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True Range Pro is an MT5 tool that promises accurate night and intraday scalping and a smart grid system. The vendor claims that it can provide up to 10% per month for the EURUSD pair and up to 40% for the GBPUSD pair.
This EA is developed by Aleksei Ostroborodov who is the founder of Smart Forex Lab. The company specializes in professional FX solutions, signal generation, and FX robots. Ostroborodov has four years of experience in developing FX trading tools and has created 13 products and 23 signals. Unfortunately, we could not find info on the founding year, the location address, phone contact, etc. Lack of transparency is a red flag for any developer.
With the presence of numerous expert advisors in the market, finding the right product that suits your trading style is difficult. This review provides a detailed assessment of the various aspects of this FX EA and whether it is a reliable product or not. As per the developer, this EA is in version 3.0 now with the recent update done in August 2021. It is a fully automated software that assures profits ranging from 10% up to 40% every month. However, the dev failed to provide info on the history of this FX robot to back up his claims.
What is behind the True Range Pro EA?
According to the info that the vendor provides, this system was optimized from 2016 up to 2020 for efficient performance. The vendor provides recommendations and input parameters for the setting up of the files. But there is very little info present on the working method of the FX EA. The lack of info makes us suspect the reliability of the FX robot.
Key features
Features of True Range Pro
Some of the important features the developer mentions for this EA include 100% automation, a hard SL for every trading position, and dynamic basket TP levels. This ATS uses high spread protection and the volume can be fixed or automated. The recommendations include leverage of 1:100 and the use of Weltrade, IC Markets Raw Spread, and ForexChief DirectFx accounts. The main currency pairs this system works on are EURUSD and GBPUSD.
Trading strategy
Trading approach and expected results of True Range Pro
Other than mentioning the scalping and smart grid approach the vendor does not explain the details of his trading approach. The absence of strategy explanation raises a red flag for this EA. A couple of backtests are present for this system and here is one of them.
Backtest report for the EURUSD currency pair
From the above backtesting report, we can see the history quality is 98%. For a deposit of $3000 and leverage of 1:400, the total net profit generated is 65,363.12 for a total of 1914 trades. The test done from 2017 up to 2020 reveals a profit factor of 3.54 and a relative drawdown of 10.83%. Profitability of 82.81% is present for this FX robot. From the results, we can see that the drawdown is low while the profits are high. However, since the results are based on historical data and do not predict a similar result in future performance, they cannot be relied upon.
Pricing
Pricing of True Range Pro
You can purchase this FX EA for $195. A free demo account is present for users who want to check out the system’s efficacy before using it for real account trading. When compared to other competitor systems, the price of this MT5 tool is not very expensive. Nevertheless, absence of money-back guarantee makes us suspect this is not a reliable system.
Trading performance of True Range Pro
We found a real USD account for this FX EA verified by the myfxbook site. The account using the Forex Chief broker and the leverage of 1:400 is shown below.
Growth curve of True Range Pro
Advanced statistics for True Range Pro
From the trading stats, we can see the total gain is 220.37% and the absolute profit is 213.13%. A daily and monthly profit of 0.21% and 6.58% respectively are present for the account. Started in March 2020, the account has since completed 722 trades with a profitability of 84% and a profit factor value of 3.48. From the trading history, we can see the lot size used is 0.12. The big lot size makes us suspect the approach used is risky.
Customer support
A Telegram channel link is the only support method present for this EA. We could not find a live chat feature or other forms of support making it inadequate.
People feedback
We found a few reviews for this expert advisor on the MQL5 site. All the reviews posted have five out of five stars. Since the MQL5 site promotes the product, we suspect the feedback may be manipulated and hence cannot be taken as genuine.
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