Gold Extractor Review

Gold Extractor is compatible with ECN brokers and works fine with M15 and M5 charts. The vendor states that traders can use the complex panel to trade manually. It is possible to use the traling stop function with martingale recovery. Our detailed review will analyze all the critical aspects to evaluate the profitability and credibility of the expert advisor. 

Trading strategy explanation

Gold Extractor EA is a scalper that uses negative correlation and real-time fundamental data to trade. The developer claims that the gold is affected by country policy and hence the change in stock and bond decline leads to the increase in gold prices which is then capitalized by the system. The minimum deposit mentioned by the developer is $500, and the required charts are M15/M5. It also uses a news filter.

The developer didn't disclose important information such as indicators, use of magic numbers, EA settings, etc. The providence of little information raises concerns over the credibility of the robot's performance. From MQL 5 history, we can observe the use of martingale and grid strategies.

Backtest data analysis

Unfortunately, the expert advisor doesn't come with backtesting records. According to the developer, the EA uses a news filter with online fundamental data to perform trades and it's impossible to backtest with these strategies. Although these data sets can't predict the future, the traders still use these data to know the robot's performance on the historical data. 

Live trading data analysis

The unverified live trading records of the EA are available on the MQL5 website. The account started trading on 04.10.2021 and has been live till the current date. With an initial amount of $500, the system performed 84.3% profitable traders with a profit of $815.13. The robot places 77 trades per week, and the average holding time can be seen as 39 minutes. 

The system placed 2231 executions and lost 350 of them. The average profit of the algorithm is $1.28, and the average loss is -$4.53, which does not look great. 

The maximum drawdown value of the system is present at 49.4%, with a profit factor of 1.51. Reviewing the drawdown graph shows the fluctuations and instability with a high value which exhibits that the robot's strategy is risky. 

Pricing

The Gold Extractor is available to purchase for an asking price of $220 and two renting options: a monthly $45 and 3 months renting for $99. The developer is providing a free demo but doesn't give any clear insight into the refund policy and post-purchase feature.

Vendor transparency 

Sara Sabaghi from Sweden is claimed to be the developer of the expert advisor. The developer has seven products and four signals present on the MQL5 platform. There is no reliable information about her expertise in the Forex market and whereabouts. 

Review summary

Gold Extractor lacks many vital insights, such as backtesting and strategical approach, which can be used to know the robot's performance before investing real money. The use of martingale and high drawdown also exhibits the risky strategic game plan. The vendor is also not clear about their moneyback policy and post-purchase features, which keeps the traders in doubt about the credibility of the EA. 

Rating: 5/10