Amaze is one of the newest Forex trading robots. It was recently published on the mql5 website, and last updated to its present version 2.17 on June 15, 2021. According to the owner, the software is an open system where each setting impacts trading. The trader can opt to select their own settings for other currency pairs. The developer has not made any promises with regards to the system’s performance. So, we do not know what to expect.
Detailed forex robot review
Amaze is presented on the mql5 website. The vendor has described what the EA does and indicated its distinctive features. Trading results, backtest reports, pricing, and customer reviews have also been included.
Amaze was built by Anton Kondratev, a software developer. He is based in Russia. This is the only relevant information available about him. He should have provided a more detailed profile. This would have served to boost the trader’s confidence in his creation.
The robot has the following features:
- Trades on multiple currencies: AUDUSD, EURUSD, GBPUSD, and USDJPY. However, it mainly works on the EURUSD symbol
- Runs on the MT5 trading platform
- The minimum deposit is $100 and the recommended leverage is 1:500
- Uses brokers with minimal or zero spreads
- Has a built-in protection that protects against broker slippages, large spreads, gaps, and repeated levels
- Does not conduct trades at night
- Provides the option of activating virtual stop loss and trailing stop if the trader desires
- Executes orders automatically
- Has a news filter
Amaze strategy tests
The vendor states that the system finds and exploits global vulnerabilities in the market. He also mentions an optional grid system. We believe that these are the types of trading strategies available for Amaze users. Unfortunately, the developer does not explain the approaches. We are hence left with more questions than answers. Consequently, we cannot advise traders to use a Forex robot with a strategy whose effectiveness is hard to determine.
Anton has provided several snapshots of backtest results for different currency pairs. We have chosen to focus on one backtest report as shown below:
The robot traded with the EURUSD currency pair on IC markets. The vendor notes that real quotes, slippages, spreads, swaps and commissions were present. The amount deposited into the account was $2,011, and out of it, a total net profit of $282,117.87 was made. The profit factor value was big (18.78). The system performed 414 trades. Win rates of 100% for shorts and 99.5% for longs were attained. The maximum drawdown was 0.65%.
Live account trading results
The available trading results are unverified by reputable third-party sites like myfxbook.com, FXBlue or FXStat. So, they are unreliable. Nonetheless, we will assess them to have a clue about how the system performs in the real market.
The trading results shown above indicate that the EA has generated a profit of $633.38 from an initial deposit of $1,800. Therefore, the account balance has increased to $2,433.38 which represents a 35.19% growth. The maximum drawdown which is 29.2% is high. This is worrying as it escalates the risk of loss. The account has traded for 90 days.
The robot has made 227 trades. It carries out 13 trades per week. The win-rates are 51.98% and 48.02% for longs and shorts respectively. These performances are below average and highlight the account’s low profitability rate. The profit factor of 1.33 is also unimpressive. It shows us that the system generates insignificant returns for the user. The average loss of -$65.59 is disturbingly higher than the average profit of $12.81. It indicates that the account’s chances of making profits are very small.
As stated by the vendor, it is true that the EA mainly trades with the EURUSD symbol (124 deals). The EURUSD is also the most profitable currency pair having made $1,800 in profits. AUDUSD is the least profitable pair with $319.
Amaze is offered at $395. It can also be rented at $345 for 3 months. A money-back guarantee is not present. This product is very expensive, and the fact that the vendor does not provide the trader with the option of being reimbursed if they are dissatisfied with it leads us to conclude that it is not worth your investment.
There are a couple of mixed user reviews on the mql5 website. Most of the reviews are positive. We have analyzed the negative feedback and realized that customers who complain about the product are disappointed about the system’s inability to make profits for them. Apparently, they have made losses using the software. The following screenshots highlights their bad experiences:
We ask both novice and seasoned traders to steer clear of this robot. The customer feedback reiterates the fact that this EA carries a significant risk of losses.
The reluctance of the developer to supply us with detailed credentials is suspicious. There might be something he is hiding. Since the trading results are unverified, it would be a gamble to invest in the robot expecting it to generate similar or better results.