True Range Pro trades EURUSD and GBPUSD on auto mode and has a hard stop loss for each trade. The robot works on both MT 4 and MT 5 platforms and has backtesting results available for an extensive duration. Let us see if the use of the algorithm can help us produce steady profits each month.
The robot has the following features:
- It works with full automation.
- It has a hard stop loss for each trade.
- It has a high spread protection system.
- It can use a fixed and auto lot.
- It is available for both MT 4 and MT 5 platforms.
How It works
The robot will work if you follow the steps below:
- Purchase the system from the MQL 5 marketplace.
- Download it on the designated trading platform.
- Enable auto trading and attach it to the charts.
Trading strategies and currency pairs
The developer states that the EA works on EURUSD and GBPUSD and uses a stop loss on each position. It requires leverage of 1:100 on trading accounts. It employs a night and day scalping methodologies with grid trading. From Myfxbook trading history, we can see that the algorithm has an average trade duration of 1 day, which conforms to a day trading approach.
Backtesting results are provided for a GBPUSD currency pair. The developer neither shared the detailed statement and nor tested the EA for an extensive duration. Statistics are available for 2019-2020. The robot had a maximum drawdown of 87.67% and turned an initial deposit of $3000 into $27000. It had a winning rate of 70.84% with a profit factor of 2.74. The average amount of profitable trades was $7.66, while the average amount of losing deals was -$6.79. There were a total of 7871 trades executed during this period.
True Range Pro statistics
Verified trading records are available on Myfxbook, which shows records from Feb 18, 2019, till the current day. The robot provided an average monthly gain of 7.06%, with a drawdown of 29.22%. The risk to reward ratio between the monthly gain and drawdown is bad and shows that the algorithm losses four times to make one percent on the account. During the duration, there were 1297 trades. It had a winning rate of 79% with a profit factor of 2.47. The best trade was $211.56, while the worst was -$424.41.
Pricing and refund
The EA is available for an asking price of $195, and there are no options for renting. There is also no money-back guarantee according to the rules of the MQL 5 marketplace.
What else you should know about True Range Pro
Customer reviews are present on the MQL 5 community, giving us an idea of what other traders believe about the system. Most of the traders report around 5% profit each month.
Aleksei Ostroborodov is the author of the EA who resides in Russia. He has a total rating of 3.7 for 51 reviews. The developer has 13 products published on the MQL 5 marketplace and a total of 105 subscribers for his services.