Tag: Forex EA Review

20This is a MetaTrader 4 Expert Advisor that uses the popular “hamster” name commonly attributed to scapers working during night sessions or in very low volatility periods. The latest version is Version 9.0 updated on 9th June 2019, the first version was published in late 2017. Also, there is the MT5 version. Since then the EA received a few upgrades including the ATR filtering. The Author is a Russian named Ramil Minniakhmetov, he is the developer of 22 other products and 2 signals such as Rebate Robot, Brazil System, EA Black Star, or “TheFirst” signal service. Most of his work has above 4-star reviews on the MQL5 repository. His website is www.orangeforex.ru.

Overview

Hamster Scalping EA is fully automated and does not use the martingale strategy. Martingale is a known method of investment for many years and is allowed in casinos and other gambling institutions since it always ends with a loss. This type of EAs which use night time scalping is probably the most dominant on the market. Hamster Scalping is using two indicators, the RSI and the ATR. RSI is used to provide a signal on the 5M timeframe to which the EA is designed to and on the EUR/USD currency pair GMT+2. ATR is used to filter the signal if the volatility is too high. Since this kind of scalping is very sensitive and any bigger movements can throw off the indicators, ATR is one of the better indicators used for this purpose.

The development of this EA took almost 4 years, much longer than the typical night scalper. Hamster Scalping’s performance is variable but according to the author’s readings, it is highly profitable but with a high drawdown of more than 50%. This is typical for EAs that allow relatively high Stop Loss tolerance to close the trade in small profit after a rebound if it happens at all. It is not unusual to see two Stop Loss triggers to counter several weeks of profit trades.

General recommendations are $100 minimum deposit with an ECN broker with fast execution times and low spreads, up to 5 points. If you are using VPS, the latency must not be higher than 3ms. Brokers with 4 or 5 digit price quoting will work, settings value entry should be in points regardless. The EA allows for enough customization although tempering even in small amounts may result in a very different performance.

Hamster Scalping allows changing the periods for both ATR and RSI, signal levels, Autolot size calculation, Take Profit and Stop Loss levels, Virtual Stop Loss or Take Profit (it is not relayed to the broker server, it is internally set instead thus invisible for the broker), and almost every function of the EA is configurable. The EA also features the newsreader, that can be adjusted to filter trading for high, mid, and even low impact news. The news feed comes from the ec.forexprostools.com, so it is not the most popular news feed media. Some additional tweaking is required to set this in the EA settings. You can set to avoid Wednesday triple swaps, although some brokers have this on Fridays.

Hamster Scalping is a relatively simple EA with a good amount of testing behind it and is not abandoned by the devs in favor of new products. Most of the developers and companies decide to focus efforts on more complex EA after initial success and often leave some good EAs outdated and unreliable to new market conditions. It is a good sign to see this simple EA recently updated.

Service Cost

Hamster Scalping price is $99 to buy and $45 per month if you rent it. For this, you will have 5 activations. The demo is available. This price is not high but compared to other night time scalpers it is in the mid-range. Still, since it has a good amount of testing and is being updated, it is well worth the money, especially if the demo works for you.

Conclusion

The attention this EA has received is high. There are over 20,000 comments on it and over 500 user reviews. On average the score is 4.4 at the moment of this review which is very good, there is a good number of reviews so the rating is based on a large sample, confirming a solid user satisfaction. Although, on the side, some of the reviews could be based on short term EA usage, where bad trades did not yet happen. Some of the notable negative reviews are mentioning the high Stop Loss tolerance, for example:

“Too risky!! BIG STOP LOSS…small profits..no loss position management…It’s a lottery!”

Or a 4-star review from Dhruv Patel:

“A lot of people with 1 star review are correct with their experiences with this EA. However, this EA has a lot of potential. I have made modifications to the set and put external measures in place to avoid those disastrous trades that gave this EA 1 star and backtested for 9 years. It works like a charm! Money management is crucial with this EA. This EA does not manage the big losses well, thus human intervention is required.”

Our recommendation is to try the default settings on the demo account, both backtest and forward test. The price of $99 is probably low enough for this EA to repay itself a few times over.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/25853

FXCharger is an Expert Advisor (EA) for the MetaTrader 4 platform. It is on the scene since 2016 and is updated in 2019 to look more professionally. According to external sources, the company behind FXCharger also has other domains and products such as FXMower.com, ForexBringer.com, ForexSeven.com, and so on. Some of these brands are out of business. FXChrger has performance charts uploaded on myfxbook.com and some of them are verified. Note that this EA still does not have wide popularity and according to the charts has good performance.

Overview

FXCharger is a martingale EA at its base but includes adaptive Stop Loss and Take Profit levels according to market conditions. We believe this is based on volatility but it could be some other indicator values. There are two versions, FXCharger Basic and FXCharger Max. They are essentially the same EAs except the Max version is also applicable for the AUD/USD and EUR/GBP currency pairs, not only for the EUR/USD as the Basic version.

According to the developer, the EA is designed to have frequent trades, trades every day. This means the EA is also for the less patient, young traders that like to see results right away. The EA does not hold positions for long, it should end a trade in 1 to 4 days max. The EA setting allows the user to ser the maximum possible risk amount so every position has its limit to how much drawdown per position EA can tolerate. This function is more or less common with many EAs, although, for promotional reasons, the devs decided to state it as a special feature. Even if the EA is not connected to the market anymore for any reason, the Stop loss should be executed. This means the Stop Loss or Take Profit is set onto the broker server thus it is not invisible and acts like a normal Stop Loss set from the MT4.

Now, this setting could be crucial for martingale EAs. As with other martingales EAs, FXCharger has the same sudden drop patterns in the chart followed by gradual and smooth gains until the next drop and so on. Setting the low-risk tolerance could mean the trades will be closed before they can rebound to positives and Take Profit levels. As such, if this setting is not optimal, or better to say not by developer defaults, the EA performance could be very different.

On the website, there are 3 points where it is described (1) you will trade in profit thanks to smart Take Profit levels, (2) save deposit with smart Stop Loss, and (3) use reliable setting to get a stable profit. We cannot agree that even the best Take Profit leveling can make you profits but we agree that optimal Stop Loss protection can at least save you from complete account busting in a short time. FXCharger settings should not be tickled with is seems, as the devs have a refund policy in 30 days only if the EA is working by default settings.

Myfxbook performance charts show high levels or return. The EUR/USD pair shows gains of 1528.63% since Merch 2016. Three dips are evident, showing the Stop Loss in effect and according to our estimates, even after FXCharger made about 1400% gain, in May it dropped to 1100% from one Stop Loss trigger, 4 Stop Loss triggers in that month would almost bring the account to breakeven. Drawdown is increased to 29.46% in 2020 since the EA performed poorly in January and February piling the losses up to -15% per month. FXCharger average trade length is 5 days, a bit longer than advertised, won 60% of trades, winning 55.59 pips on average, and losing -79.86 pips. The Sharpe ratio is very low with this EA, a mere 0.01, meaning the returns do not compensate for the risk taken. The year 2016 and 217 were much better for this EA, none of the months ended negative and in 2018 19 and especially the beginning of 2020 is disappointing. Still, the EA has a total positive gain. The broker used for the testing is FXOpen.

The AUD/USD testing gained 580% since min 2018 and 14% on average per month. In contrary to the EUR/USD, the 2018 and 2019 year are all positive for FXCharger but seems to be off since July 2019. The trade success rate is 60%, the same as with the EUR/USD with a bit better Sharpe ratio of 0.04. The average win per trade is 54.57 pips and the average loss is -62.08 pips. The exposure is set to private. The drawdown presented on the website is an extreme 54.72%. The EUR/GBP pair performance chart and analysis is not published.

Service Cost

The FXCharger website will not disclose what indicators are used and the major content will be the statistics section. You will see multiple charts for the backtesting results for the EUR/USD, AUD/USD, and the EUR/GBP pair. FXCharger works on the 1-hour timeframe and has the normal and High Profitability modes.

The cost for the Basic version that works only on the EUR/USD is $385, which puts this EA in the mid to higher price range. For this price, you will get one license for any account, unlimited account online changes, and lifetime 24/7 support. A 30-day refund policy is valid if settings are not modified. FXCharger Max version is $495 which is regarded as expensive. The Max version has the same benefits but works with the other currency pairs mentioned. No demo is available.

Conclusion

In our opinion, this website does not give out enough information about this EA given the price range and does not mention the martingale strategy that is applied. Users report mixed results from major benchmark sites. Some of them state the refund policy is just a fake promotion:

“Fraud, a liar company. 5 days ago I bought it on the forexstore.com. Thither are written that 30 day warranty for the EA, I wrote that the robot did margin call on the demo account , he’s wrote this is not enough for a refund. I question what the warranty applies to??? If i could not give an asterisk. Nobody take the https://forexstore.com page for anything. Company fraud and criminals.”

Another seemingly unhappy reviewer wrote:

“Other reviewer is right that this company and other sites own by this EA developer are luring people in by fake 30 day money back guarantee. Run away.”

Others, however, say the support is responsive and that they have solid results. The final rating is mixed but not enough for anyone at this price for a martingale EA, especially concerning the extreme drawdowns and inconsistent results in 2020. Another concern is the undisclosed exposure and no performance since 2019 on the AUD/USD pair. Finally, we can only see backtesting results and no live results for the EUR/GBP. The website does not set strong selling points and even the 30-day return policy validity is arguable.

This Forex service can be found at the following web address: https://fxcharger.com/

Density Scalper is a very interesting scalping strategy Expert Advisor developed for the MetaTrader 4 platform and published on the MQL5 website. The scalping is defined by the Mean Reversion strategy, meaning the trades are made on the assumption the price of an asset is high or low enough for a reversal to happen. Therefore this is a reversal scalper EA that avoids “unnatural” market events during the day and relies on the simple laws of demand and supply to find the most accurate signals. The developer is Roman Lengert from Germany who initially published the EA on 10th October 2019 on the MQL5 market.

Overview

The latest version is 2.4 updated recently, on the 10th of March 2020 during the latest COVID-19 world market event. The base code and idea of this EA are not new from the author, the previous product called NY Close Scalper is using the same principles except Density Scalper is optimized for better slippage management. Therefore the release date does not mean the EA does not have enough forward testing done.

In the Overview page of Density Scalper, there are a few disclaimers first. Aside from the general, that the past and backtesting performance does not guarantee future performance, there is a note stating any flash movements may ruin the strategy implemented and therefore the EA works only during the calm market environment and used the Stop Loss level. The execution of the Stop Loss may be delayed depending on the broker during the flash crash or other major events.

Every position made by this EA has the Stop Loss set. Mertinglage, Grid, or other unsustainable methods are not used. Density Scalper works on the M5 timeframe on the following assets: EUR/USD, GBP/USD, EUR/CHF, USD/CHF, USD/CAD, EUR/CAD, and EUR/AUD. Other experimental currency pairs are AUD/USD, AUD/NZD, AUD/CAD, EUR/NZD, CHF/JPY, GBP/CAD, GBP/AUD. Interestingly, the author showcases the maximal drawdown in $ value per lot or $35-50 per 0.01 lots for 16 years. In percentage terms, we have noticed 3.8% up to 4.97% in a different condition and a bit shorter-term (since 2009). Still, this Drawdown level is very attractive considering very good performance.

Quant Analyzer is used to showcase the performance. Some notable backtesting facts are 84.02% winning rate, 3.8% maximal drawdown using fixed lot allocation (0.1), $4.9 average trade value, 146.85% average yearly gain (portfolio on multiple pairs tested from 2003 using $5 commission and 150ms execution delay). Backtesting from 2011 till the end of 2019 shows a 4.98% drawdown on complete portfolio trading, 78.5% winning rate, 58.37% average yearly gain, and 9864 trades for this time.

Roman Lengert puts some effort to leave a rounded up quality supports and leaves a link for users to have good settings and have live monitoring charts. The links are provided on how to set up all of his EAs too in a separate blog post. The content is very organized and of high quality, leaving the impression of a dedicated developer that also has great knowledge about trading. Since the EA is a scalper on the M5 timeframe, it is imperative to have a good broker with low spreads and slippage and fast executions. A VPS is also needed for constant running as the EA collects historical data for trading. In the event of market disruptors such as elections, BREXIT, etc, the EA should be off. Note that the EA is using the Breaking News Filter in the results, to filter news impact on the market. The link is provided and recommended to use in conjunction.

As for the settings, there are just a few related to Money Management and certain trading conditions. Lot type can be set to “fixed” or “increasing”, while the maximum spread tolerance can also be set to avoid trading in times of high dynamic spreads. There are also other uninteresting settings related to server time and so on.

Service Cost

The price of Density Scalper EA is extreme, $2000 to buy having 5 activations, $125 to rent for 1 month, $300 for two, $500 for 6, and $900 for 1 year. To some, the price is well worth the trouble. The developer is very supportive and posted that for users that rented the EA lately causing disappointing results, he will discount the price for future rents. The demo is available so you could test this EA. According to the quality work and dedication, the price may be worth it if you have good results.

Conclusion

The final rating of all Roman Lengert’s work is above 4 and for the Density Scalper, a perfect 5 star based on 8 user reviews on MQL5. This sample may not enough get a complete picture of user satisfaction although there is a good probability this EA is a great addition to the trading community. Some of the user praises are:

“I have never seen a better EA, Roman is a very good Developer and his support is great. Five Stars!!”

Or the latest one from March 2020 describes the service very well in detail:

“Best Scalper and developer out there on MT4. Roman is brilliant in providing full transparency on all his EA’s, backed up with live results across multiple brokers. I have been running it now for 6 months and all my results across all his EA’s mirrors his signals perfectly, unlike other scalping programs out there at the moment. Roman has taken care of building in loads of safety checks and balances on slippage and account protection in case of a market crash. He is also very active in its on-going development and always responds very quickly to any questions. 10/10.”

On the MQL5 analysis page using the AxiTrade live account, Density Scalper shows ongoing trading since the 23rd of March 2019, a total of 211 trading days. The average holding time is 49 minutes meaning the EA is not the classic scalper. The chart shows a growth of 40.9% for this time, 37.39% for 2019, and 2.55% for the part of 2020. The developer stopped trading since the COVID-19 volatility spike on the forex market. The reason lies in the EA’s unsuitability to run in this environment as there is no calm nighttime. In March, Density Scalper suffered a loss of 1.43% with a spike in Drawdown like in the crisis 2008/09.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/40941

Do IT is an Expert Advisor developed for the MetaTrader 4 platform and is published on the MQL5.com by Ildar Kabirov from Russia. The EA is also available for the MT5. The latest version is 7.77 updated in March 2020. Ratings received are generally positive and there is a high activity in the comments section. Do IT is designed to be fully automated and specialized for Forex, and indices on the 1H timeframe.

Overview

The exact markets described for the EA are EUR/USD, GBP/USD, DAX30, USD/JPY, Gold, and SPX 500. The developer has a very good description page where the settings for the latest version and links for proper testing are published. To contact Ildar Kabirov he also posted a Telegram channel. This EA does not use Martingale, Grid or Averaging trading methods as they are often criticized by traders, for a reason. If your broker uses FIFO execution Do IT should still work fine.

The main features of the EA are the use of only pending orders on the broker’s server, high slippage and spread filter, weekend closure, trades are time-limited with a fixed Stop Loss and search algorithm for signals. There is a detailed instruction guide for settings parameters. Users can set how tolerable the filter for slippage and spreads will be, how much exposure (risk) will be per trade, set the virtual or real Stop Loss fixed amount, Take Profit and Trailing Stop set up, set working hours, and so on. A newsreader or filter is also available but you will have to set it up using the webpage containing the Investing.com news raw list. This list is easier to include in the EA reading that is displayed on the MT4 chart.

The most interesting part is the settings about the deviation. Do IT seems to be entering trades based on the price deviation during a certain period. Whatsmore, the channel deviation is used as a step signal for entering new trades. The ATR indicator is also used for trades entry in combination with the Parabolic SAR. SO based on the demonstration video, Do IT seems to be waiting for the low period of volatility to set pending orders on the channel, with the set Take Profit and Stop Loss levels. When the volatility spike occurs, pending orders get triggered in one way and the EA is then waiting for the Take Profit to close the trade or for the timeout. Based on this, the EA can be categorized as a trend and as long term scalper.

https://youtu.be/gSU1jIISKB8

As for the performance charts, the developer has published some very good results. The EUR/USD pair on the H1 timeframe showed 97% winning trade and 9% Drawdown for the whole year. For 10-year period testing, using the 99.90% precision modeling, showed 3.7 M profit from initial 1000 deposit, 10.28% Drawdown, and 89.7% winning rate in the money. For the USD/JPY pair, Do IT performed similarly. 93.7% profit trades with just 1 consecutive loss. Drawdown is a bit higher than with the EUR/USD to 13%.

On the DAX 30, the performance is still above 90% winning trades, but note that for the whole year the number of trades is 66, unlike USD/JPY with 286 total trades or EUR/USD with 275. Gold/USD has even more impressive results with 95% winning trades although we have noticed 3 losses that resulted in a noticeable dip in the balance. A large number of small profits contribute to this high percentage although when a loss is incurred, it is several times larger than a winning trade.

Service Cost

Do IT EA belongs to the higher price range. For $990 you will have 5 activations. It can also be rent for $490 per year. The demo is available so you will have a chance to test it before buying. The EA is best used on brokers with small slippage and spreads even though it is optimized for the H1 timeframe. In recent developments on the Indes and Equities market, the EA has shown poor results given the increased slippage, spreads, and volatility caused by global events like the COVID-19.

For this reason, the developer introduces additional protection modules (recovery mode) such as average profit trailing in recovery mode, protective fixed breakeven for recovery mode, and graphical visuals. The latest developments are extreme, as such every EA is finding difficulties to cope with extreme values. It is great to see the developer working on implementing additional safety in a very short time. Owners of Do IT can expect great support and an official channel on Telegram.

Conclusion

Do IT has a very good rating of 4.6 stars based on the MQL5 repository and 45 user reviews. The comments are fresh and generally, the EA is popular. Note that there are some Russian language commentary and reviews but they are positive. From the negative reviews, we could see traders complaining mostly about the big losses once they occur:

“The order quantity is too small. Loss is too big.”

“Backtesting before 2010 will tell. Will not be usable for a long time. If the market conditions change slightly, EAs that fall during non-optimized periods will fail. Fortunately, the author seems to be always optimizing for now, so he’ll be fine as long as he keeps doing it. Small profit, big loss.”

In our opinion, this EA price is just too high to be sold on a larger scale. There are more affordable EAs that have been on the market for many years showing consistent results and updates. Also, once the abnormal market events occur, the whole year of profit trades may be countered with just a few losing trades. Still, for the ones that can afford it, the strategy used on this EA is used by trend traders, has good logic behind it, the ratings are also very good and the support is there.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/43883

DaxRobot is an automated trading product associated with the Daxbase.com broker. It is intended to work with CFDs offered by this broker. The features or the inner workings of the DaxRobot is completely obscured. There is no useful info about this robot and all signs points to be another sale funnel page similar to the Centobot we have already reviewed.

Overview

The DaxRobot website could be described as a 15-minute project without any new, non-template content except for the fake rewards and 3 step guide to registration (the same as with Centobot). Since the lack of information is even more pronounced than with Centobot, it is possible the visitors to this page already come from a marketing email or link with some unethical form of marketing. No one would invest is DaxRobot with just reading these 3 steps unless receiving some prior information.

If you register you will see the classic registration form and you will be able to open accounts in USD, EUR, Bitcoin and Litecoin. DaxBase broker will offer a 5% bonus if you choose the cryptocurrency, probably since there is no way of charging back them once they are sent, unlike with the Visa or MasterCard using fiat currency. There are 10 top robots list that you can select. The most successful one called CryptoADX 2.0 shows a profit of 364% gain. According to the support chat representative (the same one as with the Centobot) the timeframe for this measurement is 2 weeks. Of course, the gains this high could only be possible with extremely reckless money management and very catching several extreme market movements.

