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NorthEastWay Review

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NorthEastWay

NorthEastWay is a Forex expert advisor that is sold on the MQL5 website. It is a 100% automated trading system that can function without manual inputs. The MT4 version of this robot was released on March 30, 2020, while the MT5 version was launched on July 13, 2020.

The developer behind this system is called Pavel Udovichenko. We don’t have too much background information on the developer, apart from the fact that they are based in Russia. This person claims to possess more than 10 years of experience in developing automated trading systems. The developer has another expert advisor on MQL5 called LittleCrazy.

The live trading account of this robot has been active since May 19, 2021. It hasn’t had any notable achievements to date. To check out whether this robot is profitable or not, we are going to analyze the different performance factors.

What is behind the NorthEastWay EA?

This EA can trade in multiple pairs using a single chart setup. It is not sensitive to spread, slippage, or other variables related to the broker. The vendor recommends using it on recommended pairs only and to test the multi-currency mode of the MT5 tester to test its performance.

There is an automatic money-management functionality that allows it to automatically calculate the lot sizes. There are two automatic money-management settings, namely conservative and aggressive. It also has a recovery mode where it closes a series of orders in profit.

Key features 

The base currency pairs for this EA are AUD/NZD, AUD/CAD, and NZD/CAD. It can also trade in additional pairs like EUR/GBP, EUR/CAD, GBP/CAD, EUR/USD, GBP/USD, and USD/CAD. The vendor recommends loading the EA on M15 charts. According to the developer, you should have leverage of 1:200 or more. Based on the risk level, you should use a minimum balance of $1000 or $5000.

Trading strategy

This EA uses a 100% automated pullback trading system which works well for pullback pairs like NZD/CAD, AUD/NZD, and AUD/CAD. The strategy is based on the assumption that the price returns to a certain level after experiencing a sharp movement in any direction.

Unfortunately, the vendor has not shared the historical test results for this EA. Backtests are conducted using several years’ worth of market data, thus revealing the robustness of the system. Without them, it becomes difficult for us to see whether the system was well tested pre-release and whether it had good profitability in the past.

Pricing 

The current price of this expert advisor is $9987. Compared to other EAs, it is extremely expensive. Although there is a free demo version for testing purposes, you don’t have the protection of a money-back guarantee.

Trading performance of NorthEastWay

Growth chart of NorthEastWay on Myfxbook

Growth chart of NorthEastWay on Myfxbook

This trading account on Myfxbook was launched on May 19, 2021. After conducting 1430 trades, the win rate for the account stands at 79%, which is pretty high compared to other EAs. The total profit generated through this account is $6,742.06, while the time-weighted return is +134.84%.

Currently, the daily and monthly gains are 0.29% and 9.25% respectively. The drawdown is incredibly high at 82.86%. This means the EA is trading with a very high level of risk. This account has an impressive profit factor of 2.55.

Trading results of NorthEastWay on Myfxbook

Trading results of NorthEastWay on Myfxbook

Here we have the recent trading history for this account. We can see that the EA trades with a lot size of 0.01-0.09. It holds each order for an average of three days. It is evident that the robot is prone to losing consecutive trades. The average win and loss are 35.20 pips/$9.78 and -50.00 pips/-$14.78, respectively.

Customer support 

There is no official contact information for the developer. If you require support, you can join the official Telegram channel or message the developer via MQL5.

People feedback 

User reviews for NorthEastWay on MQL5

User reviews for NorthEastWay on MQL5

At this moment, there are no customer reviews for this EA on websites like Quora, Forex Peace Army, Myfxbook, and Trustpilot. While there are a few reviews on the MQL5 product page, there is no way we can verify their authenticity.

NorthEastWay Summary: Worth it or not?

6

NorthEastWay is an EA that is supported by verified trading statistics and works on multiple pairs. However, it is much more expensive compared to other expert advisors on the market. On top of that, the vendor does have a refund policy in place. Last but not the least, the live trading account has a very high drawdown.

  • Verified trading statistics
  • Compatible with all brokers
  • Extremely overpriced EA
  • Very high drawdown
  • Lack of vendor transparency

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