Tag: Expert Advisor Review

RSI EA (Relative Strength Index) Review

Post author By Forex Academy
Post date 22 March, 2021
No Comments on RSI EA (Relative Strength Index) Review

The RSI EA (Relative Strength Index) is an expert advisor that can be found on QUIVOfx. On that site, traders will find quite a variety of expert advisors and indicators. For today though, we’ll focus solely on their RSI EA and its features and performance. Overview The way the system works is by finding both […]

Overview

The way the system works is by finding both entry and exit positions. It finds the entry-level by looking at the RSI level breaks if it goes into the oversold or overbought levels it may open a trade. In order to exit the trades, when the RSI level gets into a specific level.

The expert advisor is designed to be used on the MetaTrader 4 trading platform and there are three different versions available, the Basic, Advanced, and Pro account. The different versions come with different features, the higher the version the more features you will get.

All three versions come with money management, the ability to trade on new bars, an inverse strategy, and 2 different entry strategies.

The advanced version also comes with trailing stops, a break-even system, a spread filter, an MA trend filter, exit strategies, and the ability to trade just once per bar.

The Pro version comes with all the same features as well as a martingale system, candle trail, ATR tail, day/time filters, reverse on an opposite signal, and a trade direction feature.

There aren’t any examples of potential profits created by this expert advisor.

Service Cost

The basic version of this expert advisor is free, the Advanced level has a cost of CHF 29.90 while the Pro account has a cost of CHF 39.90. The Basic version can be used as a demo version of the expert advisor.

Conclusion

There are 170 ratings given to this expert advisor, at the moment its overall rating is 3.6/5, this isn’t a terrible score for having 170 ratings, however, it does show that it most likely does not work for anyone. There aren’t any actual written reviews about this expert advisor that we could find. The expert advisor is very basic and only looks at a single aspect of trading, however, there are plenty of options on the more advanced versions.

Tags EA Review, Expert Advisor Review, RSI EA Relative Strength Index Review, RSI Expert Advisor

Forex Service Review

Steady Scalper EA Review

Steady Scalper can be found on the MQL5 marketplace under the Experts heading, it was first uploaded to the marketplace on the 10th of March 2020 by its creator Shi Yanlin, it has received a few different updates, the most recent of the updates was on the 7th of April 2020 which brought the software […]

Overview

Steady Scalper is an expert advisor for the MetaTrader 4 platform, the EA was created using a high win ratio and steady trading strategies. The EA does not use more risky strategies such as martingale or grids. It instead uses four different trading strategies that are designed to look at the daily trends. They all look at the daily pivot points, resistance, and support levels, and will open up trades based on high-frequency RSI information. The four methods of looking for trades are:

Use daily high and low prices;
Use daily open, high, and low prices;
Use daily open and current prices; and
Use daily high, low, and current prices.

The EA will only open one trade per direction which helps to reduce the amount of drawdown that the EA could generate, it will also not trade very often, it is estimated that the EA may trade just 5 to 8 times per month to try and maintain steady growth to your account.

The trades are mainly opened during the quiet times in the markets such as during a daily rollover, this makes the EA workable on computers and connections with higher pings. The take profit levels are small so an account with low spreads is highly recommended, leverage depends on your own tasks but as low as 1:30 is still sufficient for traders using $100 per 0.01 lots.

The EA has been optimized to work on the GBPUSD currency pair and on the M1 timeframe, while it can work on other currency pairs, it will not be as effective and the risk management may not work as well.

There are also a number of parameters that come with EA, these can be changed to slightly alter the functionality of the expert advisor. Some of them include the money management settings, the lot size to use, the RSI calculation settings, stop loss levels, take profit levels, days to trade, comments, magic numbers, and more.

There is a signal available that gives us a little idea about how the EA is performing, it has traded 24 times and has a ratio of 100% profitable trades making 29% account growth, these are very positive numbers, however, the account is very small so the actual capital growth is low.

