Autopip EA Gold Review

Oct 12, 2021 08:53 AM ET
Autopip EA Gold Review

Autopip EA Gold trades on XAUUSD and has multiple settings that can be configured as the trader wishes. The algorithm uses indicators to analyze the market and has a built-in news filter to avoid trading during volatile market conditions. Let us go through the system and see if it matches the claims that the developer makes.

Autopip EA Gold 

Type

Fully-automated EA

Price

$100

Strategy

Trend

Compatible Platforms

MetaTrader 4

Currency Pairs

3

Timeframe

M15

Recommended Min. Deposit

N/A

Recommended Deposit

N/A

Leverage

N/A

Trading strategy explanation

The developer states that the algorithm can trade on XAUUSD, XAUAUD, and EURUSD on the M15 time frame. It trades using the built-in indicators and can use the trend or the exit system that gets out of trades when the market momentum shifts. From the history available on live signals at MQL 5, we can see that the EA uses martingale and grid in combination. The provider does not share this on the web page to hide the fact that the robot is using a risky game plan.

History on MQL 5. 

How does the EA work?

Traders can install the robot in the following steps:

  • Purchase the system from the developer on the MQL 5 market and login at the MQL 5 marketplace on the MT 4 platform.

  • Download the product and refresh the experts' tab.

  • Place it onto the charts to start trading.

Features

The robot has the following features:

  • It comes with a built-in news filter.

  • There are risk management settings that can be configured.

  • Live account results and backtests are available.

  • Traders can use two different strategies as per their liking.

  • Traders can control it from the interface section.

Customer reviews are only available at the MQL 5 marketplace, where traders seem to have good responses. They might have tested the system for a short duration and ignore that it uses martingale, which can cause high drawdown.

Customer review on MQL 5.

Backtest data analysis

The developer only provides an image of the backtesting results. We don't have a detailed statement which is a poor practice. The relative drawdown was around 26.71%. The winning rate was 67.86%, with a profit factor of about 1.49. The test was performed on a 15 minutes chart with a starting balance of $1000. The robot tanked an average profit of $13619.776 during this period. 

There were 9256 trades in total where the best trade was $249, while the worst one was -$125.58.

Backtesting results. 

Live trading data analysis

Verified trading records are available on MQL 5 that show performance from August 08, 2021, till the current date. The system made an average monthly gain of 25.33%, with a drawdown of 40.6%. The poor ratio of 1:2 between monthly gain and drawdown suggests that the system is not giving a good risk-reward. The developer made $1000 in deposits and $0 in withdrawals. 

The winning rate stood at 70.25%, with a profit factor of 1.79. The best trade was $80.46, while the worst was -$56.43 in a total of 390 executions. 

Live records on Myfxbook.

Trading Results

MQL 5 Account

Real (USD), Roboforex

Started

August 08, 2021

Deposit

$1000

Balance

$1760.59

Gain

76%

Daily

N/A

Monthly

25.33%

Drawdown

40.6%

Profitability

1.79

Review summary

Pros

  • Live records tracked via MQL 5

Cons

  • There is not enough transparency on the strategy

  • The poor risk reward ratio

  • Live records are for a short duration

Autopip EA Gold uses risky grid and martingale strategies that can result in high drawdown, which is evident when looking at live records. The robot can likely hit a margin call in the future. Traders should avoid using such algorithms unless they are willing to take significant risks.

Rating: 5/10


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