The lowest-performing one is the RVI and MA with a 96% gain. There are no details about any of them except for a few lines about how they operate. So for example, Crypto ADX 2.0 is based on the ADX indicator, probably for filtering, and RSI and Stochastic indicators. The minimum deposit requirement for this robot is $500. The number 4 on the list with allegedly 226% gain is the Ichimoku Crypto v2. This one is designed for BTC/USD, LTC/USD, and the rest of the major crypto. The trading is guided by 4 indicators, including the Ichimoku, and based on the trend breakout strategy.

All of the robots have the robot demo mode. This demo mode is fake and is just another manipulation step. Once the demo is run, the animation will show some sliders on various currency pairs to move, and below a balance, the chart will show how the robot is opening and closing trades in profit. The demo animation will last for a few seconds and always show some profit. The chat representative confirmed with us that this is just an animation, which was unexpected. You will also have an option to create your custom robot based on the MACD, RSI, Stochastic, RSI, ADX, and Aroon indicator. All of the indicators have timeframe settings of 5, 15, and 30 minutes. You can select which ones are used and on which trading asset. There is the option to save this robot although all this is probably just a gimmick like the rest of the website.

Service Cost

Interestingly, the authors described the Ichimoku indicator as “created in Japan and has been under-estimated by traders in the West due to the lack of guidance on how to actually use it”. Of course, this is a manipulation line targeted at beginners that could be scared away by the somewhat complex Ichimoku indicator looks. The minimum deposit requirement for this robot is $250. The rest of the robots have interesting strategies. The number 5 on the list, HP cycles robot is described to work on the momentum strategy using the Hodrick and Prescott cycles.

Conclusion

A few words about the DaxBase broker you will be registered with, in case you really want to open an account with this robot service. This is an unregulated, offshore CFD broker owned by Finance Group Corp. (FCG). This group is known for many scam reports and is blacklisted by many state official bodies such as the French AMF, FMA of New Zealand, etc. Whatsmore, the group owns many more binary options and CFD brokerage brands that serve as the sales network for the same shady company. DaxRobot is just another sales funnel that uses automated trading popularity to lure beginner traders.

This Forex service can be found at the following web address: https://www.daxrobot.com

This EA is based on several trading algorithms and designed for major currency pairs. It is not known how it works or what is the strategy behind it. What is certain is the absurd price and the extremely low rating raising the question if this is a serious offer after all. The latest version is 2.4 updated in October 2019 with the additions of controlling module that adapts to trading conditions. Also, some new settings are added for better risk management. The initial version is published on 11th June 2019 by the developer Aleksandr Shurgin from Russia.

Overview

Virtuoso overview page on the MQL5 website does not tell much about this EA. It is designed for the MetaTrader 4 platform. I t has the protection form flash crashed and some trailing stop management features. VPS is recommended and some automatic optimization for broker commission and volatility is included in the code. It seems that the generation of the signal is based on the channel strategy although we could not extract more details from the settings.

According to the performance charts and the video, this EA seems to be working on trending major currency pairs on the M5 timeframe. The results and the growth chart is extreme without any dips and extremely low drawdown. They are perfect in a sense it raises suspicion. The backtesting modeling is not the most precise, only 90% is used, and this is not serious for any investor. Drawdown is only 0.75% on the EUR/USD pair for more than 16 months. The winning rate is 92.06% and 68 average consecutive wins. Only 2 consecutive loses on average are made for this period. Similar results are for USD/JPY, GBP/USD, USD/CAD, and AUD/USD on the Tickmill broker servers.

Virtuoso settings parameters are extensive. Users can control the Start and End trading time, control the signal period for several modules, manage volatility filter sensitivity, some additional validators and confirmation indicators usage, lot management, Stop Loss management including trailing Stop Loss, Slippage/Spread filtering and so on. Obviously, the developer does not want to disclose what indicators are used and therefore the settings could prove very difficult to understand, at least the ones related to the “signals”.

Service Cost

The price for Virtuoso is no less the $30,000 to but and $3600 to rent for one year. The first option is probably never intended to be serious. No one should buy an EA that has rating this low and obscured way of function. A demo account is offered and definitely a must given this price.

Conclusion

User reviews are terrible, Visrtuoso has 1 star based on 5 reviews. Unfortunately, this EA will probably never rise to normal levels, it is not even considered for a demo. It is needless to say it is not popular, all of the reviews are bad. The latest one from Joby K:

“Every Day is a LOSS, this Virtuoso is making loss everyday, In backseat, drawdown in a month is 10%, but in real 40% loss per day, this Virtuoso people are making us fool, how to get a refund from Virtuoso, I am not going to trade anymore, I need my subscription cost at-least”.

The deeper has other products with much better ratings but this one is probably abandonware.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/35189

This product does not leave enough information for a trader to understand what kind of Expert Advisor Big Bang MT4 is. Nothing is disclosed about the indicator used or the system, even the settings range does not point to a specific strategy used. However, the EA is new, from April 2020 and probably the Overview page will be updated. The updated version is already out on the MQL5 market, reaching label 1.2. The update contains major improvement, specifically the entry signal is improved and added the filter to only apply strong signals. This way the signals are more reliable although less frequent.

According to the price, it seems developing this EA was not easy. The author is Andrey Barinov from Russia who has the majority of his 14 products range on the market highly-rated and mildly noticed by the trading community. Big Bang MT$ is coded for the MT4 platform but the MT5 version is also published.

Overview

The EA is described as being adaptive, but we are unsure what drives this feature. Anyways, the system is based on the Price Action and Support and Resistance levels. The settings range is modest and this is described as having a powerful combination of simple settings and trading methods. One of the most interesting features it the recovery mode made. This module is made of two algorithms that have a manual control setting but it is not known how the algorithms are working. For the proper functioning of the Recovery Mode, you will need to download all history form the MT4 History Center. Therefore, the EA has calculations on multiple timeframes and probably uses “alignment” on several levels for trend confirmation.

Big Bang MT4 is not quite universal or applicable to any asset. According to the author, default EA settings are optimized for EUR/USD, GBP/USD, EUR/JPY, USD/CAD, AUD/USD, and USD/JPY. However, traders can try to optimize the EA to other assets. In our opinion, the settings panel does not offer enough customization for this purpose. The timeframe seems to be universal though. But it is very important to have history loaded form the History Center in the MT4. For backtesting, the timeframe must be set to M1. If for some reason you need faster modeling in the Strategy Tester, you can use M1 OHLC mode as it will be similar to “Every Tick” mode.

Settings come down to 6 parameters. Lot size setting defines if you want to use dynamic trade lot allocation or fixed lot. This option is a common feature, but this EA does not have Stop Loss or Take Profit levels changeable, they are defined in the code based on an unknown formula. Smart Recovery Aggression is a parameter that defines how risky Recovery Mode will act. This parameter range is from 0 to 1 with the default set to 0.5. It is unknown what this factor is changing in the strategy except it is triggered on drawdown. The next setting enables basket trading for drawdown recovery. This is defined by Max Additional orders clause. Basket trading is a form of Averaging where the sum of all opened trades acts as one aggregated trade.

Risk control is always inversive as the diversification increases, therefore this method of trading is preferable. Note that diversification can be tricky if correlated currency pairs are traded. A spread filter is another common feature in EAs, the one in Big Bang is no different, it will cease opening trades if the spread is higher than the defined value. Hidden Stops is aimed at brokers that could manipulate prices to trigger concentrated regions of Stop Loss orders. The EA using this option will set the Stop Loss in internal memory instead of to the broker server, and thus remain invisible.

The performance chart shows extremely high net profit gains. In a bit longer than 5 year testing on the EUR/USD currency pair, Big Bang MT4 realized over 105 Million based on 1000 initial balance. The lot allocation was 0.1 per 1000 of balance. This was tested on the H1 timeframe, however, we have noticed the rest of the report is missing. We do not know what is the drawdown, the structure of trading, and so on. What is noticeable on the gain chart is the small dips once a trade is lost. We can assume the losing trades are larger than the profit ones and that trades have somewhat equal gains. This could be a sign of a scalper although it is hard to conclude with the lack of information.

Service Cost

The author is certainly not modest about what it comes to pricing. Big Bang MT4 cost is $549 without the option to rent it. You will have 7 activations and a demo available. Interestingly, there is a pricing policy set by the developer, stating that the price will never go down, any discounts or other promotions. Every day the EA is bought the price will rise by $50 until a $1999 is reached.

Conclusion

The product is still new at the time of writing this review and has no comments or reviews left. The demo is downloaded 72 times till now, signaling some interest by the MQL5 community, although the price is probably the biggest barrier. The second one is certainly a presentation devoid of transparency. The best advice is to download the demo and test if you can repeat similar results. Then, forward test on a demo account.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/48020

Eagle Scalper Pro is a new Expert Advisor published on the MQL5 market that reached significant popularity and user review rating already. The initial version was uploaded on the 10th of February 2020 and has been updated in March to the current 1.50 version. Updates are minor, just bug fixing and FIFO compatibility in case traders have this ordering method imposed by their broker. This EA belongs to the Trend Following strategy category and it is not frequently used the same as the scalper EAs. It does not use the Arbitrage method which is commonly frowned upon by brokers and traders alike.

The developer is Michela Russo from Italy, promotional and sales page is already made on https://tradingforex.pro/ where other products are also sold. The website contains classical sales phrases and no reviews whatsoever. On the MQL5 market, Michela Russo has 19 signals provided by EAs, among which is the Eagle Scalper Pro on the low-risk setting. The other 29 products published by this group have great ratings and quite a high level of user attention.

Overview

The Overview page about this EA designed for the MetaTrader 4 platform does not disclose much about its inner workings, however, two indicators are mentioned based on which the EA makes trade entries. Parabolic SAR and a Moving Average are the base, although the algorithm and filtering do not make it clear when all rules are aligned for an entry. This is especially evident in the youtube video attached. On the page are also some boundling methods notifying readers that if you buy this EA you will get Dragon Scalper Pro EA for free. We have checked this EA to find extremely high ratings and popularity on the MQL5 market.

Eagle Scalper Pro has low tolerance when it comes to execution or server latency, no more than 100ms is allowed. It is mentioned to have slippage resistance although we are not sure why latency and slippage are of high concern for a trend following strategy. In addition to Parabolic SAR and MAindicaotrs, the EA has integrated volatility meter of an unknown kind in conjunction with algorithmic clauses or rules for trend prediction. No pattern type indicators or methods are used. When put to test, the author describes that the EA has a high tolerance for unpredictable market events. This probably means it is not trading on volatility spikes.

Optimized currency pairs are EUR/USD, EUR/GBP, AUD/USD, and USD/CHF however, traders can test and optimize for other assets, the settings options are wide enough for various application testing. Once you download the EA, it will use the M5 timeframe and settings set for the EUR/USD. If you plan to customize the EA to your liking, here is what notable parameters you can adjust:

-Auto lot or fixed lot allocation, based on the account balance and risk defined as a percentage.

-Spread allowance filter, the maximum allowed for trade entry.

-Parabolic SAR settings such as the step, the maximum value of the indicator, price crossing SAR logic, reverse rules switch, SAR timeframe, and SAR exit rule on the opposite signal.

–Moving Average settings, including the first and the second. Traders can select the MA type, periods for both MAs, and the MA indicator on/off switch.

-Algorithmic crossing rule that is probably meant for the Moving Averages crossing.

-Several settings for the EA working time customization such as the fixed start hour, close positions of Friday night, or when trading time is over, etc.

https://youtu.be/kjrbHD92-OI

-FIFO mode switch in case your broker imposes this rule.

-Max orders number.

-Enable only Buy, Sell, or both direction orders.

-Fixed Take Profit and Stop Loss orders.

-Several Bar counting logic and other variables that affect trades management.

-Trailing stop feature based on averaging and conditions to trigger only on profitable trades.

-Some color customization options.

Once you insert the EA to the MetaTrader 4 chart, Parabolic SAR, moving averages and buttons to close Buy, Sell and All orders will appear. Based on this you will be able to better gauge the settings optimization changes when testing. The performance screenshots show impressive results. Eagle Scalper Pro is backtested on the AUD/USD according to screenshots, using 99.90% modeling quality and M5 timeframe during the roughly 2 year period from 2018 to 2020. The main traits of this EA are high success rate, low drawdown, and a large number of consecutive wins. Maximal drawdown is just 6.24% while profit trades count for 91.92% of all opened. The average profit trade is 79.13 versus -219.3 average losing trade.

The final line is 42k net profit on a 1k deposit for this tested period. Now, statistics on the developer signal page for this EA using a low-risk setting, which is uploaded in the Comments section, is calculated for a short period, just 8 weeks, although they are fresh from 2020. During this p[eriod the EA made a 51% gain. 91.8% profit trades and 17.1% drawdown on the same AUD/USD currency pair. The growth chart has obvious dips specific for a deep Stop Loss levels that tolerate price reversals, which happen in 8.2% of cases and trigger a Stop Loss. 52 trades are made per week on average that are held for 6 hours. The best trade is $4.63 while the worst is $-15.85. On some occasions we have noticed that the video is showing Martingale’s behavior, increasing the risk after a losing trade. This is probably based on the high consecutive wins vs losses ratio, however, this info is not confirmed.

Service Cost

The price for Eagle Scalper Pro is $135 with 290 activations on the MT4 available. You can also rent it for $85 for 1 month, or $110 for one year. A demo is offered although there is a lite version of this EA for free.

Conclusion

Users seem to like products by this developer and such is the case with Eagle Scalper Pro too. Users rated this EA with the perfect 5 stars based on 12 votes. 12 reviews left although none of them give any details about the EA performance, just expressing satisfaction. As mentioned, you will also receive another paid EA for free that has great ratings, making this offer very attractive. Since optimizing and testing are supported bu great settings options, demo downloading is recommended before buying.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/46147

This EA belongs to the Grid strategies with integrated averaging. It is developed for the MetaTrader 4 platform by Sergey Kruglov from Russia. The initial version was published on 6th February 2017 on the MQL5 market set in the paid category. It is updated once in late 2017 adding a few functional averaging parameters such as Averaging Point, Averaging Take Profit points, and Auto Averaging. Sergey Kruglov has 26 other products on the market but none of them have any notable ratings or popularity. He seems to develop mostly Grid-based EAs.

Overview

Averaging is a knows method that aims to cut the cost by opening new positions in the same direction as the trend generates losses. The logic is when the trend reverses a trader will have a lower average price entry that the initial and therefore have a shorter range to breakeven. It is also assumed there is an increasing probability of trend reversing as it is breaking through key price points. Dolphin EA Grid strategy seems to be a classical one, orders are located and separated at specific points. The Overview page does not mention a single feature or formula that could make it easier for the trader to understand how the EA works. One fact is certain, the EA does not have Stop Loss orders, only Take Profit. Since the averaging is used instead, Stop Loss orders do not have a logical purpose here.

Dolphin EA does not have any specific currency pairs or timeframes it excels in. Therefore, results could vary from extremely high losses to profits. The performance measuring will give you a lot to tinker with, even it is completely unknown what filters and indicators are used, several key settings are affecting the final result. Filter setting, for example, defines the range in points from the average. Then the mentioned averaging parameters that were introduced with the final version 2.0.

Based on other settings such as StopIf, Dolphin EA does have a sort of Risk Management, using the drawdown percentage. This setting will define the maximum drawdown level beyond which no more orders will be opened. Customizable MaxSpread filter is implemented so you can avoid news events or other high volatility moments. Money Management ability is defined by the AutoLot setting that defines the currency balance amount at which the EA will open 0.01 lot. It is simple, does not account for the volatility.

The performance screenshots show great results, expectedly, but there are some important figures. There are 2 screenshots based on the H1 timeframe on the EUR/USD pair calculated for every tick for approximately one year. The difference between the two is only in the settings presented and very different results, although both are profitable. The better performing test had Filter, AutoLot, and AutoTakeProfit defined while the other test had fixed lot management and other setting off. Modeling quality is 90%, Maximal Drawdown is a very high 45.39%. Dolphin EA also has a very high number of profit trades 96.89% but as it uses a high-risk strategy, the average losing trade is -2838 and average profit trade is five times lower 582. The final result is a fivefold gain relative to the initial deposit.

Service Cost

Dolphin EA has a published signal link in the comments page but it has been shut down, most likely because of the much different performance in real-time. However, the p[rice of this EA is only $40 with 5 activations and no option to rent. A demo is offered and has been downloaded only 149 times, meaning the popularity is low.

Conclusion

There are no comments left by users except by the author himself. Dolphin EA is unlikely to achieve the results published, as with most EAs, serious testing in real-time is needed and the author has not presented this on any benchmarking sites. There are more interesting EAs with more transparent results and descriptions.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/20697

Eng GBP is a modest product by a Kuwait developer using a breakout strategy with Fibonacci levels. This Expert Advisor for the MetaTrader 4 is new, published on the 5th of April 2020 on the MQL5 market. It has no updates yet although it is evident Ahmad Alsaegh, the author of Eng GBP, is still testing new settings and uploads them in the Comments section. He has one other product also specialized for certain Indicies, using a similar breakout strategy. Eng GBP, as the name applies, is specialized for the GBP/USD currency pair although the author states it is suitable for all currency pairs. The Overview page does not have enough information about how the EA is working or anything about the set of indicators aside Fibonacci. According to the settings, it is clear additional Risk management tools are integrated.

Overview

Eng GBP is presented as having a combination of breakout strategies used with the Fibonacci levels, probably for breakout confirmations. It has been tested in different environments and has similar results, meaning it could be a universal system. However, the author is suggesting an H4 timeframe for calculation and H1 for trading. These timeframes can be modified in the settings. The higher timeframe is used for better reliability of signals while H1 could be more precise when entering a breakout. GBP has usually a higher ATR value than other currencies and the moving nature is more suitable for this EA as there are more breakouts with good momentum.

VPS is highly recommended although since the EA is not trading frequently during a day, it is not for the trading cost reasons but about having 24/7 access to the market without interruption. Shutting down the EA or the MT4 is not advisable as the information EA gathers when it is on will be purged, affecting the final performance. Eng GBP has an Auto lot mechanism based on the Equity percentage risk per trade or fixed trade size allocation.

As for the setting range, they are not revealing what indicators are used but there is enough room for customization and optimization most traders will need. Combining just two of the key setting will generate many combinations of how the EA can be applied. The EA has a feature for placing Market or Limit orders, meaning pending orders can act as a safety guard and trigger a trade only if the price level is reached. However, we are unsure how Limit orders can be useful for breakouts, they are more suitable for “buying the dips” or reversals than for following a breakout trend. Anyways, this could be a conflicting logic but the final result and other stats are what matters.

The setting that defines how sensitive the EA is and therefore affecting the frequency of trading is the Minimum & Maximum range to trade. This range is most likely connected to the reversal indicators used to detect a breakout. Higher levels will likely result in less frequent trades. The Entry ratio is the Fibonacci level to be used once a breakout is manifested. A trade will be set at this level. Eng GBP has Take Profit and Stop Loss orders integration, although they are also connected to the Fibonacci levels.

You will have to set at which Fibonacci level you want your Take Profit and Stop Loss orders to be placed at once a trade is executed. The setting line for these is called SL Ratio and TP Ratio. One Trade Per Day clause is used if you want to limit the EA trading, the implementation of such an option is probably to stop the EA entering a streak of losses caused by the market environment specific for that day.

Additional safety measure is the Trade Cancelation in circumstances the price does not follow the predicted direction, defined in percentage of the Fibonacci ratio. This ration can also be defined in the Cancel Ratio setting. Stop Loss management is not basic, the EA features a breakeven method praised by traders who keep attention to Risk Management. This concept will move the Stop Loss level to the trade entry price after Take Profit is reached, in the case of Eng GBP, this is a Fibonacci level customizable in the settings panel.

The final measure for greater reliability is the moving Average use for trend confirmation. As Moving averages are lagging indicators, they will probably cause the entry to be later than without it. In testing, this could affect the net profit result and a trader should assess if the Moving Average is negating some of the losing trades or it does more harm than good.

