Advanced Fibo Levels is an MT5 tool that uses the Fibonacci trading approach. It is a fully automated system that has undergone many stress tests for a long span as per the developer, Ho Tuan Thang. The developer assures that this expert advisor provides high returns and a low drawdown. His other products include Advanced Hedge, Advanced Bollinger, and more. He is located in Vietnam and has developed 6 products, 13 signals, and 261 demo versions. Support is provided via the MQL5 message board and through the Telegram group of the developer. A live signal and features for this ATS are provided on the MQL5 site.
Advanced Fibo Levels: characteristics
As per the developer, this FX EA uses an advanced Fibonacci levels indicator for trade entry identification. We could find minimal details concerning this FX robot which is disappointing and also raises our suspicion about the reliability of the MT5 tool. From the info provided, the recommended deposit for the system is 3000 and it is compatible with any broker.
Settings are present as default files or set files. All parameters of the FX EA are present on the official site and these include the volume settings, buy and sell orders, grid net step, TP, SL, magic number, and more.
Currency pairs, strategy & timeframe
This FX EA works on two main currency pairs namely the EURUSD and the GBPUSD pairs and uses the M15 timeframe. Other than the mention of the Fibo levels indicator the developer does not divulge info on the trading approach which raises a red flag.
Although the setup table info reveals that backtests are from 2019, there are no results present on the MQL5 site. The absence of strategy info and backtesting reports makes us suspect this is not a trustworthy FX robot.
Advanced Fibo Levels trading performance
A live signal for this FX robot is present on the MQL5 site. From the info provided, we can see the system has made a profit of 9,878.04 for an initial deposit of $900 and the equity is $8275.97. The account uses the leverage of 1:500 and the RoboForex-Pro broker. A profit factor of 2.36 is present and the total profit percentage for the account is 1234%.
Since the available info is minimal, we are unable to assess the veracity of the results. We prefer trading results verified by reputed sites like Myfxbook as the info provided can help evaluate the efficacy and risk level of the approach. The absence of verified results makes us suspect the reliability of this product.
How much does it cost?
At present this FX robot costs $49 which according to the vendor will last for two sales only after which the subsequent three copies will cost $149. All other copies will cost $249. The vendor does not provide info on features available with the package. There is no mention of a refund policy. The lack of a money-back guarantee makes us suspect this is an unreliable MT5 tool. Further, when compared to competitor EAs, the price of this FX robot is expensive.
Reviews from customers
We could not find reviews for this FX robot on reputed sites like Forexpeacearmy, Trustpilot, etc. We found a few testimonials on the MQL5 site. But since the site is promoting the product, the chances of the reviews being manipulated are high. We prefer third-party sites as they provide an unbiased view of the functionality, trading approach, performance, and support. The lack of user feedback reveals that this is not a popular or effective product in the market.
Should You Use Advanced Fibo Levels Robot?
After evaluating the features, performance, and other aspects of this FX EA, we find that it does not meet most of our criteria for a reliable product. Here are some of the main pros and cons we have identified in this FX robot.
|Fully automated software||No explanation present for the trading approach|
|The system has slippage and spread protection||No verified trading results|
|No refund policy|
Advanced Fibo Levels is an FX robot that promises a beneficial profit to drawdown ratio. But our evaluation of the expert advisor reveals that it does not have a proven track record. The developer does not explain the trading approach. Further, the real trading results posted by the developer on the MQL5 site reveal very little info on the efficacy of the FX EA. The expensive price, lack of money-back guarantee, and the absence of user reviews indicate this is not a trustworthy MT5 tool to consider.