Monkey Trader Pro was developed by Michela Russo and was uploaded to he Experts section of the MQL5 marketplace on the 4th of March 2020, it was updated on the 28th of March 2020 and is currently at version 1.5 of the software.
Overview
Monkey Trader Pro is an expert advisor that works with the MetaTrader 4 trading platform, its main purpose is to act as a trend following system that mainly trades during the Asian and New York trading sessions. The EA has been tested for a period of 16 years and has passed as being profitable every year with very good profit to drawdown ratios.
The EA is designed to analyze the markets without using any of the obsolete indicators and patterns, it will look for the main trend in the markets and will then enter the markets based on the market volatility and it will also use an artificial intelligence algorithm to predict the future market trends.
It is recommended to use the EA on the UREUSD currency pair and on the M1 timeframe, it is not recommended that you use it on other currency pairs or timeframes as this has not been optimized or fully tested on other settings. It is also recommended to use a VPS, a low spread account such as ECN or STP, and to have an account balance of at least $2000.
The description does not actually tell us how the Ea trades, which strategies it actually sues apart from the fact that it follows trends which is a shame as it is important to know exactly how it will work.
There are a lot of settings and parameters that come with the EA, these can be altered to suit your own requirements. Some of the options include the lot sizes to use, the risk amount, auto lot settings, the parabolic Sar settings, which days to trade on, the maximum number of orders, maximum spread and slippage as well as many more options to alter.
Service Cost
The Monkey Trader Pro EA can be purchased with a one-time payment of $125 which will get you 5 activations of the EA and no other limitations. There are also rental options available, the first is on a monthly basis which will cost you $85 per month, the other option is to rent it for one year, this will cost you $110. A free demo version is also available and can be downloaded directly to the MT4 platform, this can only be used with the strategy tester within the platform and unfortunately. can not be used on a live account.
Conclusion
There are currently six reviews for the EA which have provided it with an overall rating of 4.5 out of 5.
“Running still waiting on results but not bad so far, ute blew account twice with authors EA” – A 1-star review.
“I never write any review without more than 1 month’s test. However, Michela is special. Just contact him, then you will find what are you finding.“ – A 5-star review.
“Good seller honest loyal” – A 5-star review.
So the majority of the reviews are positive, even the 1-star review is actually saying that the EA is ok, they are mainly commenting on the authors’ previous EAs. There are two comments that the developer has replied to very promptly which is a good sign that they are there to support those that have purchased or rented the EA. If in doubt, you should contact the developer yourself with any questions that you may have before you make a purchase or a rental.
This Forex Indicator is currently available in the MQL5 marketplace: https://www.mql5.com/en/market/product/46943
