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Forex Service Review

Renko Arman EA3 Review

Renko Arman EA3 is a robot created in March 2020 by Egyptian developer Samir Arman. Samir Arman is a prolific creator of Eas and has a lot of trading tools in the MQL market.
The expert consultant is working on Renko’s chart. Renko’s charts focus on price changes that meet a minimum requirement and completely ignore time. Because of this, they are somewhat similar to dot and figure graphics, or perhaps to tics graphics. No matter if it takes a week for the price to change, there will be no marks on the chart until the price changes. Renko looks a little different from other graphics because they use bricks, which can be considered as candles with only the body.

Main Parameters of Renko Arman EA3

  • Lot1: Manual batch size.
  • Auto lot: Automatically calculate optimal batch size based on risk preferences.
  • Max risk: Max Risk as a percentage of Equity.
  • Take profit: Control the size of the target by the number of pip you should not use.
  • Stop loss: Stop loss control by the number of pip you should not use.
  • Time start: Start of expert work on GMT time.
  • Time end: The job is finished at the same time GMT.
  • Magic number: EA Magic Number.
  • Currency: EUR or USD.

Renko Arman EA3 Recommendations

The EA works technically on any currency pair, but for best results use on the following curves: EURUSD, GBPUSD, USDJPY, USDCHF, AUDUSD, EURJPY, and USDCAD, or any other currency that spreads less than 8 pips spread.

-Time frame: For the Renko theory, it does not matter the time frame to choose.

-Recommended minimum amount and leverage: 1:400 or more.

-Minimum Recommended deposit: 1000 USD or equivalent amount.

-Recommended lot size: 0.01.

In conclusion, we are talking about an EA that trades on the basis of Renko’s theory, where the important thing is the price changes and not so much the time in which they occur. When working with an EA it is very important to have a dedicated virtual server or VPS, otherwise, it will be necessary to keep our computer on 24/7 so that all commands are executed correctly. It is also important to have an ECN account in a reliable broker with low latency so that our trades run in the shortest time possible.

This tool has been on the market for a very short time and currently, there are no comments from users who have tried it and can tell us their experience. Given the price of this EA, a high price, we miss that the creator of the tool does not have an audited real account where we can verify the results and know a little more about the operation of the same.

This EA is available for sale on the MQL market at a price of 1500 USD, an investment that is not available to all pockets, so we recommend downloading the demo version to learn more about how this tool works and verify what results can be expected from it. It is also possible to rent this EA at a price of 300 USD per month.

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Forex Service Review

Rebate Robot Review

Rebate Robot is a Forex trading robot that was uploaded by Ramil Minniakhmetov to the MQL5 marketplace. It was uploaded on the 1st of August 2014, and has had a lot of updates. The tool was last updated on the 13th of February 2020 and is currently at version 10.0. In this Rebate Robot review, we’ll explain just how this Forex robot works, what it costs, and what users are saying about it.

Overview

The Rebate Robot was created for MetaTrader 4 and is designed to allow you to make profits through both forex trading and through rebates. The robot works by opening positions based on the Trader Dream indicators’ current color, it will work in both directions depending on what signal is present.

Some recommendations from the developer:

  • You can launch the Expert Advisor simultaneously on all currency pairs.
  • Use a broker providing rebates.
  • The less the security margin for the locking position, the better.

There are also a number of different parameters that can be used, they include things like initial lot size, maximum lot sizes, lot multiplier, the maximum number of positions, slippage, spreads, take profits, stop losses, trailing stops, and more.

Service Cost

The expert advisor can currently be purchased for $75, this will allow you to activate the software up to 5 times. There is also the option to rent it, this can be done on a monthly basis and will cost you $35 per month. A free demo version is also available, however, this will be limited to using it only on the strategy tester within the MetaTrader 4 trading platform.

Conclusion

There are 104 different user reviews for the Rebate Robot, they are giving the EA an overall rating of 4.5 out of 5.

