of writing, there are no user reviews or comments, so it is hard to judge whether the EA is functioning as intended or whether it is profitable, the EA is relatively new at the time of writing so many may not have had the opportunity to test out the EA. Due to this, we would suggest that you try to contact the developer with any questions or queries that you may have. This is a way to ensure that the Ea works the way you need it to and that the developer will be around to offer you support should you need it.

This Forex service is currently available in the MQL5 marketplace: https://www.mql5.com/en/market/product/47329

LEAVE A REPLY

Please enter your comment!
Please enter your name here