Elemental EA is a Forex expert advisor that is compatible with both MT4 and MT5 trading platforms. Launched on 9th November 2021, this robot uses a minimum number of parameters, which makes it suitable for novice traders. It works on multiple pairs and has a low minimum deposit requirement.

Elemental EA: characteristics

This is a night trading EA that has to deal with low market liquidity. For this reason, it trades with pending limit orders for added protection from slippage. It is a multicurrency EA that can trade in multiple pairs from a single chart. 

You can install the robot on a chart of any currency pair and specify the parameters for the pair to be traded. However, the vendor does not recommend using this method. Ticks and quotes for a particular pair can come from a broker at different times, and if you are trading using one chart, there might be unnecessary delays. That is why you should install the robot on separate charts. 

For each position, the EA uses drawdown and stop loss parameters. You can enable the AutoLot option for the robot to select a lot size based on the account balance. In this case, you need to select a risk percentage of the deposit used for the automatic calculation. Alternatively, you can set the lot size yourself. You can also set the values of the stop loss, trailing stop, and take profit levels.

Currency pairs, strategy & timeframe

Elemental EA supports currency pairs like EUR/USD, USD/CHF, USD/JPY, USD/CAD, and AUD/USD. According to the vendor, you can also experiment with pairs like EUR/JPY, CHF/JPY, and EUR/CAD. The recommended timeframe is M5. 

The fundamental idea behind the trading strategy is that all trends have their boundaries, following which the price reaches a state of equilibrium. These boundaries are defined as dynamic support and resistance levels. At each candlestick, these levels are updated. 

Elemental EA trading performance

Growth chart of Elemental EA on MQL5.

The vendor has not shared the verified trading results for this expert advisor. As such, we have no option but to analyze the results of the account on MQL5. This account was launched on 18th October 2021. To date, it has had only 68 trades, during which, it has conducted 160 trades. Thus, we can see that the robot has a very short trading history, which means it hasn’t been exposed to different market conditions.

The current win rate for this account is 77.50%, which is quite decent. At this moment, the total profit stands at $15.80, while the profit factor is 1.41. There have been 16 maximum consecutive wins and 4 maximum consecutive losses for this trading account. On average, this EA places 13 trades per week, holding each for approximately 1 hour. The maximum drawdown for this account is 13.7%, which is quite acceptable. 

Backtesting results of Elemental EA on MQL5.

This backtest was conducted on five currency pairs at the same time. The EA conducted a total of 3997 trades between 2018 and 2021, winning 81.69% of them. Although the live results exhibit a higher win rate, this is quite decent. At the end of the test, the robot was able to generate a profit of $1523230.44 using an initial deposit of $100.

The relative equity drawdown for this test was 22.49%, which is a bit high. This indicates a slightly risky trading strategy. The profit factor of 2.60 was higher in comparison to the live results, while the Sharpe ratio was 0.26. There were 60 maximum consecutive wins and 6 maximum consecutive losses during the testing period.

How much does it cost?

You can purchase this EA for the price of $349. The price is pretty standard compared to other expert advisors on the market. Instead of paying the one-time fee, you can rent the EA for a yearly fee of $249. There is a free demo version available for download, but no refund policy exists.

Reviews from customers

User reviews for Elemental EA on MQL5.

We were unable to find any user reviews for this expert advisor on third-party review websites. There are a few reviews on MQL5, but we have no way of verifying their authenticity.

Should you use Elemental EA?

Multi-currency support No verified trading statistics
No refund policy
Lack of vendor transparency


Elemental EA is a robot that has no verified track record of winning profits in the live market. We have the trading statistics on MQL5, but the account has not been active for too long. Furthermore, we know very little about the developer behind this EA.