Service Price

The price for this Eng GBP is $39 for one month. At the moment there is no option to buy the product, only to rent it every month. A demo is offered and has been downloaded 22 times since release. If you plan to test this EA, be sure to download the configuration settings file uploaded by the author in the comments section. According to the results, this EA uses a solid strategy, even ambiguous, it could be worth your time to test it.

Conclusion

The performance chart attached to the Overview page suggests that the strategy tester was done on the GBP/USD pair, using H1 timeframe and during roughly one year period from 2019 till today. The test shows a lot of errors although the modeling is done for every tick. Note that the Moving Average filter was used in testing. Starting from the Maximal drawdown, the EA caused a very low 6.99%, which is very attractive to cautious traders.

The trade success rate is 76.12%, average profit trade is 7590 versus -6700 average loss trade, and making 4 consecutive wins on 1 loss. All this points to a good Money Management, combining low drawdown with constant gain without high exposure. The EA ended the test with 559765 net profit out of 500 initial balance. During the testing period, a total of 134 trades were made, meaning the EA is not for the impatient.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/48073

This is one of the most popular Expert Advisors that implement the Grid and the Martingale methods without using any indicators. Brazil System Premium is designed for the MetaTrader 4 platform and published on the MQL market in the paid category. This EA appeared on 11th October 2016 and has been updated many times, finalizing with version 13.0 from the 6th of April 2020. The updates contained bugfixes, additional functionalities, and optimizations.

The author of this product is Ramil Minniakhmetov, a well-known developer among the MQL5 community releasing 12 products and having 6 signal services. We are no sure if the review incentive by the author’s promise of free products is resulting in this high popularity, however, this kind of trading belongs more to the betting category than it is something analysts will think about using.

Overview

The base of the EA is not about predicting where the price will move, but about the mathematical construct that can generate profits, although not in the long term. Interestingly, the EA starts trading by opening opposite trade directions. Once Take Profit order gets hit by one trade, the process is repeated with an increased lot size. Finally, the trade sizes will stop increasing once the maximum Locked Orders are reached. It seems the nemesis of the system is the forex news. News Stop Trading module is therefore integrated that just suspends trading during this time. This process is fully automated once you plug in the news feedback links, as instructed by the authors on the Overview page. A guide for the Brasil System Premium is uploaded in the comments section. Optimal currency pairs are EUR/USD, USD/CHF, and NZD/USD set on the H1 timeframe. The minimum deposit is $3000 or 3000 cents if you use Cent accounts.

In the settings panel, you will see some parameters even though there are no indicators to adjust. Brazil System features Auto lot management dependant on the deposit or balance size. Lot multiplier is the key factor for trade size enlargements during the chain orders opening. A Trailing Stop is integrated, although there are no advanced calculations, just the fixed distance. Take Profit and Stop Loss are present so no trade will remain without maximum drawdown. New Cycle setting will enable the EA to work without limit and open new trades, while disabled limits the EA to a number trade series. Imp1DRAW settings are meant for the news websites that feed the EA when to stop trading. Once you plug in the EA you will see the panel on the chart showing main and news related settings currently applied.

The signal service which presented Brazil System Premium performance is disabled. The manual warns that at least 1 in 3 attempts to use the system will result in an account wipeout. It is recommended to use a broker with low spreads as the EA opens a high number of trades in a short time. The aggressive approach could generate 300 to 1000% gain per month. 30% of the weekly profit should be withdrawn until the initial deposit amount. Afterward, 10% of profits should be pulled out.

Some manual intervention can be of benefit once the EA enters a drawdown. If this happens the author suggests setting New Cycle setting to false for all pairs with drawdown, set Max Lock order to limit to 2 and the EA will close trades ASAP. To better manage risk, traders should not increase lots with growth, instead apply the Brasil Syste, to more currency pairs. Finally, since the system is not profitable in the long term, extreme utilization of the system in a short time could be the best approach for some traders who like to bet. In such conditions, Brazil System Premium could generate extreme gains, like 7500% in 12 weeks.

Service Cost

The Brazil System Premium has a price tag of $30 without any ability to rent it. A demo is offered and has been downloaded 8616 times. This price is in the low range, and since the system is unique with very high gain possibilities, it is worth the fun.

Conclusion

Many get-rich-quick traders will be attracted to this product, which can be seen by 180 reviews left, averaging 4.5 stars rating. One of the notable recent reviews states: “Fully martingale method with many parameters to set based on your risk appetite. Working great if you use proper money management. Ideally, $3000/currency pair for 0.01 lot to avoid a margin call.” Note that this EA should not be considered seriously if you plan to invest in trading.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/18602

This is a free version of the BuySellProf Lighter Expert Advisor published by the same author and is designed to be for demonstration purposes. Interestingly, there is also a BuySellProf EA that has some more elements but BuySellProf lighter has a lighter price. The EAs are designed for the MetaTrader 4 platform and they are published on the MQL5 market. It is great to see the author is transparent about the EA functioning even though the indicators are not disclosed. There are guides for the settings and how to test the EA on the Overview page.

Overview

The developer of this EA is Yurij Batura from Ukraine, who is also the publisher of 18 other products on the MQL5. Few of them have received some attention from the users except for the full version BuySellProf EA with a perfect score. It is hard to define to which trading category this EA is in as it has several elements and a mixed approach to trading. The current version of the BuySellProf lighter free is 8.9 but know the base EA has been released on the 25th of March 2014. This free demo version is separately launched on the 13th of March 2020.

Right away it is presented that this is a multipurpose EA with interesting strategy, although Martingale is used too. IT is based on a 6 years old strategy that has been updated numerous times. Two methods are used, Locking and Hedging. By locking, the developer is describing a counter position that locks down gains or losses. Harmonic oscillations are also the guidance theory of this EA implying the cyclical nature of forex and other markets. Certainly, the hardest part is finding the right moment and trade it consistently. It seems the EA has good results with trending, high volume markets on the recommended major currency pairs. As this version is free and doubles as a demo, it will only trade a single market.

The trade cycle starts with two simultaneous trades at the defined points. These points are probably volatility or price ranges either calculated by an indicator or using the previous day data. The author does not describe the process correctly but the trades have Stop Loss and Take Profit levels fixed. Once one order is closed by the Take Profit order, the EA will place an opposite order on that position, with the idea of what goes up comes down and vice versa. SO in a way the EA is also a reversal strategy with specific elements.

The trades are followed by hedging positions with increased trade size using the Martingale method. This is done in expectancy for a reversal, as the price moves to the extremes, the more trade size will be. Measuring volatility is the key to the trend gauge and counter positioning. It is described that the EA is ada[ptiong to the situation like this, although we are not sure when is the moment of trade becoming too big for the account to handle. Note that with some brokers hedged positions negate your margin but this is not always the case. EA displays some information on the chart with the addition of functions to close all profit orders, unprofitable or all. By looking at the charts, it can also be said the EA uses a kind of Grid method for scaling in, at the Take Profit levels.

Stop Loss can also be using a trailing method. According to the settings panel, it does not have special options and is like the default from the MT4. For measuring the volatility the EA needs multiple timeframes history, so it is recommended to refresh by pressing F2. Some additional warnings are given as this is not the full version and the testing may show different results. One might question why using this EA version after all. However, The EA will work with real accounts, unlike the demo.

The settings panel has a few parameters, tampering with them will change the result but there is no option to adjust the volatility, for example. You can change Take Profit, Stop Loss, fixed lots for this version, and Magic Number. The rest of the parameters are present but are not functional in this version. They are Martinlot – the Martingale multiplier setting, MaxLots – maximum allowable trade size, and use of the Trailing Stop is disabled. Therefore, BuySellProf Lighter free is not a serious product but serves more as an attractor for the main, paid version. It is great to see the developer publishing a very detailed guide on how to test and set up the EA. These blog posts have pictures and explanations for every parameter, although they are made for the full versions.

You will not see the signals published on the MQL5 for this nor the normal BuySellProf EA. Interestingly, there is a screenshot of the gains made although the signal is not available anymore. What is presented in the screenshot slider is the MT4 Strategy Tester results on the GBP/USD pair for the past 20 months. Modeling quality is 90% with the initial 100 balance. The EA made only 48.41% successful trades but note that this strategy does not rely on this but the trade size management when scaling in. Therefore, the average profit must be greater than the average loss trade for this EA to have any meaning, and it is, 1.97 versus -0.62.

Maximum consecutive wins vs losses also do not have any meaning here, they are almost on par. The most important factor is the drawdown, and it is 18.3% according to the screenshot. By looking at the gain graph, the line Is in constant gain but there are noticeable drawdown spikes that many traders would not like since they remind of the Martingale method. The final net profit is 298.28.

Conclusion

There is one review and one comment for this EA, while the original EA has a perfect score out of 3 reviews. Unfortunately, this single review is a negative one stating:

“Very poor results in BT, not recommended.”

Traders should consider two major points about this product, it Is just a demo of the original EA and that the strategy does have risky methods in place.

Automated solutions are very popular, robots are dominant actors on the forex market and they are also a good selling product, especially if they have constant results and risk protection. Dragon Wire seems to be a correlation strategy EA made for the MT4 but does not have the risk protection most investors would want. It is published by Marcelo Prestes De Oliveira from Brazil who did not present the EA in English or in a good way.

Overview

The provided service overview page leaves no useful information for traders, most of it is just marketing probably copied from some other website. The seller does not seem to belong to a particular group or a company and has one more product published on the MQL5 market without any notable attention from the MQl5 community. The latest version is 4.1 and it is the initial version published on the 24th of March 2020. There is no updates log. The seller also has two signals published but they do not come from the Dragon Wire EA, so we will have to rely on the screenshots posted on the Overview page.

Reading the presentation will give you the impression of a bad tv commercial for a hard-to-sell product. It is stated you will have gains of 60 to 110% per month guaranteed, it is universal for any timeframe and asset, optimized out of the box, undetectable by the broker, used by thousands, adaptable to market conditions, the official price is $1000 (so this is a copy version?), and so on. Apart from that, this is a pair correlation EA without any mentioned indicators or screenshots on the MT4 chart. Stop Loss and Take Profit are used as a virtual level, which is not visible by the broker server. This means the EA should be on 24/7 and most likely a VPS is preferable.

The seller uploaded 3 screenshots of supposedly Dragon Wire EA, although MT4 Strategy Tester is not used, Just Myfxbook.com account without any links to them. Two of the charts are on demo accounts and one on the real from Fort Financial Services broker. According to this chart, the EA made 55.49% for March 2019. The drawdown is 26.49% based on 4769 initial balance. Daily gain is 1.34% and that is all. We could not see the trading structure. On the demo accounts, the EA is risky, with 75.44% drawdown and 30.09% monthly gain. Interestingly, the EA is cut from operation after a considerable sharp balance drop.

Service Cost

Probably the best part of the Dragon Wire is the price. You would need $70 to purchase and have 5 activations. There are no rental options but you will have a demo free to download.

Conclusion

There are no comments or reviews about this one yet. Considering the low price, it is possible some traders even buy it. At the moment of writing this review, the demo has been downloaded 32 times. There is not a lot of settings you could use to optimize this EA so you can just set at default and test it in MT4. The results you will get will probably be high drawdown EA that eventually busts the account.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/47616

Escort is an Expert Advisor designed for the MetaTrader 4 platform and belongs to the trend following strategy type. Even the price of the EA is in the highest on the MQL5 market where it is published, there is very little information provided for it. The developer is Evgeniy Zhdan from Russia who has many products already published (127), also has a book on how to make EA for MT4 sold on Amazon. His EAs bear catchy names and a good part of them are very expensive. None of the products have significant user attention, even though they have great ratings from those that can purchase them.

Overview

The Escort initial version was published recently, in kate March 2020, and has not yet been updated. Note that many developers combine already made trading modules to create different EA combinations, increasing the sales range even though no new code is written. When products do not have much information about them, especially if they have a high price, they cannot be expected to be seriously considered by the community.

Escort EA works on the M5 timeframe which may imply that this is a scalper, but this is not the case. Strong trend movements are detected, probably using a volatility or volume indicator. It is also mentioned that the EA is using the recognition module for trend prediction. Prediction is always involved with the price patterns, be it in the form of fractals or Harmonic Patterns, and is not lagging information. Reversal indicators, most of them are oscillators, RSI is one of the most popular, are the other option for prediction or reversals. They are also not lagging indicators, although they do not foresee to far ahead.

Trend following usually involves Moving Average indicator types and they are lagging, since they need recent information to confirm a trend. Therefore, it is not clear what recognition module the author is talking about on the Overview page, but the EA may be using a pattern recognition module form the developer’s other products. Whatever the case, this is a fast-acting EA that requires a good connection, low spreads, and VPS is recommended. This means you should not expect trades to be held for long, it is probably similar to the scalping method. The author explicitly states that the Escort EA does not use any of the risky strategies like Martingale, Averaging, Grid, etc.

Escort Ea does not apply to any asset, the author recommends GBP/USD, EUR/USD, USD/CAD, EUR/JPY, and GBP/JPY currency pairs. The Risk Management module is implemented and contains the Stop Loss and position tracking, probably exit indicators based on the diminishing volatility. It is not disclosed anything about the methods or indicators used for any of the strategy element Eacort uses, but according to the settings range we can see Trailing Stop customization, classic Take Profit level, and some filtering options.

The complete settings range will now allow you to customize much that it directly affecting the trading strategy, just how “aggressive” it can be. One interesting parameter is Trend strength. This sets when the price move is not considered a noise but an emerging trend. A higher number will make the EA less frequent and will wait for a strong signal. Max Risk parameter defines how much volume each trade carries, relevant to the total account balance. Turing this off will use another clause for fixed lot allocation. Trailing Stop can be enabled and adjusted in pips, so it is probably using the classic trailing method as with the default MT4.

An interesting parameter is called “By trend or against”. It seems the author left this parameter to use the EA as a reversal strategy, although it is not meant to be. It is uncertain if anyone would like to use a very expensive EA for an opposite role. As a side thinking, anyone disappointed with the results of the EA can use the opposite methodology and have a better outcome. It could be regarded as a failure switch the developer left in case the user is not happy with his EA. Other settings are about what is filtered and how much in terms of slippage, spread, and the maximum number of trades.

Performance charts attached to the presentation page shows all currency pairs backtested on the MT4 Strategy Tester. They are tested on the recommended M5 timeframe, from the start of 2019 until Q1 2020. Fro the EUR/USD pair, modeling quality is 90% using every thick and 5% risk setting per trade. The success rate is 90.63% and the Maximal drawdown is 13.2%, while on EUR/JPY pair it climbed to an extreme 47.93%. So the EA does not have consistency in this key figure, even though the Stop Loss setting could be too deep.

However, another key figure puts more stains on this expensive EA. The average profit trade is 926.26 but the average losing trade is -5175.75. The average wining streak ratio is 19 to 1. All this points to a scalping like behavior but note that the EA made just 97 trades for the whole backtesting period. Finally, the EA is very profitable of course, with 65439 profit on the 10000 initial balance.

Service Cost

Escort EA ahs a four-digit price tag of $1945. If you want to try to go with a cheaper option, you can rent it for a year and pay $1760. You will have 30 activations and a demo version offered.

Conclusion

The interest is not high, given all the above, there are no comments by the users and just one review. The user who left the perfect review did not leave any comment. Escort EA is simply not worth the price in our opinion for several reasons. The presentation does not give enough info, the backtesting results involve high risk and inconsistent results, there is no published signal service generated by the EA and simply the price is too high. There are many other automated solutions with great performance, ratings, and are much more affordable.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/47642

Fibonacci Levels are one of the basic elements of reversal and breakout strategies, commonly seen among the Price Action traders. Fibonacci Retracement PRO is a paid version of the EA built for the MetaTrader 4 platform. This EA has more features than the base version and has more factoring elements in the whole setup. Interestingly, they are both made in March 2020 and have the same price tag.

Overview

The developer of this EA is Vladimir Gribachev from Ukraine who has an amazing array of products published on the MQL5 market, all of them are either free or sold for $50. A total of 276 products are published, most of them have not received any notice from the MQL5 community. However, the details and the presentation of the products give away a professional developer with a transparent approach and hands-on experience in the Forex. Currently, Vladimir Gribachev seems to be banned by the MQL5 admins, probably because of too many messages. The basic version of this EA has already received a review with a perfect score.

At its core, the EA has the automatic chart plotting of the Fibonacci levels, with customizable parameters in the settings panel. For better controls, several features are added. Traders will have manual control over the trade entries, Fibonacci calculation on the closing prices, RSI filter, and ATR filter. Aside from these indicators, Zig Zag is used for Fibonacci levels calculation.

Zig Zag is known for marking the peaks and bottoms of the historic price movements, according to this the EA will set the Fibonacci range and update is if there are no open positions that use the previous Fibonacci levels. The RSI indicator is probably one of the most used indicators, mostly for reversals. Its role in this strategy is probably to filter price bar crossings of the Fibonacci level that end up as false signals. ATR is a classic indicator of the asset volatility, breaking certain levels can be a signal of a breakout. These breakouts could have binary functions, to close a reversal trade which is most likely to be a loser and to prepare another trade entry in the direction of a breakout trend. ATR can also be used as a calm market filter.

https://youtu.be/6_KUSgLKv0w

The Overview page discloses a few key parameters that greatly affect the Fibonacci Retracement PRO performance. Timeframe FIBO is the logical timeframe setting for the Fibonacci plotting. The Depth parameter defines the number of candles used by the Zig Zag indicator, who in return defines the Fibonacci levels. Higher numbers will be more adequate for “longer-term” trends as the Fibonacci ranges will cover a larger time section. Another factor in this modification is the Deviation, which is used for new price peak and bottoms recognition. The Deviation parameter is also adjustable in percentages, it will affect the Zig Zag and, therefore, Fibonacci levels. The Backstep parameter is another recognition adjustment that defines the minimum distance between two Zig Zag levels, so you would end up with too many in a short-range, usually happening during important news events.

Fibonacci Retracement PRO has other implemented features for Risk and Money Management. Partial closing on first Take Profit level is done using, of course, Fibonacci levels after which a trade is held until a second Take Profit level is reached. Stop Loss is applied in the same manner except moving to break even method is used once first Take Profit is triggered. Moving to breakeven after the first target is hit is one of the most efficient Money Management methods traders use in any strategy.

How much a partial closure will be, and the breakeven moment in pips can be adjusted. This way traders can customize according to their own ideas on how to manage their trades. Additional levels on the Fibonacci can be used for trade entries if set in the settings panel, by default it is at level 1. On the chart, you will also see some statistics.

Settings concerning risk per trade are managed by Risk per trade parameter. Lots parameter is the Auto lot allocation based on the set amount per which the lot will be calculated. From balance is the amount relevant for the Lots allocation. Other settings are related to the working time of the EA, you can set a week start and closing time on Friday where all positions will be closed. If you need to take some notes for each trade, you can type it the Orders comment parameter.

Service Cost

The price tag is like the other products by this developer set at $50 with 5 activations. To rent it for 1 month you will need $12.5 and for 6 months $25. The demo version has been downloaded 36 times in 20 days since the initial release of the EA. What we like about this EA is the fact it featured attractive Money management options and methods and a wide range of other parameters traders can use for optimization.

Conclusion

The overview page does not contain any performance screenshots, significantly reducing the attractiveness of the EA. There is a low-quality video attached showing very little and nothing useful, except for a positive gains graph. The page for the basic version of the Fibonacci Retracement is similar, without backtesting results screenshots.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/47452

Neural Network EA is not easy to code and even harder to optimize. Even if the core idea is effective, the EA design or strategy can be inadequate. Lightning Cobra Plus is a Neural Network EA based on patterns, probably Fractals or candlestick patterns although it is not known for what period. It is made for the MetaTrader 4 platform and published on the MQL5 market. The first appearance was on the 7th of January 2020, therefore it is a new EA. Be aware that the EA is developed and published before the recent global crisis that is drastically changing 2020 and is never seen before. This means the AI data is not quite relevant to 2020 conditions.

