Zen Scalper EA is available for both MT4 and MT5 platforms. It is an automated expert advisor that comes with lot management settings and is present through subscription and lifetime options. The developer claims to provide world class profits and states that the robot has 100% accuracy in trades. We will review the algorithm in our article and see if the statements from the author hold true.
Detailed forex robot review
The robot is available at the developers website. The information is available neatly under different tabs so we can access it easily. We will thoroughly go through each so that traders will understand each aspect of the algorithm.
There is no information on who is the real vendor of the system. There is only a contact form on the website to contact the author. This is a poor approach by the developer.
The robot has the following set of features:
- It provides backtesting and live results
- There is a lot management to help with the position size
- 24/7 customer support helps with solving any inquiries
- Multiple subscription options are available with the robot
How does it work?
The robot works by following the steps mentioned below:
- Make a purchase from the website
- Download the robot and place it in the experts directory
- Attach it to the charts to start trading
Zen Scalper EA strategy tests
The developer does not state anything about the functioning of the robot and the strategy it uses. We had to go to Myfxbook records to find out real information about the trading approach. From there we can observe the implementation of grid and martingale strategies on GBPUSD. The average trade duration hangs at 2 hours and 27 minutes which shows a day trading approach. There is no stop loss attached to trades and they are closed virtually.
Backtesting results are available for GBPUSD, where the relative drawdown was around 34.28%. The test was done on the 15 minutes chart with a starting balance of $1000. The robot tanked an average profit of $24663.91 during this period. The winning rate was 65%, with a profit factor of about 1.77. There were 2093 trades in total, and the best trade was $912, while the worst one was -$456.
It is quite strange that the developer only backtests the product for one year.
Live trading results
Real trading results on Myfxbook are available. They track the performance from October 25 2021 till the current date. Since then, the robot has had an average monthly gain of 113.73%, with a drawdown of 14.66%. The winning rate stood at 75%, with a profit factor of 4.31. The best trade was $352.59, while the worst was -$231.40 in a total of 303 trades.
The current drawdown is low and will likely increase in the future due to the implementation of grid and martingale.
The robot can be bought for a one-time price of $249. Traders can also rent it for 1 month at $249. There is a 15-day money-back guarantee with no questions asked from the developer.
Forex Peace Army or other review platforms do not provide any feedback on the working of the algorithm. This shows that traders are not interested in it. They might be afraid of the implementation of the averaging and martingale strategies.
Zen Scalper EA is not a good choice for traders due to the implementation of grid and martingale strategies. It can cause a margin call on a trading account.