I launched the robot 25.01.20 for 3000 cents; today the deposit has been successfully merged, I earned 60 cents on fxcash during this time! 90% drain on a pair of eurusd.” – A 1-star review.

Running Rebate Robot EA since 64 weeks with recommended settings and pairs. Just manually stopped EA for Summer holidays and Christmas – New Year periods. After 64 weeks total earning 5300$ !! maximum DD by equity 1720$” – A 5-star review.

Really good EA with rebate strategy. It takes profit from trading and rebating. Need over $1000 fund or your account will have really high risk. And for high rebate use standard account to trade.” – A 5-star review.

The majority of reviews are very positive, the main negative ones are around the account blowing, there are also over 700 comments, the developer has been replying to most of them which are a real positive and show that they are still actively supporting the expert advisor. We would advise you to try the strategy tester and also contact the developer with any questions to make sure that it is right for you before you make a purchase or rental.

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Forex Service Review

Reaper Forex Robot Review

The Reaper Forex Robot is one of many expert advisors developed by the team known as Forex Robot Trader. The developer says this robot will change the way we negotiate the Forex market. By the way, your previous products have not been able to function according to expectations, and we do not expect the Reaper Forex robot to be better. So we want to go deeper just to see if this team will give us the transparency we want this time.

Reaper Robot Overview

We have to conclude at this time that the Forex market is very transparent and as long as you are trading with a regulated broker, there is nothing to fear. In terms of the strategy used by the Reaper Forex robot, the developer tells us that the strategy focuses on daily price breaks in order to take advantage of ’’explosives” price changes. According to the explanation, we understand that the robot looks for areas of resistance where the price is likely to experience strong reversals. These areas can potentially generate significant benefits.

The developer claims that trading is about patience and more with this strategy, which requires a lot of patience. The Reaper Forex robot negotiates all Forex currency pairs and costs USD 99 per license, currently with a 50% discount on its usual price of USD 199. You have to understand that when such suppliers claim that they are giving a discount, it is because they want you to make a purchase and not because they will raise the price anytime soon. This is just something you have done to increase your sales, and you can be sure that the price will never increase.

We know that the strategy focuses on exploring areas of support and resistance. One thing we see in this Forex robot is that it doesn’t focus on a specific pair, and it trades with almost all pairs. Although many may think this is an advantage, the trader will see that the strategy the software uses is unlikely to work with all Forex pairs. It will work well with one or two pairs but will fail with other pairs. That’s what happens when Forex robot creators decide to create robots that don’t focus on specific currency pairs.

Commercial Performance

The Reaper Forex robot has a very unrealistic performance, as they claim that in the last month, the robot has generated yields of up to $120,000. To prove this is true, instead of using myfxbook to display your trading results, they use a screenshot that shows numbers that could have been easily manipulated. If, indeed, the Reaper Forex robot is so profitable, we do not believe that the cost of a license would be $99. And we also think they’d be safer with their business statements if they showed us a live myfxbook account that updates the robot’s live activities.

Conclusion

The Reaper Forex robot is not the kind of product you would trust, basically because the developer is not transparent with its results. We appreciate transparency and, if we cannot achieve it, we often conclude that the product in question can be misleading. For that reason, we advise traders to invest only in legitimate commercial resources with proven commercial performance. Some of these products can be found in other reviews.

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Forex Service Review

Vader Forex Robot EA Review

Vader Forex Robot is the name of a Forex Expert Advisor or an automatic trading robot that is developed by Forexrobottrader.com. Some reviews talk about this robot as a scam, let’s check it out.

What are Forex Signals or Indicators?

Many Forex indicators are developed to give traders trading signals that are more or less accurate as well as consistent. With a sound indicator system, traders can spend less time monitoring the market.

Traders receive expert advice from these robots, which is why they are called Expert Advisors (EAS). Indicator suppliers sell Expert Advisors. It is prevalent for an EA Forex provider or a trading signal provider to start with claims that you are going to become a rich man. This is because many traders look for the easiest way to trade effectively and make more profit.