Overview

As Neural Network is essentially math for pattern recognition using the data inserted, the new factors are not in the data. The latest update form 21st of March 2020 contains an improved order module probably, for this reason, marking the EA to version 1.8. The developer of Lightning Cobra Plus is Kenneth Parling from Sweden who is a member of CS Robots specialized company. He has 45 products in total on the market, some with solid ratings. This EA still has to gain some popularity.

The Overview page which does not tell much about the EA additional indicators, states that the neural core is fed with data before the recent COVID-19 pandemic. Since there are no mentions of other accompanying indicators that improve on the strategy, it means traders using the EA may rely on the already unoptimized AI core. Lightning Cobra Plus features virtual market orders that are closed once the opposite signal appears, also knows as OCO. Even though the EA is described as having a high-performance risk assessment system that adapts, it remains uncertain how “adaptable” it is today.

It has an automatic lot allocation implemented based on the account balance. In the case of server connection loss, the EA will retain the pending orders using internal memory. Stop Loss and Take Profit orders can be set to hard or virtual mode. If your broker forces FIFO ordering, you can adjust the Adviser with that option in the settings and it will adapt.

Lightning Cobra Plus seems to be optimized for the most traded currency pair, EUR/USD on the H1 timeframe. Low spreads and fast execution times are preferable, even the EA works on the H1. According to the author, the spreads play a large role in the overall performance. High leverage accounts and smaller deposits are advised with the risk set to $200/risk aggressiveness 0.1. Risk aggressiveness is a simple percentage-based lot allowance. There are no risky methods involved such as Martingale, limiting the number of opened orders to only per currency pair.

If you plan to use the EA on other pairs than EUR/USD you will have to find the optimal settings, firstly by using the pice calculation method with Open Prices or each tick. Other important settings are Weights. What are these factors remain unexplained, but according to the screenshots, there are 4 of them with the range from 1 to 200. If you want to change the working hours and disable Friday trading it is possible.

Service Cost

Neural Network EAs are usually more expensive, although Lightning Cobra Plus is in the mid-range with $99 to buy. You will have 5 activations and there is also an option to rent. One month rental is $15 and 3 months is $40. To some, it will probably be better to rent for just $15 and see it the EA has the real value now. The demo is downloaded 39 times meaning this EA has not reached the popularity boom and will probably stay in the outskirts.

Conclusion

In the performance screenshots, we could see that the modeling quality is 99.9%, on the H1 timeframe and the ICMarkets servers. In roughly 2 years of testing, the EA made 1008 trades, 62.9% of them being in profit and pulled 16.69% Maximal drawdown. The average profit trade was lower than the average losing one, 9.18 versus -12.21. The final result is 1253 profit for the initial 1000 deposit. These results show too high drawdown for the gains. It would be interesting to see the chart for the first quarter of 2020. There are no user comments or reviews available at this time.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/45088

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.

Overview

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.

Conclusion

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

The Final Code is a relatively new EA without a clear description of how it works or any meaningful overview. It is made by Vitalii Zakharuk who has at least 46 products put into the MQL5 market. Final Code EA is published on 9th February 2020 without any updates so far. Based on what we have seen in the screenshots, The EA is a fast reversal strategy scalper working on lower timeframes. It belongs to the paid category and has no reviews or comments to date. The overview page presentation is very ambiguous, lacks even the elementary highlights, certainly inappropriate for the price set.

Overview

The only relevant statement about the EA function is that it works using sharp tick movements. It is also described as universal, working on every timeframe, asset, or broker. Still, later on, low spread and liquid broker is recommended with low commission. MaxSpread function seems to play the main role in this fast scalper, but if any timeframe is possible, the spread should be less of an issue. However, the spread is further described as important. Whatsmore, a broker with fast execution time is advised, clearly pointing out this EA is not as flexible as described.

Further on, users will need to set the commission parameter into the EA settings so the EA has correct calculations. It has to be converted into pips before typing in. The screenshots do not show any performance or backtesting results, only the entries on the EUR/USD pair set to 1M timeframe. If they are correct, there are several trade entries in 5 minutes. Each peak and bottom are covered with reversal positions confirming this is a reversal scalping strategy. Other screenshots show the graph but without any figures. The graph is smooth and seemingly constantly gaining and does not look like a Martingale method is used.

As for the settings, you can adjust the Risk parameter that sets the lot per trade according to the balance, MaxSpread, TakeProfit, StopLoss, Commission in points, and more interesting Volatility and LimitPrecentage parameters. These two are related to dynamic volatility on the market, depending on which the orders will be opened. The Volatility parameter sets the value and LimitPrecentage is the relative volatility.

Service Cost

Final Code cost is $450 for 5 activations with the option to rent. Single month rental is $240 and for 3 months $295. A demo is downloaded just 34 times, a low figure even for a relatively young product. There are no comments or reviews. This price is not appropriate for a product with a very bad presentation, unconfirmed performance, and unclear functionality.

Conclusion

It is not stated how this volatility is measured, and in a way, this is blind testing. Traders may have some parameters to test with but the majority of the EA trading functions are fixed and obscured. This is probably the main reason the EA remains unpopular. Traders should consider other options as there are many for this price range with confirmed history.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/46178

GS Done is an Expert Advisor made for the MetaTrader 4 platform that does not use Martingale or Grid methods in its strategy. The exact strategy and indicators used are not disclosed in the Overview page for this product published on the MQL5 market. The developer is Aleksander Gladkov from Russia, who has 11 product total on the market. This author is relatively new on the scene, only a handful of products have received attention form the community. Other products use Martingale methods in his EAs, but this one is different.

Overview

It is not known what is the exact strategy, but it seems to be a pending trend following entry strategy with specific modules for filtering. The initial version of this EA appeared on the 1st of April 2020, therefore it is very new and amid the COVID-19 crisis shaking the markets. GS Done has been updated 3 times already, with further important improvements to the analysis algorithm, upping the version to 1.3 in just 2 weeks since the initial release.

The main page is not detailed but it has enough elementary information to grasp what traders are having on the table. This is not a scalper but a prediction analysis EA for future trends. The analysis module has a set of unknown indicators that signal a change or appearance of a new trend. These indicators can as well be reversals and oscillators such as RSI and Stochastics. Anyways, the prediction is not executed once the analysis is complete, only a pending order is placed at the calculated level. This level is probably calculated based on market volatility. Therefore, only after the price or the trend has appeared in real-time, it will hit the pending order and trade will be executed.

Only one trade will be opened for a single asset. Also, if the analysis changes the signal, or it moves in another direction, the pending order previously opened will be canceled and a new one will be placed instead. Based on all this, the prediction has a confirmation factor, using the pending ordering, which greatly increases the reliability.

Every trade has a Stop Loss and Take Profit levels. These are not calculated in an “advanced” way, they are just fixed levels customizable in the settings panel. Take Profit also has an additional setting that deviates for the classical Take Profit orders definition. Take Proft setting this EA uses is actually an exit signal by a reversal indicator, described as “Take maximum profit”. This setting allows you to choose the reversal signal exit or to use the classical fixed Take Profit order. Fixed Take Profit level is adjustable in the settings panel.

GS Done is optimized for the most traded and by some analysts most manipulated currency pair, the EUR/USD, on M15 timeframe. This means the EA is not universal, probably because of the specific volatility levels and other factors that are unique for this pair. Speaking of volatility, GD Done also has a News filtering module. The Newsfeed is taken from the Forex Factory site and the user will have to insert the link provided into the WebRequest field in the MT4 Experts tab. The News filtering module is configurable, you may select what news impact is filtered (low, medium or high), set the alert on the event, and when to stop trading before or after the event.

Other settings reveal more features of the EA. Risk management is integrated with the common Auto lot variable, based on the balance amount. The auto lot can be disabled and if you want to use trade lot allocation according to the balance, you can adjust the risk percentage to 0.5%, 1.25%, 2.5%, or 5%. The Time order limit is an interesting option to cancel the pending order if the price has not triggered it during the specified time. Some traders want to skip trading during certain periods so there is the option to set the weekend day, EA working start, and end time.

According to the screenshots, GS done has an extremely good, almost perfect percentage of profitable trades. Out of 89 trades executed during the period from the beginning of 2019 till now, only 3 have been lost trades. This is done in the optimized EUR/USD pair on the M15 timeframe. The MT4 Strategy Tester is set to model every tick so this should be reliable backtesting. Maximal drawdown is 15.74%, which is tolerable, but not it was calculated only on 3 losing trades.

Service Price

GS Done is mid-priced, $140 to buy with 5 activations, and no option to rent it. The price could change if the EA continues to have good performance and receives attention from the MQL5 community. For now, GS Done remains under the radar, no reviews or comments are published. The demo version is downloaded only 19 times.

Conclusion

The average winning trade is 76.60 and the average loss trade is -472.92, which may be concerning to some. A provided graph shows some of these dips when a trade is lost but they are compensated quickly as the EA has a great number of average consecutive wins (22). Gain per month is a great 35%, the final net profit score is 5168.10 using 1000 starting balance. Even though the EA is set to M15 timeframe, it does not trade much, it can even be inactive for days.

In our opinion, the 3 losing trades made acceptable drawdown, although 6 of them could trigger a margin call if closely chained. Traders should test the EA with various settings to see if this trade success rate is just because of a deep Stop Loss.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/47482

Based on the information and the settings for this EA we have determined it is using a channel breakout strategy for trade entries with several modifications and indicator combos for Risk Management and exits. HitAndRun is developed by Catalin Zachiu from Romania who has at least 26 other products, a couple of them having notable popularity and high ratings. The initial version of HitAndRun was published on the MQL5 market for the MetaTrader 4 platform on 10th February 2019. Updates are frequent with many new functionalities, the latest version 3.6 is from 31st of March 2020. The author’s dedication is notable as it is also evident in the comments page with the users. This EA is in the paid category but also has a free version linked.

Overview

HitAndRun defines Tops and Bottoms at which Buy Stop and Sell Stop pending orders are placed. How these levels are determined is not known, it could be the ZigZag or a channel type indicator. Once the level is breached, it is considered as a breakout and the EA will monitor for the exit and set a few Risk Management conditions. Trades have a candle period limit to which any given position can be held or closed if the exit indicator has a signal. Take Profit is also implemented with various customizable options. These options include Breakeven and Trailing Stop variants.

As the EA was updated with new functionalities, It also has a recovery module that is triggered after a losing trade. Recovery mode uses the MACD indicator, Price Action and the price jumps as the momentum signal. Interestingly, some Martingale elements are present. Recovery will also use increasing lot sizes for the trades after a loss. Therefore, Consecutive losses can be a big factor in the final result. Recommended currency pairs are EUR/USD, USD/JPY, and GPB/USD on the H1 timeframe. Note that the USD is present on every pair and could overexpose trading on a single currency.

The setting options are extended so traders will have a lot of freedom to set and test. Almost all aspects are customizable except for the main indicators and formulas. HitAndRun has Auto lot management as well as a fixed lot. Risk management is defined by a simple account Equity percentage. Hard and Virtual Stop Loss methods are customizable with the addition of Trail Step and Trailing Stop in points.

Other notable Risk Management settings are about Breakeven clauses such as BreakEven after points, lock in profits (move Stop Loss to the entry price level) and Start Trailing after defined points range. If you want to further customize the EA in other aspects you can do so by using the spread filter option, working time, use MACD for exits, set the period for the High/Low calculation, and other clauses. Certainly, this EA has a lot of integrations and settings options relative to the price.

The Overview page contains the video and backtesting screenshots that do not disclose much as the versions are different and the EA settings are not the same. Still, some interesting facts in the screenshots are confirmed by users. HitAndRun ahs a very low success rate, just 15.68% are profitable trades according to the screenshot. Depending on the risk allowed, the final result is more or less profitable. The low success rate can be contributed to the shallow Stop Loss trading which results in low maximal drawdown (13%). As expected, there are more consecutive losses than profit trades, but the average profit trade is 10 times larger than the average losing trade, 42.98 vs -4.07. All these shallow Stop Loss management results in a jaggy gain graph with sudden profits followed by even loss slopes.

Service Cost

As for the price, it is just $30 offering 5 activations. A demo is available but you can also use the free version that has some limitations but still functional. There are no rentals available. This price is affordable considering the EA is updated frequently and has a lot of elements and settings. Whatsmore, the shallow Stop Loss management puts it into the low-risk category.

Conclusion

There are 3 reviews published, all with maximum ratings. The latest one is from March 2020 by Andrey Tsygankov:

“Great adviser. One of the few that works with virtual stop orders, for which protection against spread expansion and slippage really works. Recommend.”

Another review confirms that the EA works exactly as in the screenshots. Overall, HitAndRun is a unique breakout strategy EA with elements of scalping, martingale and swing trading. Certainly worth trying out.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/35710

The developer of this Expert Advisor for the MetaTrader 4 platform has received some attention from the MQL5 community publishing many EAs with great ratings. Koi Trade Pro is Michaela Russo’s newly developed EA released on the 28th of March 2020. It is a trend-following EA that is not suited to higher timeframes and has plenty of settings. Since the EA is new it is still waiting for updates, however, it has received comments and reviews already. Michaela Russo has 20 total products published on the MQL5 market and has 18 signal service using her products where you can follow their performance.

Overview

The overview page for this EA is similar to the other products by this developer, it has a promotion for a free additional EA, brief EA explanation, and the settings range. The recommended currency pairs are mostly related to the JPY. These are USD/JPY and EUR/JPY set on the M1 timeframe. As a trend following system, it is hard to understand how the EA works in a highly volatile environment. Still, the EA performed exceptionally good in backtests.

Similar to some other products, it seems this EA is just an optimized version of the same trend following systems published by this developer. It is stated the EA uses AI that analyzes the market and predicts future trends. Ichimoku indicator is disclosed as the main trend confirmation element. Ichimoku Kinko Hyo is a multilayered indicator specifically designed for higher timeframes than M1. One of his main features is the cloud range and the Moving Averages with different calculations.

Moving Averages are the key for trend confirmation while other elements serve as filtering and to some extent trend prediction. This trend prediction element might be the one responsible for the EA algorithm decisions. The Ichimoku indicator will be visible on the chart once you attach the EA. Based on the animated screenshot, we could not see the direct influence of Ichimoku’s MAs to the trend entry, Koi Trader Pro acted more like a scalper on a trend than as a swing trading system. It traded frequently and used the averaging method with trade was negative.

https://youtu.be/sz9JgnQ_h44

Recommendations for testing purposes is to start from 2013, the developer is proud to mention the EA has consistent results using precise testing modeling until now. The backtesting done in the MT4 Strategy Tester module is recorded and attached to the Overview page. Brokers most suitable are of course the ones with low spreads and fast execution times, important for scalpers, and fast-paced strategies like Koi Trader Pro applies. A minimum of $2000 is needed too. It will not matter if the broker is using the FIFO ordering methodology, the EA is compatible.

In the setting panel, you will see many parameters, some of them are directly tied to the Ichimoku element. The auto lot feature is integrated with the adjustable risk setting and fixed lot allocation if preferred. Spread filtering is done via the Spread Allowed clause, calculated in points after which no trades will be opened. Ichimoku settings are related to Tenkan Sen MA, Kijun-Sen, Senkou Span and Snekou Span B. Timeframe for Ichimoku is also adjustable which means the indicator may be based on higher timeframes than M1. Each day in the week can be set on or off. The EA also has some ordering management settings such as One trade for one bar, timeframe for EA First order, Max Orders number, Minimum Distance For secondary Positions, and so on.

Interestingly, these settings are not the usual and traders might be confused about what each parameter does as the explanation content is not useful. After further settings overview, we have noticed the One Trade Bar Grid clause which means the EA could use Grid methods aside from position averaging. Both methods are considered risky. Take Profit and Stop Loss management is implemented but without any trailing or advanced methods. You can adjust Take Profit with classical fixed range, close only on the bar end, first-order modifications, and similar.

Stop Loss is defined in a slightly different way. You will have a mix parameters for limiting the risk such as Enable Money Max Loss, Maximum Monetary loss, and close trading on Friday. News filter is added too, but you will have to insert the newsfeed link in the MT4, which is provided. Having the news filter means the algorithm is not suitable for high volatility. Still, the EA is optimized for Asian trading sessions. News filter can also be adjusted using the level of event impact, time pause after and before the news, and set the broker GMT.

Service Cost

Koi Trader Pro’s price is $150 with renting options. For one month the cost is $90 and $135 for one year. You will have 5 activations and a demo before you decide to buy where you can do your back and forward testing. Until now, the demo has been downloaded 107 times. The EA has received 3 reviews already giving it a perfect 5-star rating and 5 comments where users mostly asked for the free EA that comes along with the purchase of Koi Trader Pro.

Conclusion

According to the 8% risk performance chart attached to the Overview page, Koi Trader Pro has a 70.24% trade success rate and 31.57% maximum drawdown, using 99.90%. modeling quality. This drawdown is not very attractive but the average profit trade is not bigger than the losing one, they are almost the same. The maximum number of consecutive wins is 26 to 8 losses. This may be attributed to solid Money Management integrated into the EA. Also, average consecutive wins are 4 versus 2 losses. Since the EA was run from 2003 until now, starting with 3000, it reached an 11 digit figure on the M1 timeframe. The chart gain line has an exponential growth with notable fast dips once a losing trade is made.

One of the good user reviews that has some details is from Haseeb Ali:

“Purchased it last night and activated. The EUR and USD pairs are really swinging since yesterday and the EA is still making a profit. I hope it performs well in the long run.”

The product has definitely a good start, so you can expect support from the author and additional updates and enhancements. Also, since the EA is using several risky methods and has a significant drawdown, test the algorithm thoroughly

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/46617

This version of the Let’s Do it EA is designed for the MetaTrader 4 platform and published on the MQL5 market as a simple averaging method EA for beginners. There are no specific traits about this EA and probably it is meant to avoid the promotion of any content that they could not consume. Let’s Do it is developed by Marta Gonzalez from Spain who has at least 53 products published on the MQL5 market and mostly works as a freelance programmer receiving good ratings. The first version of this EA is published on the 8th of February 2020, it is a new product with one update bringing the current version to 1.1. The update contains just the adaptation to Asian traders.

Overview

As it is designed for beginners, the EA does not require any supervision and does not require a large deposit. The author recommends $100 as a base for start. The content of the Overview page is simple with common marketing phrasing. Beginner traders should know the EA is probably a scalper using averaging methods, as what can be assumed according to the settings range. It is described as an advanced trading system that analyses and makes decisions independently, although every EA does this. Highlighting simplicity is a good approach but overdoing it completely masks why this EA is different or what is great about it.

There are some Risk Managing measures implemented such as the fixed Stop Loss and not opening more than one trade per currency pair. There are no risky strategies such as Grid or Martingale, although averaging is implemented. Interestingly, the author states in one sentence that Averaging is not used but in the features list states, “Very stable growth curve as a result of smart averaging techniques.”

FIFO method will not render the EA useless, however, in our opinion, the brokers that use First In First Out order method are not competitive. VPS, low spreads, commissions, and ECN environment are recommended as with every fast scalper. The default settings are good to go for the EUR/USD pair on the M1 timeframe. This timeframe is the lowest possible in the MT4 platform, it is not commonly used, although some scalping strategies are optimized for it. Let s Do It seems to be one of them, at least according to the performance charts published. The default settings are optimized for the EUR/USD but the author stated many other majors involving GBP, CAD, AUD, CHF, NZD, and even Spot Gold. It is not mentioned if trading on other pairs demands settings adjustment.

https://youtu.be/3ozF6FwP0eE

Interestingly, one of the features is the ability of the aEA to follow trend and trend reversal strategies. How is this is an option is not clear as the settings panel does not show this variable. Another curiosity is the implemented module to scan for concentrated prices, therefore, Support and Resistance levels. Based on the default setting screenshot, the working hours for this EA is from 8 am to 8 pm GMT covering the more active market environment. This is not common for scalper EAs where low volatility is preferable during the night time. The author left out to mention the Trailing Stop feature that is clearly implemented and customizable in the settings.

Settings panels will allow you to set the Magic Number, the fixed Stop Loss in points, Autolot management based on the account balance percentage or a fixed lot, working time, and Trailing Stop options. Trailing Stop can be set to simple, Step, and In profit clause.

