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FX Parabol Review: Is it a Reliable System?

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FX Parabol

FX Parabol trades on two currency pairs and comes with backtesting records from 2015 until 2022. The website is powered by Forexstore and there is no knowledge available regarding the company’s history, location, developers, or email address. In the Forex sector, this is not a good practice to follow. We will review the product to understand more about its winning rate and drawdown to see if it is profitable.

The robot has the following features:

  1. Based on the Metatrader (MT4 and MT5) platforms
  2. Free post-purchase upgrades
  3. Reliable drawdown control
  4. It is compatible with any broker
  5. No restrictions on the types of accounts used

It employs a mix of Bollinger Bands and Parabolic SAR to trade the markets, which determines the general trend and opens positions in the same direction.

Trading strategies and currency pairs

The developer states that the robot uses Parabolic SAR and Bollinger Bands and trades on two currency pairs, USDJPY and USDCHF. From the live records, we judge it uses both grid and martingale strategies. The positions do not come with a fixed stop loss or take profit. The EA has a swing trading approach as the average trade duration is 12 days.

Backtesting on FxParabol

Backtesting on FxParabol

On the USDJPY, 1-hour backtesting records are available from 2015.01.01 to 2022.01.25. With an initial deposit of $10000, the robot provided a net profit of  $956728.63. The most significant profit trade was $83510.16, and an average profit trade of $5001.75. Within a total of 406 trades, a relative drawdown of 96.23% was noted. The modelling quality of the robot was 90.00%.

Backtesting of FxParabol

Backtesting of FxParabol

FX Parabol trading statistics

Live records on Myfxbook are available from August 19, 2020, till March 7, 2022. With an absolute gain of 395.82%, the EA had a daily drawdown of 0.28%. The initial deposits were $1500, and the current balance stands at $7,437.31. The drawdown was seen as 59.04%, with a profit factor of 2.65 and a winning rate of 71%.

The robot trades on a live account with a leverage of 1:500 on the Metatrader 4 platform.

Live records of FX Parabol on Myfxbook

Live records of FX Parabol on Myfxbook

Pricing and refund

FX Parabol Robot comes for $289 that includes two versions based on MT4 AND MT5 platforms, one license, a complete user manual, customer service 24/7 days a week, and free updates.

The available method for payments are:

  • Visa
  • Mastercard
  • Express
  • PayPal
  • Union Pay
  • American Express

A Money-back guarantee is provided within 30 days post-purchase. The author will only offer a refund if the drawdown exceeds 35%.

Pricing of the robot on the FX Parabol website

Pricing of the robot on the FX Parabol website

What else should you know about FX Parabol?

There is no customer support available, such as a FAQ, a phone number, or a live chat option, besides a contact form on the internet.

It is seen that there are no customer reviews either on Forex peace army or Trustpilot, which raises concerns about the authenticity of the robot.

FX Parabol Conclusion

3.3

After going through all the pros and cons of FX Parabol, we see that the drawdown is exceptionally high, and vendor transparency is not up to the mark. The asking price of the robot is higher than the market average, and the customer service is limited.

  • Price - 4/10
  • Strategy - 4/10
  • Trading Results - 5/10
  • Vendor Transparency - 2/10
  • Customer Reviews - 2/10
  • Support - 3/10

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