But traders have to be careful to believe everything that is said in the business environment. There’s always someone who’s meant to cheat and take your money. It is very necessary to take into account what is offered, and the evidence that they give us, in order to try to discover a good EA.

Vader Forex’s EA says it is “unstoppable” on its website. Many incredible features are said about this EA. Vader Forex Robot is defined as “powerful, intelligent and highly accurate.

It is also commented on their website that they promise very high performance, with proof of their performance over the years. Trading is entirely automatic, and traders do not have to worry about trading. Impressive numbers are published on its website to attract customers. Sellers are popular in the Forex market as well, presenting the product with a certain degree of legitimacy.

How the Vader Forex Robot Works

Vader Forex Robot is said to use Fibonacci’s daily levels as a tool to find good trades. Cutting a chart into small pieces to discover predictable trades. Vader Forex Robot runs a new software called Gryphon Trading Engine 3, which has more than 30 new features, updates, and enhancements.

There are also signs of oversold and oversold. This feature is about negotiating prices as they move away from the middle zone and have to return to it. A default optimized setting for more than 20 currency pairs is available, and no adjustments are required. The chats can be downloaded so that the trader can do ex-post analysis.

Detecting trend changes is another of the robot’s capabilities, and you can combine this function with Fibonacci levels. Automatic Stop Loss and Take Profit levels are set using a smart algorithm based on Fibonacci and momentum levels.

Robot Price, Reviews, and Support

Today, traders are offered a 50% discount, so the Vader Forex Robot EA now costs 99 USD instead of the usual 199 USD.

On the Vader Forex website, we found positive feedback; however, we preferred to find out more on third-party websites. After reviewing several sites, most reviews are negative, especially the most recent ones. This is somewhat discouraging and causes the image of the company to be damaged.

Also, when we want to know the results, many are posted on the website, but there is no information about them on verifiable third party websites. This is another negative point for this robot.

To access customer service, customers must subscribe to the Newsletter, so that they can obtain information on a regular basis.

Conclusion

The price of the Vader Forex Robot is quite competitive, and the company provides some details about the strategy used. However, the multitude of negative reviews spoils the image of Vader Forex Robot. The absence of verified results is something necessary for the purchase decision of any trader, and we do not know this fact of Vader Forex.

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Forex Service Review

MathTradeSoft Worldwide Trading Robot Review

Mathtradesoft Worldwide Robot is an EA that was created in March 2020 by Iranian developer Mehdad Mohammad Nejad Namvar. This is not the first EA developed by Mehdad Mohammad Nejad Namvar, who has more tools available on the MQL market. Worldwide is a Trade Robot (EA) designed for MT4. Works with the part of a trend determination strategy that is the general direction of a market along with appropriate stop loss and take profit levels. The workflow is largely automated after assigning it to a chart. MathTradeSoft WorldWide Robot decides when to buy or sell, but the trader can disable or allow long or short trades. Maximum margin, market execution, stop loss, make profits and the overall robot options can be adjusted by an operator.

Characteristics of the Strategy

As a general method, it is the best way to be in the direction of trend and trade with it safely using stop loss and take profit, which means that if the overall direction of the market is up, traders must be aware of taking any position that depends on the trend in the opposite direction. This strategy is activated to show itself when there is a potential desire in the market and both among buyers and sellers with signs that are considered as a short trend direction or long weakening and investment during the volatile and non-volatile hours of negotiating. Many indicators such as CCI, ATR, WPR are used in order to improve robot skills in trend detection and trade.

The relative reduction is close to 25% on average (with broker leverage of 1:500).

Note that the results may be incorrect when testing with Metatrader tester because Metatrader strategy tester is not working on real ticks; so the test results are not good criteria for evaluating the robot. It is highly recommended to confirm the robot in a demo account.