Service Price

The price for Let’s Do it MT4 is $30, in the very low range on the MQL5 market. You will receive 5 activations and if you want to rent it there are several timing offers. For one month you will be charged $10, for 3 months – $15, for 6 months – 20$ and for one year $25. The demo is offered and strongly recommended if you plan on putting this EA to the real account.

Conclusion

The performance charts are all positive of course, but some key elements reveal how much is risked and the result traits of the implemented strategy. Note that the screenshots provide only 25% modeling quality in the MT4 Strategy Tester module and therefore are highly inaccurate. On all pairs, the EA has a high success rate and consecutive successful trades in profit. However, losing trades are 5 times larger than profit ones. On average, the EA makes 7 consecutive profit trades. Maximal drawdown is not high, on most of the tested currency pairs, it was around 10%.

As for now, there are no reviews or comments, as with the majority of the developer products, it is not popular yet.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/45925

Like Fishing started as a Trailing Stop tool that extends the methods on how the asset price trailing is conducted by the MetaTrader 4 client. At the end of development, this Expert Advisor became a fully automatic trading solution. Initially published by Hamed Dehghani from Iran in late 2017 on the MQL5 market, the latest 2.2 version has been upgraded with trading decision-making algorithms and Auto Lot management.

Even though very interesting, this EA has not received much attention from mql5.com users for several reasons. For now, this EA may be a diamond in the rough for Price Action protagonists, and for those looking for a Trailing Stop EA that only manages how the Stop Loss moves with the asset price.

Overview

The Overview page does not present the EA very well, there is just one screenshot without any pointers. The video attached is a bit confusing, English is not clear enough, and the presentation is amateurish. Now all this aside, the EA is interesting for several reasons. Like Fishing’s main purpose is Trailing Stop management using the Moving Average, Fractals, Parabolic Support and Resistance (SAR), High Low or Zig Zag, and using the custom indicator of your choice.

Simple Trail method may be the least interesting since it uses a fixed range for trailing measured points, similar to what the MT4 already has. The MA method will use a Simple MA for trailing the asset price. The MA can be adjusted for the periods thus making it adjustable for different strategies on any timeframe.

Similar is for the Parabolic SAR and other methods, they are good for different trading strategies. The main purpose of every Trailing Stop is the better exit moment without the need to watch the charts and adjust manually. Once the Trailins Stop threshold is reached, Stop Loss will follow the price and lock down the profits at optimal levels. This EA has demonstrated that when the trend is losing momentum, the Trailing Stop line moves tighter and tighter to capture most of the waning trend. This is a very handy feature that is very hard to replicate manually on lower timeframes.

If you plan to add your custom indicator as a trailing method, the name of the indicator must match the one typed in the settings panel of Like Fishing EA. Also, 2 indicator buffer numbers that make the signals need to be inserted, one for Buy signal and one for Sell.

As of late, Like Fishing EA can manage trading on its own, making decisions based on the “amazing random strategy”. We have found out this strategy is pattern recognition for the Price Action technical analysis although the exact means are obscured. Most likely, the EA is using some other indicator specializing in pattern recognition. Even though the EA is fully automatic, the developer has not published the performance charts as other developers usually do when presenting their product. Auto lot trading is also recently added in the settings so traders can set their preferred level of risk per trade.

Risk Management is one of the most important parts of trading and this EA partly does it very well with the Trailing Stop positioning. Trailing EAs are probably the best trade exit solutions once they have enough options to adapt them for different strategies. Like Fishing has enough of them given the relatively low price. This EA is testable in the Strategy Tester module of the MT4.

Aside from the mentioned Trailing Stop methods, there are few other settings available in the panel. Separately manage trades by magic number or manage all of them, select specifics for each trailing method, adjust the dashboard positioning, and set the trading lot limit. The settings panel could appear long but is neatly organized, it is easy to understand once it is understood how the EA operates. Unfortunately, this is not the case at first sight and many will turn away given the bad presentation. There are a few videos posted in the Comments page not visible in the Overview that is in higher resolution and better demonstrate the EA.

Service Price

The price of Like Fishing EA is $30 to buy with 5 activations and $10 to rent for one month. A demo is available and critical to test your strategy first. Since the EA features custom indicator import and other abilities, it will give you enough variety to optimize for the best results.

Conclusion

There are only 4 reviews out of which only one is one star, averaging a total of 4 stars for this product. This one bad review could also be irrelevant to the quality, it seems the user was not able to understand how the EA works. Still, even with the lower price range, the EA popularity is low because of the benchmark results are not presented and a bad representation of its abilities.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/26348

Many developers would like to have a successful starting career on the MQL5 market as the developer of Prado and Prado Micro Expert Advisors. Both products are new, Prado Micro is published on 13th of March 2020, just a few days after the full version. The author of both is Tatyana Kulyapina from Russia, successfully launching her first products. Both are designed for the Metatrader 4 platform and they already have attention and some reviews. Whatsmore, they are updated and have new settings files attached in the Comments section for certain assets.

Prado Micro is updated on 4th April 2020 with new filters and settings files, raising the version mark to 2.2. Tatyana Kulyapina is also a Forex trader and seems to understand systematic, effective methods for Risk Management. The Overview page, unfortunately, does not disclose any indicators used or has any details about the strategy. We were able to extract some more information based on the published EA signal performance and statistics.

Overview

Prado Micro is just a Money Management deprived version of Prado. This is done for the cent account traders who do not need lot allocation methods. The trading methods for both EAs are the same. Based on the description, the essence of the EA is the breakout strategy. For each day, as stated, the extremes are measured based on which pending orders are placed, Buy Stop and Sell Stop. Once they are triggered, the EA takes over the management of the trend following. As stated, the EA does not use Martingale, Grid, any of the fast trading strategies or Averaging.

The exact indicators used for managing trades are not disclosed, but what is described in the settings looks serious, more than the usual we find with other EAs. For Prado Micro, the recommended initial deposit is $100 although since the recent increase in volatility the developer is now suggesting $500. FIFO ordering method will not invalidate the EA functioning.

Once the pending orders are placed, along with that Stop Loss and Take Profit, the rest is of the position is defined by the Trailing Stop. The exact positioning is probably done using the ATR indicator, as some of the settings deal with the coefficients or factors. It is known that the ATR factor such as 2x ATR or 1.5x ATR is used for placing Take Profit or Stop Loss, and in case of this EA, Buy and Sell Stop pending orders. Still, we can only guess as the developer clearly does not want to disclose this.

The settings panel is full of such parameters where you are not sure how they affect the EA. It is like pushing buttons without a clear label. For example, the TakeProfitCoef parameter by default is 12, but if we change it to six does it mean it is two times lower or deeper, or is it a multiplier of the ATR? The same is for the StopLossCoef, OpenOrderCoef, EveningCoef, and so on. In the comments section, no user has posed a question to the developer about this. However, few elements are certain. Prado micro has Trailing Stop customization, using the TralCoef, BoomCoef, BoomMinDistCoef, BoomMaxPrc, and TralBoomStep (stepping off the trailing). Similar parameters are optional for the Stop Loss and the Take Profit. Other settings are related to the slippage filtering, the EA starting and session finish tactics and hours, broker server time, and the info display by the Prado EA on the chart.

The performance charts show very good results for the Prado Ea on various assets and risk levels for the little time they have been put to work. The signal service on the MQL5 shows 4 types, Prado on XAU/USD using 3% risk, USD/JPY with 2%, 3%, and 5%. We will assess the one that has been the longest-running, the USD/JPY with 3% that has been working for 21 weeks. Right away we are somewhat intrigued by a mediocre trade success ratio of 52.4% and a medium maximum drawdown of 17.6%. This could point out that the EA has very good trade management and loss protection. Because the final result is a 69% gain till now. Prado EA enters only 3 trades per week, holding them for 3 hours on average.

Another interesting fact is that the statistics show “80% of the growth is achieved within 3 days. This comprises 2.11% of days out of 142 days of the signal’s entire lifetime.”. We are not sure if this is a false warning since the signal shows steady growth since 2019. The EA could still need time to stabilize the results or the latest results are caused by the extreme stir on the markets in the first quarter of 2020. Interesting results are also achieved in other categories, maximum consecutive wins are 6 vs 3 losses, the average profit is larger than the loss (8.03 vs -6.07) and the gross profit is 265.02 vs -182.15. The initial balance is 100.

Service Price

Prado Micro price is $145 with 5 activations and no rental options. The demo has been downloaded 55 times which is good for a new EA specialized for the micro accounts, without the Money Management module. This version even has 1 perfect review and one comment for a user.

Conclusion

As for the monthly gains, since 2019, in December it was 26.41%, January 3.57%, February 8.19%, March 11.91%, and partially April 6.46%. These results show consistency despite only 52.4% profitable trades. One of the most important elements of the system is the loss protection, Prado EA seems to excel here. Overall, Prado EA is a new kid on the block from a new developer that seems to know about trading, risk, strategies, and how to code them properly, although not very transparent. It is definitely worth testing and trying out.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/47218

ShadoW FXUG is a newly developed Expert Advisor made for the MetaTrader 4 platform that belongs to a specific candle pattern recognition strategy. It is developed by Volha Loyeva from Belarus, a seller on the MQL5 market without any particularly noted product out of 9 published. There are no details about the EA strategy on the Overview page and the content is not very useful for the trader. The initial 1.0 version was released on the 30th of March 2020 and it does not have any updates yet.

Overview

It Is stated that the EA does not use the Martingale, Grid, locks, and other methods considered risky. However, we have noticed that Averaging is used in a classic way. Traders that do not follow the pattern category strategies and avoid Averaging should look for other automated solutions. The system has a loss protection module comprised of non-fixed Stop Loss orders. ShadoW FXUG is not a scalper although it has similarities, especially if we take a look into the performance chart figures.

The EA is presented with catchy marketing phrases, such as “shadowed by developers, modified by developers.” And almost nothing about how the EA works. The core of the strategy is the pattern analysis of candles and wicks. The wicks are factored in pure pattern strategies but it is also a measure of volatility and buying or selling pressure. We are unsure if the EA is using these factors for trading although the Stop Loss feature is presented as dynamic or adaptive to market conditions. EUR/USD it the only currency pair optimal, on the M5 timeframe. Now, M5 is considered a fast timeframe used by traders who follow scalping or other fast trading ideas that do not hold positions for long.

According to the features list, ShadoW FXUG is short to a mid-term proposition, closing all trades before the next day, thus avoiding the swaps. Only one trade will be opened for a single signal and all orders have a Take Profit and Stop Loss orders. Take Profit is not placed far ahead, most of the orders are closed this way, meaning the real exit indicator or a signal is non-existent. By default settings and according to the backtesting screenshots, the EA will trade about 15 trades per month.

If you want to have more aggressive trading, you will be able to turn off the filter changing the BodyLength parameter in the settings panel. Also, it is stated the EA is not dependant on the spread value which makes us wonder how can short term positions be mostly unaffected by the spread.

Interestingly, the small number of settings options are considered as a feature by the developer. In the settings panel, you will see only 10 parameters. The Timeframe parameter is not meant to be changed and therefore is locked. Trades can change the KProfit variable, which determines where the Take Profit will be placed, although it remains a ratio against unknown value. Wicks obviously play a role in the analysis and you can change the “size” of it in the MP variable. Averaging is used but can be adjusted with the HP parameter but traders will have to see how different is the EA Risk Management with bigger or lower values.

The TwoOrders parameter is for allowing the EA to open more trades than just one. This could be also used instead of turning off the BodyLenght filter mentioned above. Trade size allocation can be done with the FixLot or DynamicLot parameters, depending on how you want to manage the exposure for each trade. It is not known what is the base for measuring the market dynamics. The last option is the Max Spread where you can set the point value of the spread above which the EA will not open a position.

The performance chart screenshot shows backtesting dome in MT4 Strategy Tester for the 6 months ending in 2020. It is done with the BodyLenght filter on, on the EUR/USD and M5 timeframe using the Every Tick modeling (99.90% accuracy). Certainly, the success rate is almost perfect, 95.95%, that could be contributed to close Take Profit levels. Boosting the success rate does not mean the EA is successful in other aspects, the average profit trade is 24.20 versus -93.96 loss trade. This means if the market conditions change for a certain period to which the EA is not optimized, one could lose the entire account with a few losing trades. The average winning streak is 18 to just one loss, which means the EA is profitable with a profit factor of 6.09. Based on 1000 deposit, the EA made 1436 net profit. The final important figure is the drawdown of 30.58%, pointing to a somewhat risky strategy, especially concerning Averaging is used.

Service Price

ShadoW FXUG price is $999 and this could be a decisive factor why this EA does not have any reviews or comments form the MQL5 community. Traders who purchase the product will have 10 activations on different computers. A demo version is available and has been downloaded 26 times for about 1 month. There are no renting options, an unusual proposition concerning the price is in the higher range.

Conclusion

The developer is updating new settings files and uploads them in the comments section along with the promotions by the FX Urban Group, the developer team behind ShadoW FXUG. Note that there a few products form this group offered for free, and ShadoW FXUG is their most expensive product. It is still new but it does not have the values or figures needed to rise in popularity in our opinion. Whatsmore, the presentation is not good enough and there is no signal service to back up the EA with forwarding, live performance.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/47795

Judging by the price of this Expert Advisor designed for the Metatrader 4 platform, one could this is a very popular and reliable product with consistent results. Pirate One is a rather vague automated trading solution made by Anatoliy Lukanin from Russia. The developer has 20 products and 2 signals published in the MQL5 market.

Recently, we have noticed a large number of signals are closed, probably because of catastrophic results caused by March 2020 extremes in volatility. This means the developer has used a single strategy with a few adaptations to generate these signals, eventually breaking down on heavy world events. Pirate One is initially published in November 2018 with few updates related to the functionality and setting options. The latest version is 1.90 from 15th March 2020 that is adapted to the current COVID-19 situation although just with a closing time function.

Overview

The provided overview page does not tell much about this EA. Based on the first header description, Pirate One is a nighttime scalper EA working in low volatility market periods after the US session. Several indicators are integrated for trade entry and filtering while the exit is defined with a Take Profit or a kind of Stop Loss order. According to the author, Martingale and Averaging methods are not used.

Virtual pending orders are optional, these will not leave a trace on the broker servers. Useful for those that suspect Stop Loss hunting by their broker, for example. The EA also supports dynamic trading lot size allocation which increases with successful trading. This strategy may be related to scaling in but there are no more details. Dynamic lot allocation is usually related to volatility adjustments using some of the volatility indicators.

Pirate One is not universal and cannot be traded on every instrument or timeframe. The developer suggests EUR/CHF, EUR/GBP, and GBP/USD or CHF/JPY, EUR/AUD, and USDCAD for testing. Risk Management needs to be strict, overexposure to one currency is never advisable but especially with this EA. There are several reports that the losses are a few times larger than profit trades, which is also confirmed by looking at the performance charts published. Even the developer is not sure the EA will have the expected performance, does not want traders to go with all the currency pairs and to start with minimal trading sizes.

The trading timeframe is fixed to M15, you will need an ECN five-digit broker account, tight spreads are always recommended. Interestingly, this developer has a referral link for the Alpari broker published, which is rare to see. In the Comments section, there is also a bonus banner with a referral link.

Settings for Pirate One are not allowing you to select any trading strategy or indicator. You will have the option to set a fixed trading lot or based on the percentage of funds available. Take Profit can be set to virtual or on the server and the levels for both Stop Loss and Take Profit can be adjusted in points. Filtering in case of wide spreads is defined in the MAX_SPREAD_OPEN clause, for Slippage is also available. Since the EA trades around the day closing time, swaps could be charged (or credited) if traders have overnight positions open.

For this purpose, Pirate One has the Filter Swap options to disable trading or positions, allow or only filter triple swaps. Some way of adjusting how frequently the EA is trading can be defined in the DEALS_ON_THE_BAR clause. This will enable or disable the EA to trade before a bar has closed, multiple times. If Take Profit or Stop Loss is not reached the EA has the mechanism to close that trade on unknown parameters.

The screenshots provided present the EA performance, however, the modeling quality is 90% done in the MT4 Strategy Tester module. This is not enough for scalping EAs such as this one. Still, some conclusions can be made. Pirate One has a very high success rate. On all screenshots, the profit trades percentage is at least 98%. This means there are many small winners and a few big losers, effectively making this EA risky in the long term. Time tested on the screenshots is around 210 days if the EA is applied to the M15 timeframe as suggested. For this time, using a 1000 deposit, Pirate One generated 13532 net profit with 260trades and 35.71 absolute drawdown. Maximal drawdown is 1542.05 although note that the average losing trade amounts -496.31 while profit trade is just 62.8.

The numbers are similar on all screenshots, have a distinctive exponential-like gain curve. Dips are also clear on some, but most of the screens show smooth growth. It is hard to ascertain if these presentations are valid, 90% quality modeling is not enough for scalping EAs, and there is no way to know what settings are used here. In the comments page, the developer attached many screens of the MT4 charts with this EA attached showing a total daily profit, but the actual performance is not confirmed on the benchmark sites such as the Myfxbook. Whatsmore, now that the signals are not available anymore, Pirate One would need testing. A demo is downloaded 793 times, showing low interest in testing it.

Service Cost

Pirate One is above average when it comes to the price, similarly like the rest of Anatoliy Lukanin’s products. For $500 you will have 5 activations and for $100 you will be able to rent it for one month.

Conclusion

Only 4 reviews are published, giving this EA 3.5 stars on average. We have picked one low rated review that has a good short description of what can happen with this EA:

“250 for 3 months…on a real account (SO different from backtesting), default setting: many wins, but when you lose, you lose all the gain, so I have lost money.”

Good reviews mostly come from users who have gained profits and appreciate the Stop Loss function. Note that changing the Stop Loss can greatly change the performance of Pirate One. Since the price Is above most premium EAs with better history, description and presentation is ambiguous, consider this EA only if you have great long term results in backtesting and forward testing on a demo account.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/33037

This is a composite strategy Expert Advisor for the MetaTrader 4 platform with several modules integrated. According to the short description, Price Action, Patterns, and Neural Networks are used in conjunction with the signal generation. The developer of Climber EA is Xuan Nguyen Thanh from Vietnam who has one other scalper EA published on the MQL5 market. Both EAs have their respective signal service too, which means a lot when buying EAs.

There are no updates yet, the initial version was released on 23rd of march 2020 and does not have any attention from the community yet. The Overview page is minimalistic, just a few lines about the EA, and the rest is about the settings range. To some traders, this is enough, with all the signal information, although it is not clear what exactly is the EA doing is unknown. However, the figures on the charts are showing low risk and stable gain.

Overview

Unfortunately, The Climber EA could have more success at the start with a better presentation of the strategies. The Price Action element is probably the automatic Support and Resistance zones plotting and used as a filter not to enter Buy trades close to the Resistance zone and Sell trades close to the Support Zone. Patterns and Neural Network elements are responsible for the trade entry signals. These methods require and are based on past data patterns, and are good as the data stored in them is relevant to the current market conditions.

Recently, the forex and equity markets are having a sharp change in terms of volatility, making new patterns, as COVID-19 is also a new occurrence for the first time in 100 years. How this affects the EA and Neural Networks with past data can be seen in the current signal performance. AI is also stated as capable of learning. If this is correct, we should not see any drastic changes in the new market conditions. Based on the past position management list, we could see most of the trades EA made are coles by the Stop Loss order. This gives us a clue that the exit method is based purely on the Stop Loss. Interestingly, Take Profit is present but it is rarely triggered. Other indicators are not disclosed directly but are used to “balance the price”. This element could be a smoothing MA or a filter based on volatility, however, we could only guess.

