Tag: forex review

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