Tips for getting better results with Mathtradesoft Worldwide Robot:

-When you load the EA into the chart, you will see a set of options as input parameters.

-All settings are by default and the robot is completely ready for use.

-The minimum balance required is 1000 USD for trade.

-If you are a risk trader you can increase a Fixed lot according to the minimum balance and withdrawal that are required accordingly.

-Recommended time frame: M15

-Using the next pair in trade can reduce the risk based on the robot’s fixed lot and margin level.

-Symbol to be used: EURUSD

IMPORTANT NOTE: You can increase the size of the Fixed lot at certain levels of the deposit.

All of the above developments with the automated trading robot itself make it an easy-to-use trend trading system for all types of traders.

Requirements and Recommendations

ECN account with 1:500 leverage and normal spread ranging from 0-15 pips (5-digit brokers), command execution, and low latency to ensure transactions run as fast as possible.

-The currency of deposit: USD or EUR.

-The recommended currency pair and the optimal time frame are EURUSD and M15. This combination has had the best result in the backtests performed by the developer.

Parameters defined by the user:

  • Fixed lot – lot quantity for orders.
  • Take profit – user-defined at the level that designates the price for closing.
  • Stop-loss – User-defined stop loss level for trading.
  • Max loss points – defined maximum points for loss that can be set by an operator.
  • Is market execution – the type of order execution for the trade, true or false.
  • Max spread – maximum propagation filter.
  • iMA Period – number of bars for Mobile Media indicator calculations.
  • iCCI Period – number of bars for Commodity Channel Index indicator calculations.
  • iATR Period – number of bars for True Middle Range gauge calculations.
  • iWPR Period – amount of bars for William’s percentage range indicator calculations.
  • Long trade – option to enable or disable long trades.
  • Short trade – enables or disables short trades.
  • Magic number – unique identifier for robot commands.

In short, we are talking about a tendency robot like many that exist in the market. It is advisable for you to use a VPS or virtual server to ensure that all transactions ordered by the EA are executed, otherwise, we will have to leave the computer on 24/7. It’s an EA of considerable cost, and we’re missing an audited real account with the robot running to see its actual performance. Our best option can only be to download the free trial demo version and see how the EA works and its potential benefits for our trading.

As a newly created tool, there are currently no user opinions that can give a more realistic view of the functionality of this EA. Mathtradesoft Worldwide Robot is for sale on the MQL market at a price of 1,280 USD, and its rental is also available at a price of 550 USD for 6 months of use, and 1,000 USD for 1 year of use.

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Forex Service Review

Vader Forex Robot Review

The Vader Forex Robot was brought to us by the same team that created the Odin trading bot. This automatic system offers several features that support truly hands-off trading with a 100% advertised profit rate.

Overview

Vader is an automated forex robot that combines Fibonacci sequencing with grid trading. Fibonacci levels are typically used to find levels of price support and resistance on forex charts; however, Vader turns these into unique entry and exit thresholds. The program also claims to keep brokers that are trading against you in the dark by hiding its TP and SL levels internally to avoid stop hunts. Here are a few more features that come with the system:

  • Easy installation
  • Designed to run unattended; fully equipped to handle every aspect of trading
  • Overbought/oversold reentries
  • Used by more than 1,000 traders on a daily basis
  • Works with more than 20 pairs
  • Easy drag and drop installation
  • Uses automatic stop loss and take profit levels based on a unique algorithm
  • Supports mini, micro, and full lots and automatically calculates the best size to use based on the account’s equity

Service Cost

When we checked out Vader Forex Robot’s website, a countdown timer informed us that the “lowest price ever” for the product was being offered for the next 17 hours. This is likely a marketing ploy to make traders hurry up and buy the robot, but there’s good news. The initial price seems to be $199, but the markdown price is only $99, so you shouldn’t have to pay more than $200 for this system depending on any special discounts. Do note that a $5,000 deposit is required for your trading account.