At least the developer is transparent with the settings range. The automatic trade size allocation parameter (Auto Compound) and the lot size multiplier (Next Lot Size Multiplier) could implicate the EA uses a sort of Martingale recovery mode. The sharp dips and quick recoveries on the chart equity line cover this assumption. Take Profit is the classic, defined as fixed, in points. Interestingly, the Stop Loss parameter is not available, so we take it the EA uses his internal dynamic Stop Loss placement using the Support and Resistance Zones. Among the settings is also the RSI indicator parameter and it is related only to the RSI period. The RSI is probably used for filtering, signal confirmation, and the S/R Zones. There are no other options so traders will have to rely on these for backtesting, although, a small number of customizable variables are not a bad thing per se.

The Climber EA is very specialized. Its Neural Network data is only optimized for the EUR/USD currency pair and on the H1 timeframe. Whatsmore, the author recommends deposits from $2000 and for best results, $5000. Now, in addition to the already high EA price, you will need at least a few thousands more, creating one more barrier for this EA to breakthrough the MQL5 market. The author uses Tickmill and recommends NordFX broker too, however, the signals provided for his two published EAs do not use these with live accounts. By default settings, The Climber is good to go.

Before we go on to signal performance, we will take a look at the MT4 Strategy Tester backtesting results. For the period of 1 year, from 2018 to January 2019 on the recommended settings, the EA gained 2552 on the 5000 initial balance. Note that the testing period does not cover the latest 2020 events. Out of 3766 trades, 72.74% were successful or closed in profit. The maximal drawdown is 11.99% which is an acceptable level of risk regardless of the sharp dips in the balance graph. The average profit trade is 2.06 against the -3.03 loss. The average winning streak is 5 vs 2 meaning the EA has a solid loss control.

Service Cost

The signal service does not have subscribers yet but it is available for $200 per month. The demo has been downloaded 19 times which is very low, many low-quality products have better attention than this EA and this is probably because of steep requirements and high initial price. This is a composite strategy EA with Neural Networks optimization, meaning the price cannot be in the lower range. You will need $1500 to purchase without the option to rent it. A demo is available of course and you should also try to run the EA on a broker demo account too.

Conclusion

In the live signal results, The Climber EA has been engaged for 75 trading days till now. It made 62 trades per week since the 11th of March 2020. For this time the total growth is 19.30% meaning the new market events did not affect the EA, besides, the gains are better than in 2019. Even more impressive is the Drawdown of just 4.6%. The average results are in line with the MT4 backtesting with more info such as the average position holding time of 11 hours. This could mean you will need to be prepared to have an uninterrupted connection for 24 hours and possibly have swaps charged. Monthly growth is a solid 3.06% with the initial $6000 deposit and one $1000 withdrawal.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/47140

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

Prado is a newly released Expert Advisor for the MetaTrader 4 platform from a new developer that has already attracted some users. Prado EA is also developed for the Cent accounts under the name of Prado Micro, without the trade size dynamics function. It is just $5 cheaper so it is probably better to purchase the normal Prado EA. The developer of Prado is Tatyana Kulyapina from Russia with Prado EA as her main and only product published on the MQL5 market.

Prado’s first version is released on the 13th of March 2020, updating the EA with new functions and settings to the latest 2.2 version on the 4th of April. New iterations contain the fixed lot allocation option, spot Gold settings, some bugfixes, control options for the Stop Loss, Take Profit, and other pending orders, spread filter, and additional settings range.

Overview

As we take a look at the settings of the EA, we could say Money Management well developed implying the developer has some experience with trading. There are 4 signals provided with various risk exposures and assets Prado is engaged, giving traders a much-needed insight into how this EA performs. On the other hand, the Overview page will not disclose much about the EA, most of the content is just filled with links to the signals and setting files. Still, we were able to extract some information based on the settings panel.

It is common to see the Russian language used in the Comments section and other pages when dealing with Russian speaking authors, making English a rare sight. Almost all content in the Comments section is like this so you might find it difficult to find some information. Prado’s main strategy is the daily breakouts followed by trailing stops and ATR managed risk exposure. Therefore, it is a slower trading EA with strict Risk Management, adaptive to volatility, with good exit signaling. All this combined draws a well-composed system with good figures in the backtesting charts.

Once the EA is started, it will open Buy Stop and Sell Stop pending orders and the day extremes defined by the ATR or also called ADR (Average Daily Range) if set to the daily timeframe. Once the pending order gets triggered, Stop Loss and Take Profit are placed in with the composite Trailing Stop method trailing the price. Strategies like Martingale, Grid, or Averaging are not used here, Just breakouts on the ATR defined zone. Except for the obvious ATR indicator involvement, others remain undisclosed. One reason could be that the developer is not skilled with a presentation or English, but it could also be to refrain from the scary technical content.

Prado is described as a safe, FIFO compliant, volatility riding EA with a good loss control module. Interestingly, to understand the EA functioning, one could look at the EA thumbnail picture and see all the starting setup and the strategy to follow. After the Q1 2020 volatility jump caused by the COVID-19 in forex, commodity, and other markets, the developer posted a few screenshots of how the EA jumped into the action and resulted in a staggering gain. Still, now it is recommended to increase the minimum deposit to $500 from the initial $100.

The default setting off the shelf is for the USD/JPY currency pair but there is no mention of the optimized timeframe. Settings for the spot Gold can be downloaded from the attached post in the Comments section, the link is provided. For testing purposes, it is recommended to count every tick and set it to the H1 timeframe. It is very likely the EA is most suited for this timeframe, as mentioned in the comments. Prado has a risk setting according to which you will have different backtesting gains. Of course, more risk percentages will result in bigger gains.

In the settings menu, you will have a lot of ambiguous parameters you will not get a feeling for backtesting purposes if you want to change it form the default levels. A few of the parameters are clear though. Risk is the exposure percentage of your balance for each trade, measure probably in Stop Loss distance in pips per dollar. LotFIxS is the classic lot allocation per amount from the account balance. The Stop Loss and Take Profit adjustments are made via the coefficient parameters which are not tangible.

The parameter values are not in pips obviously, so you will have to experiment with these as the formula is not disclosed. Other coefficient related parameters are OpenOrderCoef (2.0) for pending orders placement, the same description is given to the OrderCoefLevel, but this parameter is set to 0 by default. EveningCoef is another parameter affecting evening trading sessions but again, it is defined by the coefficient. TralCoef is the Trailing Stop factor, as well as the BoomCoef and the BoomMinDistCoef.

The coefficient is probably related to the same variable, most likely the ATR indicator, and this could be easily tested by comparing the values to the ATR current level on default settings. TralBoomStep is the classic step Trailing Stop jumping distance. There are other parameters related to the Trailing Stop such as BoomMaxPrc probably related to the price change percentage. This implies the EA is heavy with Risk Management measures as mentioned. Other settings are concerned with the slippage filter, EA working hours and evening tactics, comments plotting, and trade closing time point.

Prado performance is presented by 4 signals, and we will use these “forward” testing performance instead of the MT4 Strategy Tester results screenshots. On the IC Markets broker live account, Prado has gained 22% on the XAU/USD from the 4th of April 2020. This period is too short for any conclusions but the EA made 7 trades. Using the 3% risk scheme, 5 trades were in negative. This means Prado has a very sensitive trade exit, most likely the Trailing Stop. However, the 22% gain is generated by only 2 trades.

The average holding time is 4 hours making 3 trades per week. So entry timing is very careful, picking the right moments on the H1 timeframe. These two trades made a profit of $140.35 against -$73.41 5 losing trades. This caused a 16.7% drawdown which is acceptable for 22% monthly gain and a 3% risk scheme. Prado EA performance on the USD/JPY pair has almost the same gain on 3% and 5% risk. Both testings are on live accounts. The 3% signal shows 17.6% drawdown and 63% gain form the 15th of March 2020. When averaged, the EA made 15.33% per month, 5 trades per week, and 3 hours holding time. Profitable trades are almost on par with the losing ones, again demonstrating a great loss protection mechanism.

Service Cost

Prado price is $150 to buy with 5 activations and the Prado Micro is $145. Interestingly there are no options to rent the EA but the price is not an issue for most traders. The demo has been downloaded 379 times until now showing good attention in its early stage.

Conclusion

Prado has 7 reviews and all are positive, resulting in a perfect 5-star score. One of the more notable reviews reads as follows:

”That’s why I bought the EA: no risky tactics, no martingale, no grid, just pending and win or loss, well-calculated SL and well-calculated trailing stop. And now I’m looking forward to the results!”

Prado EA has a very sound strategy and great Risk management although it is not very friendly for optimization by users. Therefore, for now, it is best to use only the developer published settings files in the Comments section if you do not know how the settings affect the trading.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/45995

This product is from a development group from Russia who has over 90 published products and 5 signals services on the MQL5 market. However, most of these have not received attention from the market. The developer of Project One Day MT4, Ruslan Pishun, has some expertise with coding and trading too. This EA has been published on the MQL5 market right away with version 3.25, on the 28th of March 2020. This could mean is based on an already developed algorithm, there is no updates log.

Overview

The EA strategy seems to be multi-timeframe and multicurrency adaptive, with no disclosed indicators or formulas that make the system. In the Overview page, you will see some basic recommendations, instructions for backtesting in the MT4 Strategy Tester, and the settings range. Even though this EA is developed for the MetaTrader 4, the MT5 version is also published.

As mentioned, the EA has 3 timeframes for analysis, M5, M15, and M30. We assume that once the indicators integrated for trend confirmation are aligned on all 3 timeframes, a trade is placed. The universal nature of the system, where almost all of the major currency pairs are acceptable for the EA, points to a trend following system and in times when the volatility is higher during the day. Project One Day is suitable to work only during the day trading sessions, as stated. Currency pairs recommended are all major combinations except for some USD pairs, making a total of 26. The EA does not use Martingale, Averaging and other strategies considered risky by most traders.

In addition to the 3 timeframe alignment confirmation, advance Stop Loss, Take Profit and Trailing Stop methods are used. Hidden Stop Loss is optional for traders who want to keep their Stop Loss levels hidden from the broker. Some brokers could be using concentrated Stop Loss levels for manipulation, although this practice is hard to prove. Each trade made by Project One Day has a Stop Loss set. How the EA calculates these levels is not disclosed. Break-Even and Trailing Stops are not present in the settings range and therefore not open for adjustment, limiting traders’ ability to customize and optimize the EA to their needs.

Note that Break-Even and Trailing Stop is one of the most effective methods for Risk management and consequently great exit moments if set to optimal levels. It is not disclosed if there are any indicators for position exit signals, they might even be completely replaced with a Trailing Stop. Partial closing and moving to break even is a very effective combination for Risk management. Scaling out at Take Profit level by 50% and leaving the rest to the Trailing Stop is probably what is used in this EA, and the results from the backtest show low drawdown because of this.

In the settings panel, you will not have a few general parameters not related to trading. You can set what currency pairs will be traded. Once you attach the EA to your MT4 chart, it will trade all currency pairs you have enabled in the settings, there is no need to attach it to every chart. Magic Numbers are enabled for this purpose, to manage each trade made by the EA. Five-digit brokers are supported and if they have suffixes for their symbols you will need to enter it in the settings parameter.

The Autolot feature is integrated and has several options. Traders may use the balance percentage for trade sizing or set new calculations for every balance amount defined by the trader. If for some reason you want a fixed lot, it is also offered in the settings. Slippage and Spread filters are offered with the addition of day selection filter, GMT filter adjustment and working time adjustment within each day. All other trading related parameters are locked out.

There are special backtesting settings for the Strategy Tester in MT4 for this EA. They are mentioned on the Overview page and should be used for testing purposes only. The screenshot of the backtesting results done from 2015 to 2020 show 88.7% trade success rate, tenfold gain on 1000 initial balance and just 5.48% Maximal Drawdown. 1841 trades are made for this period meaning the EA carefully waits for the right conditions to align. Average consecutive wins are 8 times greater than losing and the average profit trade is 7.80 versus -12.86 losing trade. Even though the EA has more significant losing trades when they happen, the drawdown does not indicate any risk to the account.

Service Cost

Project One Day MT4 belongs to low to the mid-price range, comparing to other products. You will be able to buy it for $109. To rent it for 1 month – $31, 3 months – $49 and for one year $79. The demo version has been downloaded 40 times and shows good starting interest by the MQL5 community.

Conclusion

Note that the testing is done on 26 pairs simultaneously with Autolot enabled. On the real account signal, the performance is similar. To copy the signal generated by Project One Day the price is $30. The Maximal Drawdown remains low, 8.1% and the success rate is 92.2%. This signal is new, started when the EA was published so it might not be 100% reliable still, it shows similar results from backtesting.

There are no reviews and in the comments section, but the developer has attached more in-depth performance charts. Overall, Project One Day has great Money Management and probably one of the most reliable Risk Management methods that are reflected in the stats. Unfortunately, there are no parameters for any of these, limiting the transparency and more importantly, customization.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/47758

Trade Professor is a new Expert Advisor made by an amateur developer who published it on the MQL5 market. The initial version was released on the 16th of March 2020 and does not have any updates yet. A developer is a young man from Nigeria by the name of David Joseph who has a total of 7 products published on the market. None of the EAs have a single review or any comments.

There are several reasons for this, the main one is unconfirmed results, canceled signals, and no details about the EA strategy. By looking at the developer’s comments we are not sure anyone can take him seriously. Trade Professor is an ambiguous EA for MetaTrader 4 with an extremely high price tag. There are no elements that could justify the price and certainly no valid results.

Overview

The Overview page has very little content and just 2 screenshots which do not have important information. Professor EA is specialized for GBP/JPY, GBP/USD, USD/JPY, and EUR/JPY currency pairs and on M5 timeframe. There are other requirements as stated by the developer such as the recommended minimum starting balance of $1000. The volatility is the main factor when it comes down to the initial balance. This is probably due to the extreme drawdown which is not disclosed on any test.

Whatsmore, it is recommended to increase the balance if market conditions turn volatile, such as during the COVID-19 event. This EA has Stop Loss implemented called Account Protect Level in the settings panel and is a fixed type. Interestingly, the developer warns if this level is too shallow, the EA will give unsatisfactory results. Again, it is hard to assess the relation of risk to gains without the drawdown figure. Notably, the EA performed poorly once the COVID-19 outbreak started to affect the markets, according to the developer posts, and the signal generated by this EA is shut down.

The settings panes contain only 4 customizable variables. Some may be confused with the EquityLevel parameter, but this is just a figure where you put your target profit. It does not have any effect on how the EA is trading, it is just a point after the EA will not open new trades. We are not sure if this is just a gimmick sloppily made by the developer or it could have any use. There are two more unexplained parameters called Take Low Trades and Take Low Lots. These are probably related to trade size allocation and the frequency of trade entries although the only options are true and false switches.

Service Cost

The price tag is as ridiculous as the EA presentation, $3200 to purchase, and 4 rental options. For one month you would need $150, for 3 $500, for 6 $750 and one year $1500. A demo is offered if you want to play with this one for any reason, it has been downloaded 17 times.

Conclusion

The screenshot with the backtesting performance in MT4 shows a constant growth without any figures. We can only see it is done on the GBP/JPY on the M5 timeframe. There are no dips that may be contributed to high-risk allowance, however, the testing is conducted for a very short period. Only 45 bars were tested, when converted it means for only 225 minutes, which is abysmal. There are no comments or reviews and probably will not be as the product nor the price is to be taken seriously.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/47222

The Trailing Complex EA is not related to independent automated trading but to Trailing Stop Loss management with 9 variants and combinations. The tool is designed for the MetaTrader 4 platform that does not feature such advanced options for trailing. Trailing Stop is one of the most sought out and used elements of trading systems using any strategy. There are many similar tools although this one is very affordable.

Overview

The developer of Trailing Complex is Andrei Fandeev from Moldova, working as a programmer since 1995. He has 11 other products published on the MQL5 market, most of them with a good rating, low price, and specialized. Trailing Complex tool is published in October 2014 and updated recently in 2020, although has not been noticed by the MQL5 community.

It Is hard to think of a trading system that would not benefit from an optimized exit or trailing stop measures. This EA will automate complex conditions and calculations that would take a lot of time to calculate manually, especially if you are trading frequently during a day. Intermediate and advanced traders have at least one such tool, and this one has 9 variants and combination possibility.

The variants are are follows:

1. Balance percentage-based Stop Loss. Most trend following professional traders will use 2% of the balance or equity as the total loss if the Stop Loss gets triggered.
2. Moving Stop Loss to breakeven. This method is also known as the profit lock on – when the Stop Loss is moved to the trade opening price level or with additional pips in profit.
3. Standard Trailing option is probably the least attractive form the variant but it is included if traders want to combine with other types.
4. PriceChannel trailing. This is an advanced method of identifying tops and bottoms using price movements according to which the Trailing Stop will trail the price.
5. Fractals based trailing. Similarly, fractals will signal the change in price movements, based on a particular pattern. Trailing Stop will be placed on these levels where fractals were identified.
6. ATR based Trailing Stop is an advanced method that uses the ATR indicator values to plot a level for the Trailing Stop. Since the ATR indicator is volatility sensitive, most traders like Trailing Stop that adapts to it, making the whole system optimal. Additional settings are offered to multiply the ATR value for extended customization.
7. MA-based Trailing is possible with this tool. Furthermore, it is optional to use multiple MA types and price calculation methods.
8. The Parabolic SAR indicator is commonly used for trend assessment. Interestingly, to some traders, it is a great trend continuation indicator and can also its dots can be used for Trailing Stops. Parabolic SAR default settings are included.
9. A special feature is a Trailing Stop based on user drawn trend line. It only works on a single asset per chart.

Other features include Magic number assignment or all magic numbers, thus giving traders the freedom to apply the Trailing Complex EA with other EAs trades. For testing purposes, the settings panel features adjustable Stop Loss and Take Profit. Other visuals such as font size and colors can be customized.

Service Cost

Trailing Complex is set at $30 to buy with 5 activations. A demo is offered and is downloaded 513 times, showing some interest.

Conclusion

There are two reviews until now, averaging 4.5 stars from the users. One notable positive review is capturing what could make this EA even more attractive for complete trade management: “Nice EA, it can be further developed in particular in SL (default SL, Hline/trendline as TP/SL) and TP management (partial close or open more positions when certain conditions occur). keep on developing!”. Since these EA are expanding the abilities of the MT4 and are very useful, other free variants are available online, although they have different options. If $30 is not an issue for you, Trailing Complex will cover your automatic Trailing Stop needs.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/6567

Moving Averages are the elementary indicators with many variations and used almost in every trading system. Adding multiple MAs with different settings and calculations could result in complete trading systems. Triple Moving Average EA MT4 is such an Expert Advisor designed for the MetaTrader 4 platform. It is developed by Jan Flodin from the Czech Republic who has 36 other products published on the MQL5 market, many of them are popular with great ratings.

This EA belongs to the free category some of his other work is also free to download. The initial release of the Triple Moving Average EA MT4 was on the 2nd of April 2020, as a still new on the scene, it has not been updated and does not have any rating. Interestingly, this Moving Average system is very similar and complementary with other indicators made by Jan Flodin, who seems to be specialized in MA application. The Overview page contains enough information about the system and is transparent on how the EA generates the signals.

Overview

Triple Moving Average EA has 3 MA with different sensitivity settings which together make a special range on the chart. Trade entries are made when the distance between them is exact and when all 3 MAs are aligned in the same direction. According to the author, the method is not popular and only some institutional traders use it. The MA periods are set to 10, 20, and 30 and therefore may not be fast enough for lower timeframes. It is recommended to use the system on the H4 timeframe, although H1 and D1 can be used with solid results. Trailing Stop is a measure used for exits and as a safety threshold. Therefore, the EA will not have deep Stop Loss levels causing the EA to have large average negative return trades. If you want the EA to have only 2 MAs, it is easily done by modifying the settings.

Essentially, the trades entries have a tolerance zone using the distance between them to have more reliable entries or to avoid false breakouts. Interestingly, the EA does not seem to have ranging market filter, or at least not in the classical sense it has a dedicated indicator for this purpose. The tolerance zone could be wide enough to account for sideways movement though. Moving Averages are lagging indicators that could have advanced calculations to reduce lag or to adapt, some of these methods or MA types are optional in the settings. Adding MA types is not usually hard to add in the EA code, therefore you can expect addons in the future versions.

