FrankoScalp was launched on 22nd May 2019. According to the vendor, they have been developing and testing this system for many years, while simultaneously correcting it based on changing market scenarios. Now, vendors often make these types of claims to convince potential buyers about the EA’s efficiency, so we need to look into the different performance factors and try to determine whether the robot is truly profitable.
Detailed Forex robot review
Since FrankoScalp doesn’t have an official website, we need to consult the MQL5 website where it is sold. Here, the vendor tells us how the EA functions, while highlighting some of its principal functionalities. They have also provided a list of EA parameters, multiple screenshots of backtesting results, and a link to a live trading account.
The vendor selling this product on MQL5 is a Russian trader by the name of Konstantin Kulikov. They have a Telegram channel where they share news and recommendations related to their products, and according to their MQL5 profile, they have a total experience of more than 6 years. However, we don’t have any information on this person’s background. Other EAs sold by this developer include Good Monday, GridMartin Conqueror, Friday Monday, and Breakthrough Strategy.
The EA sets have been developed for pairs like USDCHF, EURCHF, CADCHF, USDCAD, EURUSD, EURGBP, EURAUD, EURCAD, GBPUSD, GBPAUD, GBPCAD, NZDCAD, NZDUSD, AUDUSD, AUDCAD, AUDJPY, CHFJPY, USDJPY, EURJPY, and USDSGD.
FrankoScalp has a GMT offset parameter that it sets automatically from the computer’s local time. This allows it to synchronize its settings with the server time of the trading platform. To make sure the settings are correct, you need to compare the GMT in the EA settings to the one for the chart. In case they don’t match, you can set GMT_Offset_AUTO to false and enter a manual value.
This EA also has a News filter function that you can activate. You can also add the URL to the news site after enabling the Allow WebRequest option. According to the vendor, you can use FrankoScalp on any timeframe of your choice.
FrankoScalp strategy tests
The vendor has not provided any strategy explanation on the MQL5 website, which is quite disappointing. Nevertheless, from its name itself, we can assume that it uses a scalping strategy. This is a time-consuming strategy that is not suitable for long-term traders or those who wish to win big.
Here are the backtesting results for the USD/CAD pair, conducted over 5 years without using dangerous strategies like martingale or grid. We can see that the EA used the M1 timeframe for placing 348 trades, out of which it managed to win 334. Thus, for this backtest, FrankoScalp had a win rate of 95.98%.
It generated a total net profit of $42,196.13 at the end of the testing period. The profit factor was 4.53, while the relative drawdown was 17.36%. There were 74 maximum consecutive wins and 2 maximum consecutive losses.
Live account trading results
The vendor has not shared the link to a verified trading account on the MQL5 website. However, after conducting our own research, we were able to find a trading account for this EA on Myfxbook. As you can see, no trades have been placed through this account since July 25, and this is very odd since scalping bots typically trade multiple times every day.
The EA has closed 406 trades through this account, winning 93% of them. In spite of this, the total profit generated is only $142.47. Thus, it is evident that FrankoScalp only earns minor profits. Currently, the daily and monthly profits are 0.13% and 4.22% respectively. Most traders would not be happy with such low monthly profits.
You can purchase FrankoScalp for the price of $238. This is too much to pay for a scalping bot that is not able to make sizable profits. There are 1-month and 3-month rental options for this EA, priced at $30 and $60, respectively. The vendor does not offer a money-back guarantee for this robot.
There are no reviews for FrankoScalp on trusted third-party websites. We found some reviews on MQL5, one of which has the user complaining about the EA being unprofitable.
There is no good reason to waste your money on an unreliable scalping bot like FrankoScalp. Its live trading performance is not at all impressive. On top of that, the vendor does not offer a money-back guarantee, which further increases the risk.
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