Conclusion

The Vader Forex Robot offers a unique, hands-off experience that can benefit entry-level traders, alongside more professional traders that just don’t have the time to sit in front of their computer analyzing charts and trading continuously. We see some interesting features built-into this program, like internally hidden TP and SL levels, a unique algorithm for calculating TP and SL levels, automatic calculation of the best lot size to use, and so on. The initial price of the robot is fairly low for this type of product, especially considering that it can run fully unattended, but you will need a $5K minimum deposit for the robot to work. Otherwise, this is a great system for beginners that seems to back up some of its claims of being profitable and convenient.

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Forex Service Review

News Trader Pro Trade Robot Review

News Trading is a risky strategy whatever the methods used, however, it is popular, most traders like to predict price movements even sometimes they are not logical to the news report. News Trader Pro is a semi-automatic EA specialized for news trading using several methods or combinations with pending orders and other algorithms. This EA is designed for the MetaTrader 4 platform although the MT5 version exists. It belongs to the paid category, has numerous features, and it is regularly supported with updates.

The initial version appeared on 30th September 2014 on the MQL5 marketplace and the most recent version is 2.13 from March 2020. There are many new added features in the updates along with the bug fixing and URL updating. These kinds of indicators rely heavily on external news feedback sources, making them sensitive to changes and must be supported regularly. Once the support for them has ceased, they will not work. The author of News Trader Pro is Vu Trung Kien from Vietnam, having at least 48 products and he seems to understand trading well, also having good coding knowledge gauging by this EA quality.

Overview

News Trader Pro allows you to have a specific trading method set for each news event, with all the Stop Loss and Take Profit options. The News Events are loaded from various sources form the internet and plotted into the MT4 chart. Once the event is imminent, the EA will apply the set strategy or other settings and trade accordingly. To a degree, the risk is reduced in trading the news with this EA, as the market becomes volatile at the moment. EAs are reacting and executing faster than humans, in the moment of high volatility, having such ability reduces the risk, especially if the strategy with several Money Management rules is applied. Pending trades are one of the key components for the strategies incorporated with News Trader Pro.

There are a few preset strategy settings although a trader can make its own based on the parameters of his choosing. News Event drawing on chart module is segmented into another product if you are interested in just the events monitoring, it is called News Loader from this developer. Running an EA usually requires it to be applied to each asset chart opened in the MT4, this EA does not require that, it will trade all the Events on every symbol once applied for the first time. A special feature is added for spread widening and automatic adjustment of the Stop Loss and Take Profit distance. A description and illustration are provided in the EA for those not familiar with the strategies concepts.

News Trader Pro has 5 ready-made strategies for news trading. Clicking on the event will open a strategy set up for that particular event. The classic strategy is just to predict the event or the price move and set the buy or sell once the timing is right. Using this EA will avoid the slippage as a trade is opened while the market is not yet volatile. Prediction trades go wrong more than the confirmation ones, especially without the Risk Management measures. Traders would need to apply some measures using this method or accept the risk. Pending Trap strategy places long and short pending orders with some distance between them. Once one of them gets triggered, the trade will follow the breakout. Of course, a whipsaw may happen before your Take Profit level and end with a loss. Therefore, some traders use the Limit orders expecting this whipsaw or reversal.

Whatever the method is used, Risk Management tools must be used. If traders are fond of Grid trading, the EA supports the Grid pending trap method notable for scale in trades at important price levels. Exiting with a Take Profit or a trailing Stop Loss is great for strategically capturing profits. Martingale strategy implemented into this EA could be used for countering the losses made from the whipsaw or any strategy that has initially failed. By making a bigger trade-in another direction, traders hope to negate the losses and even build up profits from the turn of the events. The logic behind this one is the market changing the direction again is less likely. Mid and Long term traders may want to rely on the event report results change to set a trade. News Trader Pro can recognize the change and trade accordingly.

