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FX Multi Recovery EA Review

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FX Multi Recovery can be found within the MQL5 marketplace under the heading of Experts, it was uploaded to the marketplace by Keisuke Tsutsui, it was uploaded on the 15th of March 2020, it has had a couple of updates, the most recent update was on the 10th of April 2020 and it is currently at version 1.21.

Overview

FX Multi Recovery is an expert advisor that as created to be used with the MetaTrader 4 trading platform, its main purpose is to act as a recovery system for when a trade goes in the wrong directions.

This sounds fantastic, but then within the first sentence of the description it has been described as a standard martingale system, this is something that you should be very cautious of, the martingale system is a system that can cause a lot of drawdowns. When the markets go against you with a trade of 0.01 lots, the EA will then open up another trade going in the same direction at 0.2 lots, if the markets continue to move against you a thrid trade the size of 0.3 lots will open and this will continue until their the markets reverse, or your account blows, it is a very risky strategy and one that many would advise you to avoid.

There are two different martingale modes that come with the EA, the first is a method that looks at the last two trades, it will close out the last two trades rather than the whole lot, the aim of this is to gradually reduce the lot sizes used as the markets come in. The second method is a loss cut mode, this is where the maximum number of trades have been reached if it continues the wrong way, the last trade is closed a new one is opened at the same lot size.

There are some additional functions and parameters that come with the EA, these include magic numbers along with filters for them, min distance of steps, the recovery strength, maximum number of orders, and more.

Service Cost

The FX Multi Recovery EA can be purchased from the marketplace for a one-time payment of $100, this gets you up to 10 activations of the software and with no other limitations If you would prefer, there is also the option to rent the EA, this can be done on a monthly basis which will cost $10 per month or for three months it will cost $30. A free demo version is available to try out, this is limited to only being usable with the strategy tester within the MT4 platform and cannot be tested on live accounts.

Conclusion

The EA does not have any reviews or ratings from its users at the time of us writing, so we do not know whether other sare finding it useful or not. There is one comment but it is from the developer offering some recommended settings, so while we do not know the quality of support that will be on offer, we do at least know what they are still actively supporting the EA.

This Forex Indicator is currently available in the MQL5 marketplace: https://www.mql5.com/en/market/product/47288

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