Service Cost

Steady Scalper can be purchased from the marketplace with a single payment of $99, this comes with 5 activations and no other sort of limitations. There is also the option to rent the EA, this will cost you $30 per month, or for three months it will cost $59 and for six months it will cost $79, these rentals also come with up to 5 activations of the software. There is also a free demo version, this can only be used with the strategy tester within MT4 and not on live accounts so it is quite limited in its functions.

Conclusion

Steady Scalper had two reviews at the time of writing which had given it an overall rating of 5 out of 5.

“Precise and steady entries, so far…” – A 5-star review.

So both the reviews are very positive, there are two comments in the comment section, 9 are from the developer giving promotions or settings updates, the one comment from a customer was quickly responded to, all the updates and the response shows that the developer is keen to actively support the EA which is a great thing to see and it gives you confidence that if you require support, you would get it.

Tags Expert Advisor Review, Steady Scalper EA, Steady Scalper EA Review

Forex Service Review

PZ Trade Pad Visual Expert Advisor Review

Post author By Forex Academy
Post date 4 January, 2021
No Comments on PZ Trade Pad Visual Expert Advisor Review

PZ Trade Pad EA is an automated system created in December 2016 by Arturo López Pérez. Arturo López Pérez is a private investor and speculator, software engineer, and founder of Point Zero Trading Solutions. This simple expert visual consultant allows you to trade from the chart easily. Manage risk management for you and can perform […]

Overview

The main features of the PZ Trade Pad EA are:

Trade easily from the chart.
Trading with accurate risk management without problems.
Determine your desired stop loss and take advantage of profit levels.
Close all existing operations with one click.
Remove all pending orders with one click.
Reap partial benefits with one click.

The input parameters of this EA are:

Lot size: Write the lot size or risk per operation you want to take.
Fixed Lot: The EA will negotiate its manual lot size
% of equity: Will calculate the lot size to risk a given percentage of the free margin.
Stoploss: Stop-loss in pips for your operations.
Takeprofit: Take-profit pips for your operations.

Please note that EA will carry out risk management using the free margin, not equity or balance.

Available actions:

Purchase: Will carry out risk management for this trade, and buy on the market.
Sell: The EA will carry out risk management for this trade and sell on the market.
Remove all pending commands: Will remove all pending commands from the table.
About 50% of the volume: Will close 50% of the operations currently at a profit.
Close all operations now: The EA will close all transactions on the graph.
Note that about 50% of the volume will ignore operations currently at a loss.
All actions will ignore operations performed by other EAs.

Service Cost

If you want to buy this EA, you’ll be pleased because PZ Trade Pad is a free EA and is available on the MQL market for download. It is not known if this service will remain free, so if you are interested in testing or using it, download it as soon as possible.

Conclusion

In short, we are talking about a complete EA, but at the same time, one that is easy to use, and that can be convenient for all types of traders. As we have mentioned in other reviews, it is convenient to complement the EAs and to have at least 2 or 3 operating at the same time, in order to trade with different assets, and in different time frames. This practice will make our risk more diversified and we can obtain, a priori, better results.

Despite being a product that has been on the market for several years, we have not found many opinions from users who have tried this EA and can guide us about its usefulness. There are positive and negative comments, but they are very few and we believe that we should not take them into account. What we can do is test this EA to see how it works and see if we can add it to our trading.

Tags Expert Advisor Review, PZ Trade Pad EA, PZ Trade Pad EA Review

Forex Service Review

True Range Expert Advisor Review

Post author By Forex Academy
Post date 4 December, 2020
No Comments on True Range Expert Advisor Review

True Range is an expert advisor that can be found within the MQL5 marketplace. The expert advisor was first uploaded on the 5th of May 2019 by Smart Forex Lab, it has had a few updates, the most recent was on the 6th of December 2019 and this update brought it up to version 2.10. […]

Overview

True Range is an expert advisor that was created to be used with MetaTrader 4. The expert advisor was designed to give accurate night scalping using a smart grid system for the double protection of your account.

