Elemental EA is a fully automatic multi-currency robot that uses a fixed stop loss with each position. The developer states that there is a drawdown control parameter in place and shares multiple parameters that traders can adjust for their liking. Traders only have to attach the EA on a single chart, and it will automatically trade all other currency pairs. In this review, we will analyze the algorithm and see if it is as profitable as the developer claims.
The robot has the following features:
- It can trade on any broker
- There is a drawdown control parameter
- Fully automatic multi-currency robot
- There is no involvement of grid or martingale
How it works
The service will work if you follow the steps below:
- Purchase the system from the MQL 5 website
- Download it on the MT4/5 platform
- Place it on a single or multiple charts to start trading
Trading strategies and currency pairs
The developer states that the robot trades on EURUSD, USDCHF, USDJPY, USDCAD, AUDUSD, EURJPY, EURCAD, CHFJPY on the M5 chart at night. It has a fixed exit point for each position. The robot uses support and resistance levels and trades with limit orders to prevent slippage. From the history on MQL 5 we can see that the EA uses a virtual stop loss and take profit for positions. It holds trades for an average duration of 1 hour.
The developer shares the backtesting records with a cutoff image. With the initial deposit of 100, the expert advisor returned a total net profit of 1523230.44. The profit factor stood at 2.6 with a recovery of 14.87. There was a net of 3997 trades with 7994 deals. The expert advisor analyzed 283967 bars, with history quality standing at 100%.
The robot had a maximum drawdown of 22.49%, with a winning rate of 81.59%. The average amount of profitable trades was $759.32, while the average amount of losing deals was -$1294.7.
Elemental EA trading statistics
Verified trading records on MQL 5 are available, showing performance from October 18, 2021, till the current date. The system made an average monthly gain of around 9%, with a drawdown of 13.3%.
The winning rate stood at 84.9%, with a profit factor of 3.36. The best trade was $1.39, while the worst was -$3.38 in a total of 106 trades. The developer made $100 in deposits and made a total gain of 28%.
Pricing and refund
Traders can purchase the service for an asking price of $199 which will provide a license for one live account. There is no money-back guarantee, and there are no renting options available for now. The asking price is average if we compare it with the market standards.
What else should you know about Elemental EA?
Customer reviews on MQL 5 give the EA a total rating of 5 for three reviews. A trader says that two-day trading on the robot was “ok”. They state that they have to test it out for the long term before submitting a final statement.