Thorex Review

May 23, 2022 08:36 AM ET
Thorex Review

Thorex works on MT 4 and MT 5 platforms and claims to have combined strategies of 15 different EAs in a single robot. The algorithm trades on multiple currency pairs and can run using any risk management settings. Keep on reading to get more information on the algorithm's strategy, drawdown, live record, reliability, and make your mind on the purchase.

Thorex

Type

Fully-automated EA

Price

$419

Strategy

N/A

Compatible Platforms

MT4, MT5

Currency Pairs

EUR/USD, AUD/CAD, AUD/USD, CHF/JPY, EUR/AUD, EUR/GPB, EUR/JPY, GPB/AUD, GBPJPY, GBPUSD, USDCAD, USDCHF

Timeframe

H1

Recommended Min. Deposit

$250

Recommended Deposit

N/A

Leverage

from 1:30

Trading strategy explanation

The bot does not use night scalping, martingale, grid, entry averaging, and recovery trades as claimed by the developer. It requires a minimum deposit of $250 with a leverage of 1:30 to operate successfully. The live records show us that the system generally opens and closes trades at the end of the hourly candle. It has a day trading approach to trades with an average holding duration of 10 hours and 51 minutes.

Trading history of the EA on MQL5.

How EA works

Follow the following steps to get the system ready

  1. Purchase the algorithm from the MQL5 marketplace

  2. Sign in to MetaTrader 4/5 platforms using your details 

  3. Take the algorithm to the expert directory and reload the page

  4. Link the robot with the chart and start trading 

It will place trades on the account whenever a possible opportunity comes.

Features

The robot comes with the following features

  • It comes with free updates and ongoing maintenance via MQL5.

  • The robot is available for purchasing and renting.

  • The product is on sale for a limited time.

  • It trades on both MT4 and MT 5 platforms.

  • The EA comes with free demos.

Backtest data analysis

The backtest is available from December 1986 to April 2022 for AUD/CAD currency pair. The initial deposit was €1000 and a win rate of 69.85%. The stats showed that the total net profit was €10345.99, with a profit factor of 1.75 in 2753 total trades.

Backtesting result.

Backtesting result.

Live trading data analysis

Trading Results

Myfxbook Account

Real (USD), FXOpen

Started

Apr 27, 2022

Deposit

€144.93

Balance

€99.93

Gain

-0.67%

Daily

-0.03%

Monthly

-0.67%

Drawdown

9.98%

Profitability

0.60

This trading account on Myfxbook has been active since April 2022 till the current date. The daily and monthly gains are unsatisfactory at -0.03% and -0.67%, respectively. Looking at the drawdown of 9.98%, we can tell that the system does not take a high-risk approach. 

Theorex has placed ten trades through this account, winning 60% and generating a total profit of -€0.67. The current balance is €99.33, and the robot has an average win of €3.66 with a loss of €2.66 .

Live records on Myfxbook.

Live records on Myfxbook.

Vendor transparency

Lorenz Vauck is the owner of the product and is situated in Germany. The seller has two total products on his selling list and has an experience of 6+ years. The vendor has an overall rating of 4.3 for six reviews on the MQL5 marketplace. 

Pricing

There are different packages available for the product, like rental and purchasing. All the options come with multiple settings and features. Users can buy the product for $419 (one-time payment). The rental packages are $179, $287, and $395, valid for 3 months, six months, and one year.

Price of the algorithm on MQL5.

Review summary

Theorex comes with live and backtesting records and is available on MQL5. The vendor provides no information on a money-back guarantee. There is no customer review present on Trustpilot about the product and no information on support offered by the developer.

Pros

  • Thorex trades on MT4 and/or MT5 platforms

Cons 

  • The duration of live records is short, as seen on Myfxbook

  • Lack of customer reviews on Trustpilot

  • Pricing is too high 

Rating: 6/10


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