Red Hawk Review

Apr 7, 2021 09:32 AM ET
Red Hawk Review

Red Hawk is a Forex EA that is compatible with both the Metatrader 4  and 5 trading platforms. Using this robot you can trade in nine different currency pairs like USD/CAD, EUR/AUD, AUD/CAD, EUR/GBP, EUR/CHF, USD/CHF, GBP/USD, and EUR/USD. It was launched on 12th October 2020 by a company known as Profalgo Limited.

On the MQL5 page of Red Hawk, the vendor has clearly outlined the main advantages and features of the system. A link is provided where users can follow the live trading results of the robot. Moreover, there are detailed instructions provided for setting up the software.

Red Hawk

Type 

Fully-automated EA

Price

$349

Strategy

Mean reversion

Compatible Platforms 

MT4 and MT5

Currency Pairs

USD/CAD, EUR/AUD, AUD/CAD, EUR/GBP, EUR/CHF, USD/CHF, GBP/USD, and EUR/USD

Timeframe 

M5

Recommended Min. Deposit 

N/A

Recommended Deposit 

N/A

Leverage

N/A

 

Trading Strategy Explanation

Red Hawk uses a mean reversion strategy where the trades are placed when the market is relatively quiet. It trades on the M5 timeframe using a broker with fast execution and low spread. The vendor recommends using ECN brokers like Alapari or ICMarkets for this robot. 

As per vendor claims, this Forex EA has been trading in the live market successfully for several months while exhibiting low drawdown. Every single trade has a take profit and a stop loss and to keep the risk to a bare minimum, multiple trailing stop losses are applied. It is mentioned that risky strategies like Martingale and Grid are not used by this system.

Since this is a fully automated system, you don’t need to manually intervene to place your trades. There are several internal filters in this robot that forces it to stop trading when the market conditions are unfavorable. The vendor recommends not using the system on days when major events occur.

We don’t have adequate information related to the trading strategy, which is quite disappointing. Experienced as well as novice Forex traders often look for strategy insight, since it allows them to determine whether a system can win profits consistently or not. The lack of information might be taken as a red flag.

Backtest Data Analaysis

Red Hawk Backtest Data Analaysis

On the MQL5 page, we have the screenshot for a backtest conducted on 8 pairs from 2021 to 2020. A total of 5388 trades were conducted during this backtest, out of which the system won 77.95%, which is a pretty high win rate. The total profit generated was $2211186.64.

During this backtest, the robot had a profit factor of 2.42, which can be considered more than satisfactory. While its largest win was 1502.87%, the largest loss was -3960%. Red Hawk managed 31 maximum consecutive wins while suffering from only 8 maximum consecutive losses. 

Although historical data based performance is not an indicator of live performance, we can tell that this system is capable of closing most trades in profits. 

Live Trading Data Analysis

Red Hawk Live Trading Data Analysis

Although the vendor has provided the live trading results on the MQL5 page, we cannot really consider them to be authentic, since they are not verified by a trustworthy third-party website. The results show Red Hawk making consistent gains every month, but we cannot assign too much weight to them. Seasoned Forex traders do not even consider investing in a system unless it shares live trading results verified by websites like FXBlue and Myfxbook. 

When the trading results are verified by these websites, it acts as a mark of authenticity. Vendors cannot modify these results or show their cherry-picked trades on these websites, so most Forex traders tend to trust them. Without verified results, we cannot say with confidence that this robot will win you real profits in the live market.

Customer Reviews

We were unable to find any user reviews for Red Hawk on websites like Quora, Myfxbook, Trustpilot, and Forexpeacearmy. Since it was launched only a few months ago, it is expected that not many traders know about the system yet. It may take several months of successful live trading before users start investing in this robot. 

Review Summary 

Pros

  • Backtesting data shared

Cons

  • No verified live trading results

  • No customer reviews

  • Lack of strategy insight

Conclusion

In the end, we would like to say that investing in Red Hawk is an extremely risky proposition. The vendor does not share verified live trading results while setting a high price tag for the robot at the same time. Details of trading strategy are also not provided, so there is simply no guarantee that the robot will win you profits.

Rating: 3.4/10


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