The main features of the expert advisor:

Accurate night scalping & smart grid system
Stoploss for every position
100% automated daily trades
Spread control
Overlap & Auto lot system
Various progression types (off/arithmetic/geometric)
DDStop – loss control system

The recommended settings for True Range:

ECN account 1:400+
Fast VPS
Timeframes: EURUSD M5
Min Deposit: $300-500/0.01l

There are also a bunch of parameters available to alter, some of them include the maximum spread, max lot sizes, first lot size, auto lot sizes, grid sizes, take profit levels, stop loss levels, colors, and many more options are also available.

Service Cost

True Range can currently be purchased for $195, this version will offer you unlimited access without any limitations. If you do not wish to purchase it outright there is also the option to rent it, you can rent it on a monthly basis which will cost you $50 per month, for a three month period it will cost you $100 and for six months it will cost you $150.

There is a free demo version available however this version will have some limitations, sadly, there isn’t any information available regarding the free version such as what the limitations are, whatever they may be, we would still recommend downloading it to try out.

Conclusion

True Range currently has been rated 4 out of 5 from the 9 reviews that are present.

“Works much better than 99% of much more expensive EAs! This EA is working well on Demo, and Live is showing promise too! Truly, the developer is making money from trading and not from selling! Definitely worth more than 5 Stars!” – A 5-star review.

“Nice EA. Great support from the developer. I would give it 10 stars if I could!” – A 5-star review.

“Good in demo! Update 11/2/2020 It is not recommended to use real accounts” – A 2-star review.

There is a mix of positive and negative reviews, the negatives aren’t really giving too much information as to why it is bad. There are plenty of comments for True Range, the developer has been replying to them in a prompt manner which has given a great impression of the customer support that he is providing. We would recommend that you try the free version. You should also send the developer any queries that you have, just so you can be sure that it is right for you and will do what you need it to before you make a purchase or rental of the expert advisor.

Tags Expert Advisor Review, True Range EA, True Range EA Review

Forex Service Review

Universal Premium Expert Advisor Review

Post author By Forex Academy
Post date 22 November, 2020
No Comments on Universal Premium Expert Advisor Review

Universal Premium Expert Advisor is the premium version of Universal Expert Advisor, with both products being created by an undisclosed individual or company. The EA offers fully automated trading that is designed to bring in a hefty profit for any trader that uses it. Overview Universal Premium EA is a beginner-friendly trading robot that offers […]

Overview

Universal Premium EA is a beginner-friendly trading robot that offers simple drag and drop installation, along with preset settings that don’t have to be tampered with. The EA continuously looks for trades both day and night while employing protective stops to manage risk. Universal Premium EA can be used with all currency pairs and it is compatible with the ever-famous MetaTrader 4 platform, which is available through most brokers. Here are a few more of the EA’s features in a nutshell:

Works with all currency pairs
Compatible with the popular MT4 platform
Uses protective stops to secure profits
Works with micro, mini, and standard size lots
Automated stop loss and take profit

If you take a look at screenshots provided by the developer, you’ll see a high profitability (around 90% or higher) with a monthly gain of 83.71% for one of the months when the EA was tested. If you take a look at the non-premium version, you’ll see a much higher gain of 7000% over a 9-month period of time, which suggests that this version has not had time to become as established as the older EA, or that the developer simply didn’t take the time to provide as much proof.

Service Cost

Universal Premium Expert Advisor is surprisingly available for €300 (roughly $354 USD), making it the same price as the non-premium version. Free customer support is also available to any customer that purchases this product. It seems as though this version works with all currency pairs and lot sizes, while the other version may or may not. However, it isn’t clear as to why the cost is the same for both, as the developer doesn’t paint a clear picture of the differences.

