Leprechaun Review

Mar 30, 2021 02:56 PM ET
Leprechaun Review

Leprechaun is a Forex EA launched on 1st September 2020 that trades continuously and can also run in a highly volatile market. The vendor claims that this robot, priced at $49, can be used for dealing in any currency pair and that it is well-suited to both novice and experienced traders. 

On the MQL5 page for the robot, the vendor has explained briefly how it functions and what the default settings are. We can see that an effort has been made to highlight the various advantages offered by the system. Furthermore, there are some screenshots depicting the live performance of Leprechaun.

Leprechaun

Type

Fully-automated EA

Price

$49

Strategy

Martingale

Compatible Platforms

MT4

Currency Pairs

All

Timeframe

H1

Recommended Min. Deposit

$10

Recommended Deposit

$100

Leverage

N/A

Trading Strategy Explanation

Usually, robots that use the Martingale strategy have the trade order grid placed in opposition to the trend. However, this is not the case with Leprechaun. When the trend starts shifting, this Forex EA closes the entire order grid after reversing the balance of trading positions in the direction of the trend.

The vendor claims that this robot is suitable for trading in highly volatile pairs, however, he advises users to avoid trading in the flat market with this. You can run the robot by following the US trading session and international financial news. No indicators are used by this system, rather the price itself acts as an indicator, and positions are opened based on its movement.

Although this robot can be used for trading in any pair, its default settings are best suited for the XAU/USD pair. When the American trading session begins, the EA makes its entry into the market, opening an order grid in accordance with the trend and closing it the following day. As per vendor claims, this results in a daily profit of 1% and a monthly profit exceeding 25%.

You are advised to start with a deposit of $100 and place a single grid of orders daily in order to maintain this profit level. Leprechaun trades in the H1 timeframe with the minimum balance being $10. The vendor states that this expert advisor is not sensitive to brokers or spread.

Backtest Data Analysis

Leprechaun Backtest Data Analysis

On the MQL5 page, we have the backtesting data for the XAU/USD pair, conducted from June 2020 to September 2020 with the period and spread being M5 and 50, respectively. We can see that an initial deposit of $10,000 was made for this backtest, from which a total net profit of $5787.36 was generated by the robot.

A total of 388 trades were placed during this backtest, out of which Leprechaun managed to win 239, thus attaining a win rate of 61.60%. Although the system has a high win rate for long positions (81.34%), the win rate for short positions is 38.55%, which is not too impressive. We can also see that it has a high relative drawdown of 49.65%, and this makes us think that the robot is prone to suffering from huge losses, but the profit factor of 1.05, on the other hand, is quite decent.

Live Trading Data Analysis

Trading Results

Myfxbook Account

Real (USD), WELTRADE

Started 

Oct 12, 2020

Deposit 

$15,000

Balance

$54,350.29

Gain

262.34%

Daily

0.77%

Monthly

30.80%

Drawdown

50.81%

Profitability

67%

 

Leprechaun Myfxbook

Although the live trading results are not shared on Leprechaun's MQL5 page, we came across a live trading account for the Forex EA on the Myfxbook website. It has been live since October 2020, and to date, it has placed 1194 trades involving the XAU/USD pairs. 

Currently, the net profit generated by the robot stands at $39350.29, and this has been achieved using a total deposit of $15,000. From what we can gather, this trading account has been fairly successful, with daily and monthly profits of 0.77% and 30.80% respectively. But like the backtests, the high drawdown (50.81%) is a cause for concern.

In spite of that, this trading account has a high win rate of 67%, with the average win being 1468.14 pips/$259.76. Here, the profit factor is 1.23, which is slightly higher than what it was in the backtests.

Vendor Transparency

Leprechaun is sold on MQL5 by Aleksei Zaitsev, a Russian individual that we don’t know much about. He maintains a YouTube channel, where there are several videos on how the Forex EA works. We don’t know if this person is working alone or with a team. No information related to his background is available either.

Review Summary

Pros

  • Verified live trading results available

  • Affordable product

  • Backtesting data shared

Cons

  • Relatively short trading history

  • Lack of vendor transparency

  • High drawdown

Conclusion

Although Leprechaun is a legitimate and reliable Forex EA, there are certain aspects about the system that worry us. Both the backtesting and live trading results show high drawdown, and we can see that the system suffers from consecutive losses in spite of winning most trades. 

Rating: 6.4/10


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