EA Vega is a new Forex EA developed by Wesley James Petersen li, a trader based in the USA who has more than 35 years of experience. It claims to use a simple trading method and opens and closes trades with the help of AI technology for generating high profits. But, in order to gauge the profitability and reliability of this system, we must look into each and every aspect in detail.

EA Vega: Characteristics

On the MQL5 page for this Forex EA, the vendor has mentioned that it does not use risky strategies like arbitrage, grid, and martingale to avoid sharp losses. The system employs take profits and stop losses for every trade and is compatible with all brokers based in the USA. 

With EA Vega, you can adjust the risk percentage for each trade, although the default value is 5%. The trading ranges are optimized, but you have the option of changing the pips and trading frequencies. Additionally, you can replace and modify the stops and the maximum lot sizes, and change the magic number that is unique for each trade.

Currency Pairs, Strategy & Timeframe

Although you can use EA Vega for trading in all kinds of pairs, the vendor recommends the USD/JPY, GBP/USD, and EUR/USD pairs and the M30 time frame. This Forex EA uses the Ichimoku Cloud indicator to determine future price shifts by pointing out support and resistance zones. It performs an automatic analysis of the market and uses peaks and troughs of the price level for opening and closing trades.

The vendor mentions that EA Vega is not too dependent on the latency speed and spreads of the brokers. However, it is mentioned that a fast ping and tight spread are preferable. Although there is a take profit and stop loss for each trade, the Forex EA will attempt to close trades before hitting them. The stop loss protects your account against unforeseeable circumstances that could lead to failed trades.

EA Vega Trading Performance

EA Vega Trading Performance
EA Vega Trading Performance

On the vendor’s MQL5 page, we can see backtesting data provided for several currency pairs, but here we shall look into the USD/JPY pair. This test was carried out using historical data worth 10 years for the M30 timeframe. Using an initial deposit of $1000, the system was able to generate a profit of $128958.06.

The profit factor of 1.25 is quite satisfactory since any system with a profit factor of more than 1 is considered dependable. Additionally, we can see that the maximum drawdown for this test was 32.76% and 54.99% of total trades were profitable. A total of 831 trades were placed in this backtest, out of which 52.29% of short positions and 57.69% of long positions were won.

While the backtesting results are quite impressive, no live trading results are provided by the vendor. So, we have no way of knowing how the system performs in the live market. It is unwise to depend on a system just on the basis of backtesting data, so we think this is a major disappointment.

How Much Does it Cost?

EA Vega is priced at $50, but you can choose to rent it for one month by paying $30. Moreover, there is a free demo version available. As far as Forex EAs go, this is quite a reasonable price, although no money-back guarantee is promised by the vendor, which tells us that they are not ready to stand behind their promises.

Reviews from Customers

We were unable to find any reviews concerning EA Vega on third-party websites. Customer reviews are always important because they tell us whether a system can generate profits, whether it has a decent customer support team, etc. Since no user reviews are available for this Forex EA, we can conclude that it doesn’t have much of a reputation, so not many people are using EA Vega as of now.

Should You Use EA Vega Robot?

ProsCons
Backtesting data is availableLack of vendor transparency
No verified live trading results available
Lack of user reviews

Conclusion

To summarize, we couldn’t find too many positive things to say about EA Vega. First of all, it is a new system, and we don’t know much about the developer and whether he is qualified to develop a reliable Forex EA. Secondly, the vendor doesn’t provide us with live trading results, and this is a major disappointment for most Forex traders because they judge the efficacy of a system based on these results.

Finally, there are no customer reviews to be found anywhere and this tells us that not many people trust this system. While there are a few reviews on the MQL5 page, they could easily have been manipulated. Overall, we don’t think this Forex EA is worth investing in.