Conclusion

Universal Premium Expert Advisor is advertised to have secured more than 7000% in profits in a 9-month period of time. The software is ideal for beginners, as it requires a slim $300 deposit, costs $300, and is fully automated with preset settings and easy installation. The advisor works with every currency pair and uses risk-management precautions, including protective stops and take profit levels to protect your profits. On the downside, user reviews aren’t available online, meaning you’ll have to go by the developer’s screenshots and trust those accounts of the product’s success. Despite the lack of reviews online, the developer does provide a decent amount of history and proof to back up this EA, but it would be nice to see results from a longer period of time.

Tags Expert Advisor Review, Forex EA, Forex EA Review

Forex Service Review

Simple Trades EA Review

Simple Trades EA is a robot created in April 2020 by developer Oluremi Oluyale, which premieres in the MQL market with the offer of this automated system. Simple Trades EA scalps with intraday price movements. Time frame: The time frame to which this EA is set is irrelevant. It takes its calculations from three different […]

Time frame: The time frame to which this EA is set is irrelevant. It takes its calculations from three different time frames.

It can operate on any financial instrument, be it Forex, commodities, indices, or stocks.

Performance: This EA is a great tool for scalping in short and medium price directions. A position can remain open for 1-5 days.

Main parameters of Simple Trades EA:

Start Hr: Time of day you want EA to start exploring the market for trading opportunities.
Final hr: Time of day when you want EA to stop exploring the market for trading opportunities.

This EA can be configured to open new positions available only at certain times. To do EA trading for the whole day, set ‘Begin Hr’ to 0 and ‘End Hr’ to 23. The operations management side of the EA is not affected by this configuration.

Account type: “Standard account= true” is the default value. If we put it in false, this will mean mini = true account.

Lot size: Set lot size manually or default (0.0) for an optimized lot size. For a free margin of 1000 USD, the optimized lot size will start trading at 0.05 lots, which is 50 cents for each pip (for a standard account) if the Mm level is set by default. Optimized Lot size can be activated only if your available margin is less than 100 USD. For mini accounts, the optimized lot size will work if the free margin is not less than 20 USD. Otherwise, you have to enter your lot size manually.

Stop loss: The Stop loss is automatically calculated to be set to 10 pips + above the height of the last daily candle closed in a retail store and 10 pips below the low of the newly closed daily candle in a retail store. You can increase the default 10 pips, but it is not advisable to decrease them. For spot metals and other off-currency instruments, Stop loss must be increased considerably. i.e. for oil, Stop loss must be minimum: 20.

Take profit: Increase or decrease in take profit. EA also has a logic that closes operations when the bear/bull force is investing. Trade can close without touching the Stoploss.

Max open trades: Set the maximum number of open trades you want to allow in your account.

Mm level: This means “Money Management Level”. This option works for Optimized Lot size. The default is 200. If it increases, the optimized Lot size will decrease, but if it decreases, the optimized Lot size will increase.

In conclusion, we are talking about a scalper system that seems quite simple to operate. The creator provides some screenshots of the positive performance of this system. For example, in a simulation from 1 January 2020 to 30 March 2020, with a deposit of 1000 USD the yield was 607.79 USD, a 60.8% return in just 3 months. This performance is really good indeed.

We always recommend that to trade with an EA it is very convenient to use a VPS or virtual server, and if this tool is not available we will have to leave our computer on 24/7. It is also important to have an ECN account in a reliable broker with low latency so that our transactions run in the shortest time possible.

Because this tool has been on the market for a very short time, there are no user opinions that can tell us how your experience has been using this EA, so we recommend that you download the free demo version to check the operation of this robot and verify that the results are as good as it assures.

You can purchase this EA on the MQL market at a price of USD 500, and additionally, you have the option to rent it for a price of USD 30 for a month and USD 80 for 3 months.

Tags Expert Advisor Review, Forex EA, Simple Trades EA