Home Forex Service Review Greed GvGold MT4 EA Review

Greed GvGold MT4 EA Review


Judging by the provided video presentation on the Overview page of Greed GvGold for MT4 platform, this is a grid-like channel breakout strategy used with mixed performance results. Its first appearance was on the MQL5 marketplace in late March 2020, without much attention from the users. A couple of weeks later, it has been updated to version 2.1 introducing new features that dramatically change the final results from backtesting. It looks like the product was released in an incomplete stage or still in the testing.


Additions are made to the default settings for major assets, more settings options, optimizations for grid scalping, additional Stop Loss methods, and introducing trend channeling based on which one-directional trading is defined. The developer is presenting the EA with a clear description of the trading methods, recommendations, and 25-minute video with the testing procedure in the MT4 Strategy Tester. This developer, Dmitriy Kavtaskin from Ukraine, is new to the scene, with only this EA released on the MQL5 market and evident lack of experience in trading and coding. Another interesting fact is the extreme price for what seems to be an unfinished product.

Greed GvGold MT4 is universal, can be applied to any assets as it uses calculations based on the ATR indicator. Two trades are made based on the ATR value, on the upper and lower level. Take Profit is set also using the ATR. Once the Take Profit is hit, another trade is placed in the trend direction until a defined number of trades. Another cycle starts once all trades are executed, a new batch will close the trades and start again by opening two new positions.

This strategy can also be described as averaging since the trades on the opposite side are not closed but left open, they are just not scaled in as the first trade direction. Grid is also set just defined on the ATR levels, not the classical Fibonacci. All this combined pose a high risk for a trader, especially when no safety measures are taken in. Stop Loss is also set by the ATR indicator but it is too deep by default settings. According to the signal statistics of this EA on the MQL5, the drawdown is an extreme 54.7%, causing the signal to be denied from the subscription service.

The author goes on with a recommendation about the lot allocation. 0.01 lots per every $300 of balance where the projected drawdown is 30-40%. This is also too much to be considered for live trading, confirming the EA is still not a finished product. The video shows the account went out of money as a losing side is not closed for a long time, waiting for a correction. This is then alleviated by introducing the channel in the next EA update, so only one-directional trades are opened, following the trend. All this makes the whole product and presentation unconvincing.

It the settings range you will be able to set a few key parameters related to trading. Fixed parameters can be set if desired but the EA will use the ATR volatility measures for calculation. The Max Orders defines the maximum number of trades we have mentioned in the trading method, while TP pips and SL pips define the Stop Loss and Take Profit distance if you want them to be fixed, not according to the ATR indicator values. Distance Pending is also the parameter if you want fixed trading and will set the distance between the pending orders in pips. ATR indicator implemented in the EA can be customized in a few aspects, and these only work if you disable the fixed parameters setting. ATR period, ATR factors for the Stop Loss and Take Profit, and the ATR distance factor between the orders.

Service Price

The price for the Greed GvGold MT4 EA is no less than $777. This extreme price has no justification, it is not from a reputable developer, EA does not have promising results structure, uses a risky methodology, and it seems still in the testing phase. However, if you want to rent it, the price for 3 months is $145, for 6 $250, and one year $444. A demo offered is downloaded only 18 times, there are no reviews or user comments to date, still, there is enough time to update the EA with more safety measures or methods, and have a better presentation of its abilities.


The signal statistics aside from the extreme drawdown show interesting results for a few days it is recorded. Out of 47 trades, 41 was profitable (87.23%). The EA has an average loss of 32.83 and the average win of 34.33 making the longest winning streak of 17 trades and just 2 losing. Generally, winning trades are not lower by volume than the losing ones, making the monthly average gain of 48.96%. The average trade holding time is 2 days, meaning the EA is not for impatient ones. Note that this is all based on a very short time sample and the stats are not reliable yet.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/47719


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