News Scope EA is designed to trade on the high-impact move. The robot capitalizes on the spikes generated when any volatile economic event occurs. The expert advisor can work on semi and fully automated modes. Traders have access to multiple functions within the settings, which can be tweaked according to their liking. Let us see if we can profit from the system while trading volatile events.
Detailed forex robot review
The developers present the system through a single webpage. They try to convince customers by detailing multiple features which the robot uses. Backtesting and live results are available for performance analysis.
The company is not transparent about the location and experience of the developers and traders behind the program. They state they have ten years of experience in developing and 15 years in trading without any proof.
The robot has the following set of features:
- It has a spread protection system that avoids trading when the costs are high
- It can work with full automation or semi-automation
- It can exit trades on Friday at will
- Traders can use it to trade only NFP or FOMC
How does it work?
News Scope EA works like any other trading system on the MT4 platform. Traders will have to place the algorithm in the MT 4 experts directory and attach it onto designated charts to begin trading.
News Scope EA strategy tests
The robot works on multiple currency pairs and trades during news releases. It capitalizes on sudden spikes that are generated when the news comes out. The EA can be attached to the M1 chart. Using the trading history on Myfxbook, we can see that the algorithm employs a scalping approach on trades as the average holding duration is one minute. There is no take profit on trades while there is a stop loss that can range from a few to several pips.
The developer shares backtesting results for multiple pairs. On GBPUSD, the relative drawdown was around 9.07%. The winning rate was 57%, with a profit factor of about 2.12. The best trade was $1025, while the worst one was -$169. There were a total of 1093 trades where the robot made a net profit of $31331 starting from an initial deposit of $5000.
Real trading results
Real trading results are tracked via Myfxbook, showing performance from Jan 28, 2021, till the current date. Since then, the robot has had an average monthly gain of 2.63 with a drawdown of 4.48%. The winning rate stood at 58%, with a profit factor of 2.17. The best trade was $59.22, while the worst was -$33.91. There were a total of 91 trades. It is interesting to note that the results are on a demo account. It is quite easy to use news trading EAs on virtual portfolios as they do not respect real market liquidity and slippage.
The robot can be bought for a one-time price of $97. There is a 60-day money-back guarantee. The license is for one live and three demo accounts.
There are no reviews present on notable forex forums. On Forex Peace Army, there is only one feedback from a customer who states that he will report the output of the EA in the future.
News Scoper Pro EA is not profitable on live accounts as the developer refrains from showing any records. Investing in the system is not recommended as it can cause a high drawdown.