Red Hawk is an expert advisor that claims to have a live track record of profitable trades over many months. Working on 9 currency pairs at present, this EA uses a mean reversion system of approach and the M5 timeframe. As per the developer, this fully automated system does not need any manual input. It makes use of various filters ensuring it trades only during times when the market is quiet.
This FX Robot was first published in October 2020 by Wim Schrynemakers of Profalgo Limited. He is from Malta and has more than 8 years of experience in developing FX robots. The developer claims that the system uses a smart risk to reward ratio to avoid being ripped off by the market changes. Schrynemakers has created 20 products, 51 signals, 4509 demo versions, and a subscriber count of 18618. Reaper, Night Owl, etc., are some of the other products by Schrynemakers.
We have done a meticulous review of the various features and promises of this FX EA here. You will be able to arrive at an informed decision about this EA with our evaluation. As per the developer, this EA uses the mean reversion method which is ideal for use on low spread brokers with fast execution. The vendor recommends the use of an ECN broker like Alpari, or ICMarkets.
What is behind the Red Hawk Robot?
A safety SL and TP features are applied to every trade as per the trading approach of this ATS. Many trailing SL methods are used for reducing the risks and increasing profits. According to the developer, the setup is easy. You need to run it on an M5 chart and choose the risk level and there is no necessity for .set files as the system has all its settings inbuilt for each of the currency pairs.
The nine currency pairs this ATS works on include EURUSD, USDCHF, USDCAD, EURAUD, AUDJPY, AUDCAD, EURGBP, EURCHF, and GBPUSD. According to the developer, the minimum deposit you can start with is $250 which uses a recommended lot size of 0.01. The size of the lot increases with the deposit amount. There is no info on the leverage to be used. The vendor recommends brokers like Alpari.com and IC Markets
As per the claims of the developer, this EA does not use the Grid or the Martingale strategy as they are considered high-risk approaches. While the vendor does not explain the strategy, there are backtest results for different risk settings. Here is a screenshot of the medium risk category done from 2012 up to 2020 on 8 currency pairs. A total profit of 22118.66% is present for this account which started with a drawdown value of 11.17%. The profit factor is 2.42 and the winning rate is 77.95%. While the drawdown is not high, the winning rate and vague explanation of the strategy make the EA a high-risk investment.
At the price of $299, you can purchase this EA, which is in its 2.3 version now. Rental options are also available for one, three, and an annual package costing $110, $199, and $249 respectively. A free demo is also present for users to get to know about the system beforehand.
Trading Performance of Red Hawk
A live demo USD account using the Alpari RU broker and the leverage of 1:500 on the MT4 platform is shown here.
From the above trading stats which are verified by the myfxbook site. A total profit of 29.715 and a similar absolute gain value is present. For the account which started in July 2020, with a deposit of $5000, there is a balance of $6485.68 and an equity level of $6.485.68. A total of 425 trades have been executed with a profitability of 72% and a profit factor value of 1.42. From the trading history, we can see the lot size used in 0.32 and occasionally 0.31. The low-profit percent, high lot sizes, and low profitability indicate the system uses a high-risk approach.
Other than sending messages via the MQL5 site, the developer does not provide any other customer support options for users. The lack of support options raises a red flag.
Positive reviews on the MQL5 site reveal the EA provides a stable profit and good risk management. Some of the reviews also mention good customer service.