Traders will have a lot of freedom to tamper with several types of Stop Loss, Pending, Take Profit, OCO, and timed pending orders. Depending on the strategy selected different options will appear useful for that particular strategy. For example, the Martingale pending trap strategy has the Lot multiplier factor and how many times to repeat the function. The author has noted that News trading is risky and that the EA will not fully automated. There are also factors coming from the broker that is greatly affecting the trade, such as the liquidity for that particular asset, slippage, etc. The overview page is well made showing that the developer is organized and experienced.

Service Price

The price for the News Trader Pro is $299 to buy with 5 activations. To rent for one month the cost is $149, one user also commented that renting this EA made him enough profit to buy. A demo is available, a special link is provided for it as the EA is not fully automatic.

Conclusion

Users are generally happy with this product, giving it 4.3 stars based on 16 reviews. The ones with low ratings do not have any argument, therefore not helpful. We could say this EA received high rating taking into account News trading is very risky, most angry traders may emotionally give the EA a low rating. One notable recent review gives good feedback:

“This is a must-have in your daily arsenal. I currently use this on my VPS and it is very very accurate and provides automated risk management to keep you from losing a lot of money in the event the trade is unsuccessful. Specifying lot sizes are important with this tool but I love the fact that if the market whipsaws you, it automatically will hedge and close the positions with profit. AWESOME JOB!”

Trading the news is not easy, following the logic will not always reward you and to most one bad prediction cuts the profits made before. If you have a profitable strategy that blends in with News Trader Pro, the price should not be the issue for this quality product.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/5558

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Forex Service Review

Odin Forex Robot Review

“The Brutal” Odin trading robot is advertised as the #1 trading robot on forexrobottrader.com. This particular expert advisor was created by the late Don Steinitz and ownership has likely been passed down in the time since, but the new team behind the bot doesn’t represent themselves on the website.

Overview

Odin bot runs on the popular MetaTrader 4 platform and capitalizes on the ultimate convenience that those seeking out expert advisors are looking for, by offering to do everything without asking the trader to lift a finger. This makes Odin bot a good choice for beginners, especially with simple setup instructions in the picture. Odin features price plotting to help show where the price has been and where it is going, allows users to work with optimized settings for more than 20 common currency pairs, and offers automated protective stops to lock in profit.

A built-in calculator automatically determines which lot size is the safest to use, with support for micro lots, mini lots, and full lots. The service offers a real-time broker shield and follows a “legendary grid trading strategy” that distinguishes the most effective entry and exit points in real-time with no lag.

Despite all of those features, there are some things about Odin bot that aren’t entirely attractive. Grid trading isn’t the most reliable because bots tend to open too many trades at once, which causes a real problem if things don’t go according to plan. The live trading results on the site seem somewhat suspicious, and the creator of Odin bot has passed away. The website doesn’t tell us who is now operating the site, although everything still seems to be running according to plan.

Service Cost

The cost of Odin bot is usually $199, but there is currently a 35% discount that brings the price down to $129. This is paid for a lifetime license, so traders won’t need to pay any reoccurring fees. The service also throws in one of the following free robots with each purchase:

You’ll only be able to select one from the list, but the additional robot is a nice touch. Odin also offers free demo accounts and doesn’t seem to pressure clients into switching to a live account by implementing expiration dates or other measures.

Conclusion

Odin bot is available for a fair price and it is possible to make a profit with the bot under the right circumstances. Prior experience is not a must here, but it would be helpful.

The website features some published trading reports and 5-star reviews. You won’t want to rely solely on Odin bot’s own word since the information there can be skewed in favor of the bot. Elsewhere, reviews are mixed, with some users giving the bot a 5-star rating and others limiting their review of the product to a mere one star. The website makes it seem as though traders will earn millions using the bots, so unfulfilled expectations or lack of prior experience could be the cause of some of those reviews. Still, Odin bot only manages a mediocre 2.5-star score, so this is a sign that the bot is not nearly as profitable as advertised.

This Forex service can be found at the following web address: https://www.forexrobottrader.com/forex-robots/odin-forex-robot