Unicorn MT4 is an automated Expert Advisor that was published to the mql5 marketplace by the computer technology instructor Thusitha Ranjana. The product has not been updated since its launch in January of 2019.
Overview
Unicorn MT4 is a trading robot that follows a scalping strategy that calculates each entry point based on high & low prices on the chart. This EA does not use indicators, but it does employ the use of the historically risky Martingale strategy. It can be used with all symbols with leverage from 1:500 – 1:1000. The robot works on the MT4 platform, and it is recommended to be used with a broker that offers Cent accounts, VPS, low spread, and fast order execution for the best results.
Service Cost
Traders can either rent the EA for $10 USD a month or purchase it for $30 with 5 activations. Another item you’ll want to consider is VPS, which is recommended but not absolutely required. If you follow the developer’s advice to open a Cent account, your initial deposit requirement should be fairly low, but it is unlikely that free VPS will be included with this type of account. You’ll likely need to pay a higher price through your broker or the mql5 marketplace to use it.
Conclusion
Unicorn MT4 uses 2 different trading strategies and offers automated trading, which is a great convenience to any user, but it doesn’t come without concerns. First, the Martingale strategy that is used is risky, and the necessary leverage of 1:500 to 1:1000 is rather high and may not be familiar enough for beginners. You’ll also have to find a broker that fits in the recommendations, which means paying for VPS and finding a Cent account that offers the recommended leverage, along with fast execution and low spreads.
On the bright side, the price is very low for an automated EA. We would have liked to read some reviews to see if others have had a good experience with this indicator, but the product remains unrated without any comments whatsoever. If you do decide to purchase this EA, we recommend that you choose a broker that fits within the guidelines and have some background experience yourself, especially when it comes to higher leverages.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/23391