Triple Moving Average EA MT4 features are not special but very useful. At its core, the EA is simple but packed with settings. You will be able to filter slippage, the spread and set working time. Moving Averages are also customizable to a certain extent and you can also rely on the EA implemented Money Management and Risk Management settings. As a special feature, the EA can be used as a trend reversal trading. This is done by setting the tolerance zone wide enough so when the price is far away from the Moving Averages it will correct or reverse. Additionally, the signal generated by the MAs can be reversed for this purpose. We are no sure how successful it will be to use such EA for trend reversals, they are in a way more risky strategies than trend following.

In the Setting Panel, you will have a plethora of variables, providing so many optimization options. Starting with the general settings, you can set the EA to only send you a signal instead to automatically open a trade, so you can confirm this is something you want to trade or just urge you to adapt to different things. The Ea can be set to work with 3 MAs or just two, where the crossover will be used as the trade entry signal. The logic can also be customized, once the MAs cross again, the opened trade will be closed and a new opened if Take Profit has not been triggered. If the market volatility is high, traders may want to wait for a candle close before the signal is generated, so you can set to generate signals only by this condition, disregarding price piercing in a volatile market. This is especially useful on higher timeframes.

Trend following usually involves some kind of baseline, according to which traders only open Buy or Sell orders. To adapt to this strategy, the EA has the feature to disable Buy or Sell order. The mentioned Money Management is not the usual we see where a percentage of balance is used for each new trade size allocation. This EA uses Stop Loss distance in pips which is relevant to set balance percentage. Each Stop Loss value will equal the set balance percentage, therefore traders define how much they risk for every trade. Fixed lot allocation is also optional. Additional Money Management features are related to the Maximal drawdown. This is very interesting as it accounts for all the trades opened by the EA. If your drawdown is above the customizable percentage, the EA will not open new trades, it can close all or a part of them defined by the Magic Number.

Exit parameters are also extensive. Here, traders will set how the system generates trade exits. There are several options, exit on two MA cross, Fixed Stop Loss, MA1 and MA2 distance parameter, MA1, MA2, and MA3 distance parameters, and other special conditions. Take Profit placement has multiple customizable parameters we do not see that often. Aside from the fixed pip positioning, Take Profit can be defined by a Trailing Stop, and by a Risk/Reward ratio. Also, the breakeven feature is integrated too.

Moving Average settings are the usual, period, timeframe, price type, and a few specials. You can change the MA calculation type, by default, it is Exponential Moving Average. Max distance variable can be used as a news event filter, as the price may suddenly jump above the MA. This distance range will filter any signals if the price is above them. Other alert settings and chart comments plot are offered.

Conclusion

This indicator is free and comes in hand with other tools from this author like Moving Average Crossover Scanner and Trend Dashboard. These are paid but have great ratings and the price is affordable. Triple Moving Average EA MT4 is a great starting system for beginners as it is easy to follow and also can be useful as a subsystem to experts, who usually have a specialized indicator or two to add.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/47965

Simple Panel EA Plus is an Expert Advisor that has been featured on the mql5 website since June of 2017. The author has published 8 products with 12+ years of experience in programming. The EA was last updated to version 3.7 in March of 2020.

Overview

Simple Panel EA Plus is an Expert Advisor that offers easy one-click trading and allows traders to open all types of pending orders. One can also choose from different types of closing orders, such as closing only buy orders, sell orders, profitable, or loss orders. Because the EA is able to distinguish its orders from others, it can be used in combination with other trading robots on the MT4 platform, but it is necessary to distinguish the EA’s magic number in the settings. SL, TP, and other settings are saved so that there is no need to input the information with each trade. Traders can also work with several settings, including one that is provided for ECN accounts, along with maximum slippage, color scheme, and customization options, and etc.

Service Cost

Traders can either rent the EA for $20 USD for one month or purchase it outright with 20 activations for $50. If you’re interested in testing a demo account, you’ll need to use the link specifically provided by the author within the product’s description as the strategy tester does not allow one to use the buttons.

Conclusion

Simple Panel EA Plus is an easy to use, automated trading Expert that offers traders the flexibility to work with different account types and settings. 8/8 users have given it a 5-star rating, and it has received some of the following comments:

“The vendor was the only one here on mql who was willing to put a feature to his product which I wanted to have! (trailing pending orders) On top of that he created an absolute useful panel which I like very much for my manual trading (basket feature, trailing orders, very good overview about the used features by changing colors…) -Florian
“Great tool: breakeven, partial close, trailing stop, auto lot calculation, pending order, grid, basket of all open trades with TP and SL function.” -Thomas

In order to achieve the best results, you’ll want to remember some of the author’s comments, such as remembering to turn on auto-trading, saving step to memory, that SL and TP are set in pips, and so on. As always, experience and risk-management will help your results, but it is up to the individual trader to decide if a product like this one would work for them.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/23646

The Expert Advisor Turbina was launched on the mql5 website in May of 2017 and developed by Evgeniy Zhdan, who has published more than 120 products on the site. Version 1.6 of the product was released in April of 2019 and is the most recent update.

Overview

Turbina is an automated trading robot that determines the trend direction (based on the GoldenCoast indicator’s algorithm) and calculates levels for opposite orders based on adjustable settings. The EA operates on the established idea that any trend will be broken in the Forex market. Parameters cover TP in pips, order risk, multiplier, step, slippage, magic number, and some display settings that do not affect the way the EA works.

The author doesn’t spend much time describing his product and asks traders to examine screenshots for more information. After reading through the comments section, we did learn that the indicator works with any currency pair or timeframe, on the MT4 platform. We’re assuming that Turbina works with any broker, as the author does not outline any guidelines such as low spreads or etc.

Service Cost

Traders can only purchase this product for $150 USD with 10 activations, as there isn’t an option to rent it for a lower price. The cost isn’t out of line for an EA, but it is disappointing that renting isn’t available. On the bright side, testing is possible through the demo version.

Conclusion

Turbina is an automated EA that places trades based on the trend direction. The author does not describe his product in much detail, but this is somewhat made up for by the fact that 7/7 users rated the product at 5-stars. Users claim that this EA is profitable, and one user even updated his comment to include the fact that the EA remained profitable 2 months after his initial comment. If you’re interested, you’ll want to take a look at the provided screenshots on the product’s overview page, and keep in mind that you’ll have to pay the full cost of $150.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/22914

Fast Copy is a program that allows you to copy transactions between different accounts of Metatrader 5 and Metatrader 4 in any direction and quantity quickly and easily.

Overview

Any type of copy is possible with this software:

• Copy from MT4 to MT5
• Copy from MT4 to MT4
• Copy from MT5 to MT5
• Copy from MT5 to MT4

In order to copy between different MT4 and MT5 terminals, two versions of the product must be purchased.

How does the Fast Copy program work?

The program copies all transactions between two or more terminals installed on a “PC” or “Windows VPS.” It is required to install the program in “MASTER” or “ADMINISTRATOR” mode on a terminal. It can be a terminal with a trading password or an inverter password, either is valid, and it is necessary to install the program in “SLAVE” mode in another terminal and select the account number from which the transactions are to be copied into a particular window. It is also required to restart the program once for an account – the program will automatically recognize and copy all transactions for all selected Forex currency pairs. Note that different versions of the program are needed for MT4 and MT5.

Before purchasing the product, it is possible to test the program in any mode and for your tasks by downloading the corresponding free demo versions Fast Copy MT4 demo and Fast Copy MT5 demo.

Main Features

This is a tool for sending and receiving transactions: the operation mode (master) or (slave) can be selected in the program. A [master] provider can correctly copy transactions to multiple receiver [slave] accounts. A receiver [slave] can also copy transactions from multiple vendor accounts [master]. The program is absolutely compatible between Metatrader 4 and Metatrader 5, as well as order accounting systems and hedge clearing positions.

Copy SL and TP are optional functions. It is possible to set custom Stop Loss and Take Profit levels for operations that have been opened by the program. It is also possible to copy all types of orders, Buy Limit, Sell Limit, Buy Stop, and Sell Stop pending orders. The receiver (slave) account can be manually traded, commonly or other EAs can also be used without any conflict.

Conclusion

Fast Copy has the ability to copy any type of character in any combination. By default, the most suitable pairs are offered. Further, it has the ability to copy operations and commands depending on their magic number. The easy to use, friendly interface offers a high speed of execution. The price of this software is 55 USD and is available for purchase on the MQL5 market.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/18920

Engulf Pips EA is a robot created in March 2020 by Nigerian developer Olamide Seun Bello. Olamide Seun Bello is a prolific creator of automated trading tools, many of them available in the MQL market.

Overview

The Engulf Pips EA does not use hazardous trading methods, resulting in a heavy loss of the entire Deposit such as Martingale, Grid, Arbitrage, etc. Every trade has its Stop Loss and Take Profit, and is optimized by the EA. Users can try their preferred currency pair in different time frames to see the most profitable time frame for that pair and stick to it. The best assets to use will be currency pairs and the most suitable periods include M5, M15, M30. As for brokers, none are off-limits, but it is best to use an ECN account with a low latency broker to ensure that transactions are executed in the shortest time possible.

Some parameters of Engulf Pips EA include:

– Automatic Batch Setting: If true it will pick up the batch size with the % of the account.
– Capital risk: percentage of capital you are willing to risk on each order.
– Volume of trade: If Auto Batch Setting = False, you can enter your standard batch size.
– Maximum number of open-air operations: total number of operations.
– Option to take a position: Choose the type of order you prefer.
– Set stop loss: if Ea automatic will pick up stop loss with the multiple of ATR below.
– Take advantage: If EA Auto chooses to take advantage of the multiple of ATR below.
– Take profit in pips: If you set Take profit = Manual, enter your preferred Take profit.
– Set the final stop mode: if = none, the final stop will not join the command.
– End stop (PIPS): if you set the end stop mode= end stop, enter your stop.
– Size of the second candle in proportion to the first: the size of the absorbing candle compared to the previous candle.
– Set ATR Multiple: The multiple of ATR for stop loss is Set stop-loss equals automatic.

We always recommend the use of a VPS, a dedicated virtual server, while using an EA, this will allow all transactions to run and not lose any. In case of not having a server (MQL offers one in a promotional way), we will have to leave our computer on 24/7.

Service Price

This EA is available to the first 15 buyers for the price of USD 100, then it will rise to its normal price, which is USD 500. Likewise, the rent for a més is now available for 70 USD for the first 20 users, then it will go up to 200 USD.

Conclusion

In conclusion, we are talking about an EA in which the developer does not want to show how it works, or on which it relies to carry out its transactions. A minimum of information is always important. The only option we have left to rely on this tool is to download the free demo version and see how the EA works, find out what it does and how it does it, and also see if it can be profitable and useful for our trading style or not. As this is a newly created tool, there are currently no user opinions that can guide us with their experiences the usefulness of this robot.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/47569

Fibonacci Of Yesterday EA is an automated system created in March 2020 by developer Thushara Dissanayake. Thushara Dissanayake is a prolific creator of trading tools that has many references in the MQL market. Those who are interested in exploring this forex service further may do so using the link that we have provided at the bottom of this review.

Overview

The Fibonacci Of Yesterday Expert Advisor is specially designed to automate the most popular Fibonacci strategy that is based on the high and low of the day before. Basically, it places an order between 50% and 38.2% levels. However, you can adjust everything for your own style. The most important Fibonacci levels are included and you can turn each Fibonacci level on/off.

Fibonacci Strategy Of Yesterday EA requires that you wait until all major news is published, so we avoid possible slippages. At that point, you should be able to identify the trend, up or down. If the market is up, draw Fibonacci levels from high oscillating to low oscillating or if the market is down from low oscillation to high oscillation. Place an order between 50% and 38.2% levels with a loss of stop at 23.6% level of retracement.

Features of Fibonacci Of Yesterday EA

• Modern drag system
• Adequate risk management system
• Fast activity
• Notification alerts
• Easy to use configuration

The parameters of this EA are clearly defined and include the following:

• Batch Management – enable/disable the batch management system
• Maximum risk – maximum risk of the total margin in %
• Decrease factor – number of consecutive operations losses to reduce batch size
• Stop Trailing – number of pips in benefit to activate the stop of trailing (pips)
• Final step – stop loss by moving by [x] pips
• Stop Loss – stop loss
• Take Profit – take profit (pips)
• Allow purchase orders – enable/disable purchase orders
• Allow sales orders – enable/ disable sales orders
• Magic number – number for each symbol window and type of trade in which the EA runs simultaneously
• Parameters of the Fibonacci
• Fib level filters are available
• Level 0.0%-200.0% – Enable/Disable each Fibonacci level
• Additional Touch Level Mode – Open operations when touched before several tubes of a Fibonacci level
• Distance for additional level – distance for additional level per pips

Graphical parameters include:

• Line Style – Fibonacci line style
• Line width – Fibonacci line width
• Color Line – Fibonacci color line

Important: The recommended time frames are 30 minutes and 1 hour. The default setting is not optimized for the maximum gain rate, and the user will have to make the adjustments to make the tool profitable.

In short, we are talking about a system that uses Fibonacci as the basis for its operation. This robot is not suitable for all types of traders, as the tool leaves many parameters open so that it is the user who optimizes the operation and makes the system more or less profitable. therefore it may not be the most suitable EA for novice traders.

As in any EA, it is always advisable to use dedicated VPS or virtual servers to stay permanently connected to the robot. If we do not have a server, we are forced to have our computer on 24/7. Another recommended option is to have an ECN account in a reliable broker with low latency so that our orders are executed in the shortest time possible.

Conclusion

We highly recommend before investing in the purchase of the EA that you download the free demo version to know the operation better and familiarize ourselves with all the functionalities that are programmable by the user, and if possible, find out the profitability of the robot even in a demo account. Fibonacci Of Yesterday EA is available for sale on the MQL market at a price of 30 USD, and it is also possible to rent it for 10 USD per month.

This Forex service can be found at the following web address:

Unicorn MT4 is an automated Expert Advisor that was published to the mql5 marketplace by the computer technology instructor Thusitha Ranjana. The product has not been updated since its launch in January of 2019.

Overview

Unicorn MT4 is a trading robot that follows a scalping strategy that calculates each entry point based on high & low prices on the chart. This EA does not use indicators, but it does employ the use of the historically risky Martingale strategy. It can be used with all symbols with leverage from 1:500 – 1:1000. The robot works on the MT4 platform, and it is recommended to be used with a broker that offers Cent accounts, VPS, low spread, and fast order execution for the best results.

Service Cost

Traders can either rent the EA for $10 USD a month or purchase it for $30 with 5 activations. Another item you’ll want to consider is VPS, which is recommended but not absolutely required. If you follow the developer’s advice to open a Cent account, your initial deposit requirement should be fairly low, but it is unlikely that free VPS will be included with this type of account. You’ll likely need to pay a higher price through your broker or the mql5 marketplace to use it.

Conclusion

Unicorn MT4 uses 2 different trading strategies and offers automated trading, which is a great convenience to any user, but it doesn’t come without concerns. First, the Martingale strategy that is used is risky, and the necessary leverage of 1:500 to 1:1000 is rather high and may not be familiar enough for beginners. You’ll also have to find a broker that fits in the recommendations, which means paying for VPS and finding a Cent account that offers the recommended leverage, along with fast execution and low spreads.

On the bright side, the price is very low for an automated EA. We would have liked to read some reviews to see if others have had a good experience with this indicator, but the product remains unrated without any comments whatsoever. If you do decide to purchase this EA, we recommend that you choose a broker that fits within the guidelines and have some background experience yourself, especially when it comes to higher leverages.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/23391

Echo One Full EA is a robot that was created in March 2020 by Thai developer Phongkrit Phattanawijak. Phongkrit Phattanawijak is a prolific creator of automated trading systems, and many of its creations are available on the MQL market. The robot provided is the result of several trade tests of many strategies, several forecasting indicators, allowing traders to make the best decisions to make a profit in the markets.

Overview

By combining various strategies and algorithms in this robot, by changing the price of each tick, with maximum accuracy and speed. A real account has been opened where it will be possible to analyze the whole story, as well as constantly monitor in real-time all of the current results. Monitoring is available on the MQL marketplace.

The huge advantage of the Echo One Full EA is that the end-user can start trading with just 300 USD. With a smaller balance, users can trade with a single currency pair. If the balance is higher, users can trade with 2 or more currency pairs. It is necessary to have at least 300 USD for every pair of currencies that you want to trade. However, using risk management, if you want to open a lot of orders you must have sufficient balance in your account.

The EA does not use hazardous or toxic commercial methods in trade, such as Martingale. Every shop has its Stop Loss and Take Profit and can be optimized by the user. The best pairs to negotiate according to the backtest are EURUSD GBPUSD GBPJPY GBPAUD EURJPY USDJPY USDCHF EURCHF EURAUD and NZDUSD. The best time frames and the best yields have given are H1 -> H4. All brokers are possible to work with this EA, but we must have an ECN account in a reliable and low latency broker so that our transactions are executed in the shortest time possible.

Main Parameters of Echo One Full EA:

• Allow Trading: Allow Trading or Not
• Set the size of batches or automatic batches: the size of the lot at the entrance
• Unlimited command: Can open as user wants
• Timeout to check and open a new order
• Specify the range to open Order

Service Price

Echo One Full EA is on sale on the MQL market for a price of 2,500 USD. Certainly, this is a large investment that will not be available to all traders. It is also available for rent at a price of 250 USD for one month, 600 USD for 3 months of use, 1000 USD for 6 months of use, and 2000 USD for 1 year of use.

Conclusion

In short, this is an EA which in principle seems fairly straightforward to use, although the author has not made it clear on what basis the EA operates. For this reason, we recommend downloading the free demo version. In this way, we can find out more about how Echo One Full EA works, and see if it can be cost-effective and accommodate our trading style or not. Whenever we use an EA it is highly recommended to have a dedicated virtual server or VPS, this will allow us not to miss any of the transactions that the EA performs. And if we don’t have this tool, we should have our computer on 24/7.

Because Echo One Full EA is newly created, there are currently no opinions or reviews from users who have been able to test the tool sufficiently, so we lack third-party testimonials.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/47183

Stubborn Spider is an Expert Advisor that was published by forex trader/author Ilya Fomin in October of 2015. It is available on the mql5 marketplace and was last updated to version 1.12 in August of 2018.

Overview

The Stubborn Spider EA works as a semi-automated or fully-automated trading robot that follows a scalping strategy, meaning that it makes a large number of transactions with the intention of making multiple small gains. The robot opens orders in a particular direction, but closes a series of deals at the minimum price retracement should things go in an unfavorable direction.

Here are a few key facts:

• Works on the M1 timeframe on the MetaTrader 4 platform
• Recommended for use on EURUSD, but can work with other currency pairs
• Leverage should be at least 1:200 and up, 1:500 is recommended
• Works with almost any broker
• Requires $1k deposit to use high-risk mode, $10,000 deposit to use normal mode
• Semi-automatic mode can be used to reduce risks, ex. during news releases
• Uses a Martingale system if the price goes against the direction

Service Cost

There are a few different costs that can add up when it comes to this product. First, traders will either need to purchase it outright for $333 USD or rent it for a lower rate of $30 per month. Second, traders must deposit at least $1,000 minimum and the recommended deposit is $10,000 or cents on 0.01 lot. If you plan on using VPS, that is another cost that needs to be factored into the overall investment. Those that are interested in testing before making an investment can take advantage of the free demo accounts that are provided by the author.

Conclusion

Stubborn Spider is a fully automated trading robot that profits from a scalping/Martingale strategy. It has received a handful of reviews and a 3 ½ star rating from users.

