News Scope EA Pro Review: Things to Consider Before Investing

By ETFhead 13th December 20211504 views

News Scope EA Pro is specifically designed for traders who love trading during high impact news. The devs say that this strategy is low-risk and will increase your capital significantly. A new ATR based stop loss calculating algorithm is also featured to reduce the drawdown and augment the profit factor.

This robot was authored by the FxAutomater Company. The firm states it develops various kinds of expert advisors: fully automated, hybrid systems, scalpers, martingale strategies, and grid strategies, etc. Founded in 2009, the company has managed to create systems like WallStreet Forex Robot, Forex Trend Detector, Forex Combo System, Grid Master Pro, and many more.

This EA is characterized by the following features:

Semi-automated and fully automated modes
Advanced news filter
Email and push notification system
Precise time and news detecting filters
Single or multiple-cascade orders modes
Friday exit system
High spread detection filter
A recommended timeframe of M1
Works on MT4 accounts
You are advised to use well-known ECN brokers with good reputation

Trading strategies and currency pairs

The supported currency pairs include EURUSD, GBPUSD, AUDUSD, USDCAD, and USDJPY. News Scope EA Pro is designed for high impact new trading. In essence, it looks for short-term scalping opportunities that come about when the price spikes in one or both directions following the occurrence of a major news event. However, the strategy is associated with high volatility, which could lead to spread increase, slippage, and execution delays.

Backtest results

This is a detailed strategy tester report for the EURUSD currency pair that was tested on the M1 timeframe using real tick data. The trading period began in May 2003 and ended in February 2020. With a deposit of $2000, the EA executed 690 trades and only won 470 of the orders. The resulting net profit figure was $40,787. The win rates for both short (68.78%) and long (67.38%) positions were quite poor.

There was a maximal drawdown of 6.49%. This means that the strategy used wasn’t high risk and hence didn’t lead to many losses. The average profit trade was $102.81 when the average loss trade was -$34.24. This means that the system traded with a risk/reward ratio of 1:3.

News Scope EA Pro trading statistics

Live trading data

As you can see, the robot’s live trading history is less than a year old. Even then, it is clear that the strategy is not as lucrative as the owner would want us to think. This is typical of a system that relies on scalping. To date, a profit of $640.31 has been attained from a deposit of $3000. The monthly profit is 1.85%, whereas the drawdown is 8.22%. The growth rate of the account currently stands at 21.34%.

Trading performance

Not so many trades have been completed — 155. The success rates of long (56%) and short positions (59%) are disappointing. It means that almost half of buy and sell orders placed end up failing. The profit factor is 1.82 and also highlights the system’s inability to bring in substantial returns.

Monthly returns

The account suffered losses for three consecutive months, mainly between August and October.

Trading summary

None of the buy orders placed using the USDCAD and USDJPY currency pairs led to profits.

Trading history

The EA worked with the scalping approach and a grid of orders. Even though some profits were made, the account also incurred losses on several occasions. SL and TP are used, but the values of the latter feature are hidden.

Pricing and refund

News Scope EA Pro is being sold at a discounted price of $117. It originally cost $187. By buying the system, you will be able to trade 1 real account and 3 demo accounts. You will also enjoy 24/7 customer support. If you are not satisfied with the system’s functionality or performance, then you can ask for a refund within the 60-day grace period stipulated.