EA Black Dragon works on GBPUSD and EURUSD and is available on the MQL 5 marketplace. The algorithm runs using the black dragon indicator and is subjected to constant updates from the developer. There are live and backtesting  records present on the website, which we will use to see if the system has an appropriate drawdown and if it can be profitable in the future. 

EA Black Dragon: characteristics

The robot can work on your platform if you follow the following steps carefully:

  1. Purchase the system from MQL 5 and log in on the MQL 5 marketplace on the MT4/5 platform
  2. Download the expert and enable live trading
  3. Attach the robot to the charts to start trading

Features

The EA has the following features:

  • It uses the custom black dragon indicator to place trades.
  • Traders can use the auto lot settings to enable or disable the custom calculation of risk.
  • The stop loss and take profit settings can be configured.
  • There are multiple settings that can be tweaked.

Currency pairs, strategy, and time frame

According to the developer, the robot uses a custom indicator and trades on EURUSD and GBP USD. It works on the 15-minute chart and requires a minimum deposit of at least $1000. To confirm the output of the system, we used the live records on the MQL 5 website. From there, we can see the implementation of grid and martingale strategies on multiple currency pairs. The average trade holding time of 10 hours refers to a day trading methodology.

The historical records.

EA Black Dragon trading performance

Backtesting results are available for GBPUSD with 99.99% modeling quality. The relative drawdown was around 85.14%. The winning rate was 74.63%, with a profit factor of about 2.35. The test was done on the 15 minutes chart with a starting balance of $1000. The robot tanked an average profit of $4047115 during this period. There were 5105 trades in total in which the best trade was $91520, while the worst one was -$57006.24.

The backtesting records.

Verified trading records are available on MQL 5 marketplace that shows performance from November 05, 2021, till the current date. The system made an average monthly gain of 247.99%, with a drawdown of 1.4%. 

The winning rate stood at 89.1%, with a profit factor of 161.79. The best trade was 524, while the worst was -11.62 in a total of 55 trades. 

EA Black Dragon trading results

How much does it cost?

The robot is available for an asking price of $30. There is no money-back guarantee as per the rules of the MQL 5 marketplace. The developer does not provide any renting options for traders.

The pricing model of the robot.

Reviews from customers

Customer reviews are only available at the MQL 5 marketplace, where most of the traders leave positive feedback. However, it seems that many have only tested the product for a short duration and left a comment. Extensive testing would have told us the true output as the grid and martingale strategies can result in a margin call.

A customer review at MQL 5.

Should you use EA Black Dragon?

Black Dragon Trading robot uses risky martingale and grid strategies which makes it unfit for use. Traders can receive a margin call on their account using such systems.

Pros

  • Live records are available 

Cons

  • Grid and martingale strategies are in use
  • It does not provide detailed backtesting results
  • No good customer reviews

Conclusion

Avoiding grid and martingale systems is the first way to ensure that you do not suffer big drawdowns on your portfolio. Traders should avoid trading with such systems.