Gold Eagle trading robot uses a trend scalping strategy with a custom indicator. It uses the averaging approach, opening several orders if the price moves in the opposite direction. The algorithm is available for MT4 and MT5 platforms and trades on the H1 chart. Covering the major details about the expert advisor, we will understand its potential benefits and demerits.
Detailed forex robot review
The robot is available on the MQL5 website. The developer provides information on the system’s advantages and how to set it up. They try to explain the working methodology and provide links to the live accounts.
The author of the product is Evgenii Aksenov, who lives in Russia. There are 44 products from the author in the MQL 5 marketplace and 20 signals. The MQL 5 website dictates that the trading experience of the developer is three years. However, there are no certificates that could verify this.
The robot has the following set of features:
- It trades on gold at the H1 chart.
- There is a custom indicator underuse.
- The robot is available for both MT4 and MT5.
- It works on a hedging account using the leverage of 1:200.
How does it work?
The robot works by following the steps mentioned below:
- Make a purchase from the MQL 5 website
- Download the robot and place it in the experts’ directory
- Attach it to the charts to start trading
Gold Eagle strategy tests
The developer states that the robot works in the flat market on gold and uses a trend scalping strategy. It uses one of the custom indicators produced by the author called the TrendLine Pro. The robot uses an averaging approach if the trades move in the negative direction.
The trading history at the MQL 5 marketplace shows that it uses aggressive lot multiplication and holds trades for an average duration of 14 hours.
There are no backtesting records available for the robot, which raises some concerns. Without any historical testing, we can not know what kind of drawdown the algorithm can have in the future.
Real trading results
This trading system has real trading results that could be traced on MQL5. The records are for two combined systems i.e. Gold Dragon and Gold Eagle. We could not find separate records for Gold Eagle on MQL 5 or third-party websites such as Myfxbook.
Since November 22 2021, the robot has had an average monthly gain of 17.87%, with a drawdown of 4.7%. The winning rate stands at 77.15%, with a profit factor of 2.47. The best trade is $1763.41, while the worst is -$567.75 in a total of 521 trades.
The current drawdown value may increase in the future due to the use of grid and martingale strategies.
The robot can be bought for a one-time price of $388. There are no renting options available to traders. The MQL5 website does not provide a money-back guarantee for systems that are purchased through the marketplace.
The robot has a rating of 4.3 for a total of 49 reviews on the MQL5 marketplace. One trader says that he has lost 18000 euros in one night after using the robot. He says that the program is totally wrong and expects an explanation from the developer.
Gold Eagle trading robot does not have backtesting records available on the website. There is not enough information on the trading methodology and can cause a margin call on the account.
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