Some had good things to say:

“This EA is very good, I spent a long time, very stable, very good control of risk, stable profits” -Yang

“”This is a simple and efficient martingale bot which has done very well! you can check out his own signal which has done well. Of course, it is not risk free, nothing in forex is, but if you have a proper risk diversification strategy, then it will complement your portfolio very well!”” -Peter

Others, not so much:

“”2 stars as tools works, when in right market, but needs external indicators to confirm entry on basket close, on grid increase automatic grid step increase (as I asked twice). Tool is worth maybe $40, $60 not 333″” -Bud

As you can see, reviews are mixed. If you want to use this EA, you’re going to need to have $1,000+ to invest or $10,000+ to use it outside of high-risk mode. This isn’t such a downside if you have the means to sink that much money into the product, but those that don’t can easily find an Expert for a lower price with a lower deposit requirement elsewhere. Be sure to test this EA in the strategy tester before purchasing, and keep in mind that the Martingale strategy is historically risky, so use caution.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/12078

Forex Gump is an automated Forex advisor with a good reputation. This advisor was created in 2017. During this period, many mentions of the robot with automatic execution of transactions have been published, and almost all are positive. This trading system is paid for. And the developer has been offering, for a long time, two versions, at a price of 199 or 399 euros, depending on whether you want to use the advisor in a live account or in three.

The advisor works in one-minute time frames. As a result, this is a classic scalping. During installation, we see that the graph does not use technical indicators, nor any other technical analysis tool. The list of currency pairs for trading consists of 9 units. That is, almost all currency pairs volatile with the euro and the US dollar. These tactics are often applicable to trading systems that are not based on the algorithms prescribed by the advisers. Transactions are probably opened randomly in simple indicators or patterns.

This EA is installed on the Metatrader 4 trading platform. In the file, you download when you purchase the EA, it will be immediately available. You can change some parameters manually, but developers do not recommend doing this on the pretext that risks are increased. Theoretically, a team of programmers and traders takes into consideration all possible factors that may affect the markets. Therefore, it is not recommended, according to the developers, to modify the parameters that are already predefined in the EA.

General information about EA:

• The recommended minimum starting balance is USD 4,000 or 4,000 cents (USD 40)
• Minimum initial batch: 0.01 lot
• Ability to use a demo account: Yes
• Restrictions on the choice of the broker: No

Another interesting thing about this robot is the team formed by its creators, which is managed by the famous Ukrainian trader and developer Andrew Kozak. There is a lot of information about this trader on the Internet. For example, Andrew also deals with the publication of some trading systems on the MQL5 portal.

It must be said that some automatic robots, which are considered universal, are already available free of charge. But these free EA’s are potentially based on a number of indicators, including BSS Scalping EA. Developer Andrew Kozak claims that the high profitability indicator is also included in the algorithms of this robot, but obviously does not reveal its algorithms. As assumed above, Forex Gump EA can be a classic EA, which opens operations quite randomly, trying to get at least a minimal profit of a few pips in each order.

Forex Gump EA Disadvantages

The minimum deposit is too high if you do not want to trade with cents. Unfortunately, many traders do not have that amount. It’s too big to risk with a trading bot. There is no clear understanding of the operating principles of the robot algorithm. The developer has not implemented any of his own development, trying to make money in the simplest trading systems. Scalping may not be cost-effective without the use of appropriate technical tools. There are no results of this EA that are published in independent portals. The only Forex Gump EA trading indicators are screenshots posted on the developer’s official website.

Conclusion

This robot is standard and has no outstanding auto-running advisor. Acquiring this EA can be a consistent option for traders who have a high budget, but who don’t want to worry about spending time doing their own trading. But, there are always alternatives to choose from. Note that to start using it you must have an impressive amount of $4,000 or $40 in a penny account. The developer likely added these requirements to avoid many small accounts in the initial phase of the consultant’s launch. Scalping, which is the basis here, means opening several transactions in different currency pairs during the day.

We recommend using Gump EA Forex on multiple assets. And always follow the news on an economic calendar, to be in time to turn off the robot when there are important fundamental factors. In fact, the absence of indicators is an indicator that the program is not able to fully analyze the market.

This Forex service can be found at the following web address: https://www.forexgump.eu

Gold Rush Aggressive is an EA that was created in April 2016 by developer Aibek Mugiynov, a robot creator known for developing low-cost tools for MQL market users.

Overview

Aggressive Gold Rush Expert Advisor is based on identifying support and endurance levels. It works autonomously, and it is advisable to use a VPS server. The EA has passed all the tests in real ticks. The author advises to use a Pro broker and ECN – Market Execution, such accounts are necessary for the correct functioning of the EA.

The trading robot works with all symbols. However, the most advisable assets to trade will be, XAUUSD and EURUSD, as they have shown the best results in the tests. Unlike its predecessor, the simple EA Gold Rush, this EA makes market entries more frequently as it analyzes seven and more days compared to 1-2 days analyzed by the simple Gold Rush.

The main parameters used by this EA are:

• Lotproc – deposit lot percentage.
• lot – fixed lot. sl – stop loss.
• tp – take advantage.
• Final stop – final stop. Final step – final step.
• Timevol – time speed (number of points, after which a stop is activated by time).
• Equilibrium point – equilibrium point.
• VSL – virtual loss stop.
• Dtime – Time to remove commands not activated (in current time bars).
• Magicb – buy identifier offers.
• Magics – Sale Offer Identifier.
• Symbolsuffix – symbol suffix. Showaccinfo – information panel.

Recommendations:

-Before using a real account, check the EA for minimal risk.

-It is advisable to use a VPS or hosting server with minimal network latency on the broker server.

-For best results, use leverage of 1:100 or more.

-Maximum margin – 0-20 points.

-Minimum deposit: 100 USD.

As always, low spreads, low commission, and high-quality execution are important when choosing a broker to trade with any EA.

Conclusion

In short, we are talking about an EA that detects levels of support and resistance and executes orders at those points while waiting for those levels to be respected. It is a fairly basic EA, suitable for all types of traders because of its ease of use and easy understanding. However, we believe that this tool has to be debugged because in the comments of users who have already tested this EA we find conflicting positions, positive comments but also negative comments, so we advise caution with the use of this tool. The truth is that its price in the MQL market is affordable, 30 USD, but still, we advise to try the demo version to know the system and decide if we want to add it or not to our trading.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/15804

Gridprofit EA is a robot that was created in March 2020 by developer Algelino Hafis Mohamed Yacine. Hafis Mohamed Yacine is a prolific creator of automated trading systems and many of them are available on the MQL market.

Overview

Grid Profit EA is a robot capable of working with all currency pairs. The best-performing time frames in backtests are 5-15-30 and 1H. The recommended minimum deposit to start working with Gridprofit EA is 1000 USD, and the appropriate lot size will be 0.01 lots. Grid Profit EA will not work as well if the volatility of your merchandise begins to decrease. The best results in this EA have been in periods of high price volatility.

The author comments that Gridprofit EA users are very happy with the performance and are giving very positive ratings to their product. The reality is that we have not found any valuation on this EA and at least in the MQL market there are no users who have expressed their opinion regarding Gridprofit EA. This EA initiates a cycle of buying or selling depending on the signage, begins with the base, much and increase the size at each step by its factor and set an overall profit take. If the daily target benefit is achieved then it will close all commands, also have a filtering time. You can enable coverage after specifying the number of loss orders.

We have ended up a little confused after reading the author’s specifications, which although he is an experienced developer, we have not been clear about the basis of operation of this EA. As in any EA, we always recommend the use of a dedicated virtual server (VPS) not to miss any of the transactions that the robot makes, otherwise, we must leave our computer on 24/7. It is also advisable to have an ECN account in a reliable broker and have low latency so that our transactions run in the shortest time possible.

Conclusion

We recommend downloading the free demo version of this EA, as this way we may be able to investigate a little more about how this EA works and find out if it is cost-effective and we can adapt it to our trading style. Gridprofit EA is for sale on the MQL market at a price of 200 USD, although If you prefer there is the possibility of renting it for a price of 40 USD for a month, or 120 USD for 3 months of use.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/31958

The Crystal EA can be found within the Experts section of the MQL5 marketplace, there may be others with similar names so we have provided you with a link below. The expert advisor was first uploaded on the 20th of February 2020 by its creator Dmitry Lukyanov. It has had a few small updates, the most recent was on the 16th of March 2020 and this brought the expert advisor up to version 1.21.

Overview

The Crystal EA is an expert advisor designed for the MetaTrader 4 trading platform, the expert advisor has been created to work with 6 currency pairs (see below), it claims to use advanced and new technology in the field of artificial technology. The expert advisor does not use certain strategies such as martingale, grid, and averaging.

The information provided does not really say what the expert advisor actually does, all that it says is that it will use a neural network to select optimal settings such as stop loss, take profits and lot sizes, it does this by weighing each currency pair, again, we do not fully understand how it works or selects its trades.

The recommendations for using the expert advisor:

• The recommended time frame is M30.
• Recommended pairs are EURUSD, USDCAD, GBPUSD, AUDUSD, NZDUSD, USDCHF.
• The recommended account type will have 5-digit quotes.

It terms of settings, there is a long list of settings that can be changed to help alter the way the expert advisor works to suit your own needs, some of the settings include auto lot calculations, lot sizes, percentage of risk, slippage, symbols, minimum lots, maximum lots, trade steps, whether to use trailing stops, the trailing stop steps, and more.

Service Cost

The Crystal EA expert advisor can be purchased for $215, this will give you unlimited access to the expert advisor and has no restrictions. If you do not wish to purchase it for that amount, you are also able to rent it, you can rent on a monthly basis which will cost you $50 per month. There is a free demo version available, the limitations of this free version are not known but we believe that it may only be usable on a demo account and not a live one.

Conclusion

There are only two reviews available for the Crystal EA, they are giving it an overall rating of 3 out of 5, so there is a positive and a negative one.

“Take your time to buy. A lot of beautiful words, a huge price. And all the feet … After the update, it again trades at a loss. Apparently, history is simply sewn into the adviser… Do you want to repeat my experience? Buy an adviser! The author generally stopped responding to messages – that’s great support.” – A 1-star review. (Translated from Russian).

“Super EA and support!”

With there being both a positive and a negative review it is hard to gauge how effective the expert advisor is, there are also18 comments, the author or the expert advisor seems to be responding to the comments quickly, this is contrary to what the first review we looked at said. Due to the differing opinions from the reviews, we would highly recommend that you download the free version, this will give you an opportunity to try it out and test it, ensuring that it will be working for you and that it does, in fact, do what it claims to, you should do this before making a purchase.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/46529

Profit Maker is located within the Experts sub-category of the MQL5 marketplace, it was developed and uploaded to the marketplace by Aleksandr Kudria on the 9th of March 2020, it has not had any updates and so it is still at version 1.0.

Overview

Profit Maker is an expert advisor that can be used with the MetaTrader 4 trading platform, the Ea was designed to be used with the EURUSD currency pair and it has only been optimized for this one pair. The Ea is fully automated and works to a schedule, so there is no need for any user input once it has been set up. It will look for entry points by analyzing the slope and values of several different TMA parameters. It will close trades and use trailing profits on open orders and this has been implemented into the creator’s own algorithms.

It is recommended that you sue the EA with a dedicated VPS as it will need to be on 24/7, it works with both 4-digit and 5-digit brokers, the EA does not use more dangerous strategies such as martingale or grid which is a good sign.

The schedule that the EA works to:

-Start every day Hour – Start time of the adviser in hours.

-Start every day Minute – Advisor start time in minutes.

-Stop session every day Hour – the end time of the daily adviser session in hours.

-Stop session every day Minute – The end time of the daily EA session in minutes.

-Stop Hour Friday – The end time of the afternoon session on Friday in hours (Special mode of adviser for Friday is possible).

-Stop Minute Friday – The end time of the Friday afternoon session in minutes.

There are also a number of different parameters that come with the EA, thee includes things like the visuals of the EA, magic numbers, lot sizes used, the mode of calculation, the TMA settings, max number of open orders, and more.

Service Cost

Profit Maker can be purchased from the MQL5 marketplace for $2020, this higher price makes it clear that the developer would prefer the EA to be used as a rental rather than a one time purchase. We did see it a tad cheaper in other Forex stores, but not much cheaper, listed at $1,999. You can rent the EA per month which will cost you $30 per month. Whichever option you take, you will be able to activate the EA up to 5 times with a single purchase or rental. There is a free demo version that is also available, however, this can only be used with the strategy tester that is found within the MQL5 marketplace.

Conclusion

Unfortunately, at the time of writing, there were no reviews or ratings from anyone that had used the Ea, this makes it hard to know whether it is functioning as described or whether it is profitable to use or not. There are also no comments, so this again makes it quite hard to work out what sort of support the developer will be offering. Due to both of these things, we would strongly suggest that you contact the developer with any questions that you may have, this is a way to ensure that the EA will do what you need it to do, but also that the developer is there to actively support you should you need it.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/46729

Momentum Capture EA can be found in the MQL5 marketplace under the experts’ category. We have added a link to it below so you know exactly which expert advisor we are looking at. The expert advisor was first uploaded on the 20th of December 2017 by its creator Roman Lengert. It has received a number of updates, it was last updated on the 18th of January 2020 and is currently at version 2.9.

Overview

The Momentum Capture EA is an expert advisor designed to work with MetaTrader 4. The way that the expert advisor wors is by trying to detect the start of a trend after a news event or speech, it can work with multiple currencies on multiple timeframes. The EA does not use martingale or grid trading, it will open a position following the trend but will also open some pending orders for a possible reversal.

The recommended currency pairs are EURUSD, EURJPY, EURAUD, EURCAD, GBPUSD, USDCAD, USDCHF, GBPJPY, AUDJPY, USDJPY, AUDUSD, EURGBP, EURCHF, and CADJPY.

The expert advisor also has a number of different parameters that can be altered to help you optimize it to your needs, some of them include the symbol types, which timeframe to trade on, lot type and size, trailing stops, equity per step and many more.

Service Cost

Momentum Capture EA is a relatively expensive advisor, it will cost you $625 to purchase which is a lot of money, this will give you unlimited access without any limitations. There is also the option to rent the expert advisor, this will cost you $50 for one month’s use, $120 for 3 months use and $220 for 6 months use. There is a free demo version available this will have some limitations but we do not fully understand what they are.

Conclusion

There are currently 10 reviews for the Momentum Capture EA, the overall rating from these reviews is 4 out of 5 which is not a bad score to have.

“A lot of patience would have been needed in 2019, however, it’s really early to say “this is a junk” as someone posted on review, we should look at behavior carefully like how MC handles false breakout and follow strong movements. We might be aware that MC is totally different from his other night scalpers, so it very depends on how several events make an impact on a market.” – A 5-star review.

“Friendly and competent seller. But ever since I bought and used the EA I’ve had nothing but losses.” – A 2-star review.

“I believe this to be the best ea I have tested many almost all others fail. A very robust smart strategy I gave 5 stars not only because of the performance but because Roman is responsive and is always looking to improve the strategy.”

So there is a mix of review scores, there are also a number of comments, the creator of the expert advisor seems to be replying to them promptly which is good to see. As there is a mix of reviews we would highly suggest that you download and try the free version, while it does have some limitations it will at least enable you to check that you can get it working properly before making a rather large purchase.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/26551

Eagle Eurusd EA is a robot that was created in April 2020 by developer Raphael Schwiet. EAGLE EURUSD is a high class automated expert advisor who is fully optimized for trading in EURUSD with an M15 time frame. It is specially designed for the latest market situations. It’s working with its own complex algorithm combined with some indicators to get entry and exit opportunities.

Overview

The entry and exit logic only works in Bar Close. This filters out market noise and dramatically accelerates optimizations, prevents hunting for loss of stop, and ensures proper operation in any runner with a reasonable length. Eagle EURUSD EA works with an advanced algorithm to determine entry points as well as additional filters for entering and exiting the market. The tests the developer has done were performed with the actual tick date with 99.90% accuracy, actual propagation, additional slip, and high commission.

Features of Eagle EURUSD:

The EA works without a grid, without martingale, without arbitrage, without tick pulling, without curve adjustment.

• 8 years 99% quality trial with 1 lot size.
• Backtest Method Faster with Model: Open Prices Only (Input and Output Logic Works in Closing Bar).
• There is no need for optimization.
• Optional TP /SL Basket function for daily earnings.
• When TP or SL Basket came to stop trading for the rest of the day and start the next day a new session.
• Best optimized for real market situations.
• Recommendations
• Works with 4-5 digit brokers
• Filter of propagation
• Equity Stop
• Protection of the reduction
• Take profit Basket Feature
• Stop loss basket function
• Stop trading Rest of the day TP/SL Basket Reached
• Quick buttons to close open commands (Close all, Close profit, Close loss, Close buys, Close sells)
• Infopanel with EA information
• 5 Types of Money Management (Fixed Lot, Percentage, Geometric, Proportional, Balanced)
• Adjustable Trading Times
• Advanced algorithm to get in and out of the market

Functions

DEADLINE: M15 (It is not recommended to use other deadlines for this robot, as they can only compromise the accuracy of operations).

SYMBOLS: EURUSD (This robot is not used in other pairs.)

Other Considerations

-Before using in real money, test the advisor with minimal risk on the penny trading account, or on a demo account.

-Use VPS or server with minimal network delays on the broker server.

–Low spreads + low commission + quality execution – this is the main thing when choosing a broker for trading.

-Account coverage is allowed.

Conclusion

We are talking about an EA very similar to Stratos which is another robot also developed by the same creator. The only difference we find is that this EA works with the EURUSD in a time frame of M15, while Stratos did in H1. Moreover, we are still looking at an EA for which we have little data, we do not know what types of indicators it uses, and as it is also a tool of very recent creation, there are no comments from users that can guide us on the real results of Eagle EURUSD.

The best we can recommend is to download the demo version and test, know the tool, and verify its results. If you are satisfied and want to buy this tool, you can find it only in the MQL market (not sold elsewhere), at a price of 499 USD. It is also available for rent at a price of 199 USD for 3 months, 299 USD for 6 months, and 399 USD for one year.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/48069

Chaos Trader system uses aspects of chaos theory to trade in the market. This expert advisor is based on theories made by Bill Williams. Each version of Metatrader contains Bill Williams’ indicators. Bill Williams’ indicators are useful when trading in the chaos theory. The EA locates bearish and bullish divergences and initiates a trade in the possible beginning of a change of trend. Then you will try to add positions if the trade goes in the right direction, based on the Awesome oscillator when the Awesome indicator repeats three bars to buy or three bars to sell.

Overview

The chaotic nature of the market can simply wipe out the position without any logic or reason behind it. Traders will often find that regardless of the entry (time, training, or indicator), the success rate and the commercial advantage depend mainly on the trend. In other words, you can enter almost all assets (with reasonable money management) as long as you do so with the right trend.

Main Properties of this Strategy

Chaos is a single trading system, using the concept of average, to try to get the best price in the right direction of the trend. The exponential function based on open equity is used to move each consecutive operation away from the previous one, reducing margin requirements and reducing risk as we add more transactions to the initial one. The robot uses a standard (and thoroughly tested) trend identification model, 4 moving (exponential) averages in two tandems.

Average: In the trend, the system will close each trade in profit. While if the trend continues, the robot will generate constant capital inflows into the account by scalping. Once the pattern is reversed, it closes all existing operations.

Facing trend reversals: Due to the use of magnification factor for the average robot is still able to close trades to profit as the trend reverses.
Closing Operations: Chaos system strategy accepts trend reversal losses. All existing operations will be closed, and we will switch sides of the market.

This Forex strategy is compatible with MT4 expert chaos war advisor. The maximum number of operations opened consecutively on each side is 5. The robot will close all existing trades side by side as soon as the total benefit of the account reaches the target profit. (2 USD if we use lot size 0.01 proportionately increase). The expert advisor can only be used in one currency for each account.

If there are trading opportunities, the new trade can only be opened according to the rules of averages (lower price). The factor of increase is applied in operations of consecutive averages. The system closes all existing trades in the global profit or loss account. Transactions can be closed in the general income statement (profit target) or in the trend reversal (fast EMA closing below slow EMA).

Conclusion

No negative user reviews have been found for this EA, and we sincerely consider it a system that can work well, with the incentive that its price is quite economical and that it can also be tested free on a demo account. The robot can be tested for free in a demo account, and if we want to use the full version, its price is 59.90 Swiss francs.

This Forex service can be found at the following web address: https://quivofx.com/expert-advisor/chaos-trading-system-ea