Shark is a relatively new Expert Advisor or automated software designed for the MetaTrader 4 platform. It is published on the MQL5 market by Yongzhi Wu from China on 10th December 2019. It has not received any updates yet and is not popular on the scene. Based on the somewhat roughly described Overview page, this EA is a scalper operating on specific currency pairs and timeframes. Even though scalper EAs are popular, this one missed its chance for various reasons. Notably, the developer has only published this product on the market that currently has no success. However, traders will not know how this EA is performing until they test it.
Overview
No specifics are given on the overview page, therefore we can only guess what kind of logic is behind this EA, let alone what indicators. Shark is measuring volatility on the market and seeks to open trades in volatile moments where there is a momentum. Most scalpers will avoid such an environment and choose only night time trading sessions for example. Shark does not use price action or reversal indicators, which also deviates from the classic scalper EA strategy. Using the direction and momentum, the EA aims to gain quick profitable trades and exits once the momentum indicator or indicators sense the momentum loss. According to the authors, this time is from5 seconds to 5 minutes. Note that some brokers will not allow trading in such duration, although they are not competitive. The developer mentions probabilities calculation and that they factor in, but nothing specific. Most of the content is ambiguous.
Recommended currency pairs for the Shark are EUR/USD, GBP/USD, and USD/JPY on the M5 timeframe. The features list is not very well presented, most of the statements are confusing such as “Trading results are visible” or “Suitable for a rapid deposit boost”. These statements are not attractive to anyone on the MQL5 market. Risk Management is present though, which can be seen from the EA settings list also. Note that the EA is using cost averaging strategy, which is considered risky.
Shark performance results are published on the MQL5 stats page. Interestingly the EA has more losing trades – 54.3% but the growth curve is impressive. This means Risk Management is well developed, Maximum Drawdown is 25.4%. From another angle, the trade average profit is $3 533.20 while the average loss is $-1 745.61. The maximum consecutive losses are 25 against 14 profitable ones, but the best consecutive profit is $155 725.10 against $ -99 157.18 loss. The most traded currency pair is the USD/JPY with 3767 trade and the EUR/USD is the second with 470 trades. GBP/USD and others have a marginal number of trades. The trading history is not concealed so you can see a complete history. Note that the account with the above statistics is a demo on Tickmill broker.
Service Cost
A demo version is available and has been downloaded just 48 times. This is a very low number and confirms the market has no interest. One of the reasons is probably the price of $480 with 5 activations. There are no options to rent Shark EA.
Conclusion
Shark is using a Stop Loss order on every trade, but we are unable to understand the exact logic where it is placed except when the fixed amount is set. In the setting panel, you will have the option to change the Magic Number, Stop Loss in pips, minimum and maximum lots for the averaging, Risk percentage, Fixed lots option, and whether to use dynamic Money Management or a fixed lot size. This dynamic Management just increases the trades the balance goes up, it is not volatility based.
Shark EA is a specific averaging strategy EA without enough valid performance data. As for the rating, only one exists in the signal service page coming from this EA with one star. On the actual product page, there are no comments or reviews. Traders simply see Shark as another Martingale averaging EA with promises and ambiguous descriptions to the point it is not even worth testing a demo. Still, since the signal is still open and trading, you may try to see if there is any value to it.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/44315
