News Scope EA Pro is a trading solution that belongs to the FXAutomater company. They claimed that this is another “the most successful expert advisor.” The presentation looks informative, and there is plenty of information that we can analyze to make the right decisions about using the system.
The presentation looks good, and we may look at backtest reports or trading results. It also includes the settings list and many features explained.
What is behind News Scope EA Pro?
Let’s talk about details and other features that we think are important for making a decision about the system.
- It executes orders completely automatically. We may relax and watch our profits grow.
- There’s a trailing stop, or back-tick detection.
- We can switch the system to semi-automatic trading mode.
- There are low drawdowns.
- The backtest was performed on the 17-year of tick data.
- It supports several currency pairs at once.
- Precise time and news detecting filters
- It has only “NFP and FOMC only trading mode.”
- There’s email and push notifications implemented.
- It can trade following FIFO rules or use a Grid of orders.
- We have to backtest it on the M1 time frame.
- We can work with five pairs EURUSD, GBPUSD, AUDUSD, USDCAD, and USDJPY
- There are set files provided.
- The system uses money-management.
- We have to allow sending requests to FXAutomater.
- The system exists by using a Trailing Stop feature.
- The presentation includes a list with all possible settings for customization.
- We are informed how to execute the backtest, and what data we should pick for it.
- The system works automatically.
- It calculates entry points, SL, and Tap levels for us.
- It closes deals at the right time.
- The system uses a single strategy – High-Impact news trading
- We can work with EURUSD, GBPUSD, AUDUSD, USDCAD, and USDJPY pairs.
- The time frame can be from M1.
The system was tested on a EURUSD on the M1 time frame, based on the five years of tick data. The modeling quality was 99.90% with variable spreads. The initial deposit was $5,000. The total net profit was $8,929. The profit factor was 4.54. The drawdowns were 6.24%. The system executed 213 deals with 72% of the accuracy rate in both directions.
The robot costs $97 instead of the $147 that it has never cost. The package includes one real account, only three demo accounts, and the best possible support. The pack includes a 60-day refund policy.
Trading performance of News Scope EA Pro
The advisor has been running only a demo account on Alpari RU. It works automatically on the MT4 platform. The account has two badges: track record and trading privileges verified. The deposit was $3,000. The account is just half a year old. The absolute gain has become 18.57%. An average monthly gain is 2.36%. The maximum drawdown is 4.48%.
The robot has executed 92 orders with 380.3 pips. An average win is 12.43 pips when an average loss is almost twice lower – 7.15 pips. The win rate is 54% for longs and 60% for shorts. An average trade length is one minute. The profit factor is 2.17.
The advisor runs all pairs profitably. AUDUSD is the most traded pair with 22 orders. The profit on it is $288.58.
The main hour to trade is 3 p.m.
The system picks Wednesday and Friday as the most traded days when the key news is published.
The account is managed with medium risks. There should be 29 deals lost to lose 10% of the balance.
The system has lost half of the traded orders from the last page statistics.
Trading results look completely unpredictable. It’s hard to rely on this system to make profits.
The developers provide good support, and they usually answer within several hours. Most of the questions are solved within one-two requests.
The presentation doesn’t include feedback from people. The same we have about the testimonials’ services like a Forex Peace Army and Trustpilot. It’s a significant con that we don’t know if the system makes profits on people’s accounts.