Elite automated algorithm EA is a trading robot that comes with verified Myfxbook records and constant software updates. The algorithm aims to eliminate emotions and noisy charts from your trading by performing all the trades automatically. With the system being online for nearly a year, there have been some good times, but the widespread doubts stay strong.

ELITE Automated Algorithm EA: Characteristics

Let us discuss a few characteristics of the expert advisor to have a better understanding before any investments.

How does it work?

After paying for the monthly or yearly fee, you have to send your MT4 credentials to the managers via Telegram or email. They will attach the robot to your account, and you can see your trades by visiting your MetaTrader platform at any time. Following this approach makes the process completely automated. However, you are at the mercy of the developer to manage the portfolio appropriately. The EA works only with the developers’ choice of broker, i.e., LMFX.

Features

A few noted features of the robot are as follows:

  • It offers complete automation as you do not have to attach the EA on your own.
  • Legacy automated software is at hand for those who have an account balance of less than $5000.
  • Developers provide constant updates.
  • Support is available 24/7.
  • You can cancel your subscription anytime.

Currency pairs, strategy, and time frame

The robot works on multiple currencies, including EUR/USD, EUR/GBP, EUR/CAD, AUD/USD, and USD/JPY. The trading robot utilizes martingale strategy in some cases and therefore requires big equity and constant withdrawals to ensure that a trader does not lose a significant portion of his money. On the bright side, the EA uses a stop loss and has a trailing stop method to get the most out of a trade.
There is also an option to opt for forex signals and copy trading services. 

ELITE Automated Algorithm EA Trading Performance

Trading performance can be tracked via verified results on Myfxbook. However, the results are present for the past two months, which shows a monthly gain of nearly 47%, with drawdown hanging at 40%. 

ELITE Automated Algorithm EA trading results

Myfxbook record of live account on ELITE EA shows the percentage growth from April 19, 2021. The account is subjected to a 40% drawdown which means you should be ready for losing nearly half your cash or more before seeing any gains while investing with the robot.

The profit factor of 1.70 corresponds with the winning rate of 64% and 62% for the long and short trades. With such a risk-reward ratio, the required minimum win rate to stay in the profitable category hangs around 40%. Using the math we can see the system is well above.

The developer claims that the robot did not have a single losing day since its inception. By looking at the profit chart we can see that the claim is true.

From trading history, it is evident that the bot increases its lot size in the same initial direction as soon as the trade goes negative. Once the market reverses its direction, the EA then closes the trades when the loss converts into profits. The maximum observed lot size is 2.18. The increasing position size means that the robot is in the losing stage. For the expert advisor to fully recover, it has to bag in 30 pips with the maximum lot size. 

ELITE Automated Algorithm EA trading results

There is also a telegram channel responsible for providing consistent updates. Unfortunately, customers can not participate in the chat.

ELITE Automated Algorithm EA trading results

The demo portfolio has similar results in contrast with the live. The trading record is not verified.

How much does it cost?

The robot services are available through a monthly subscription that can cost you $150 for the Legacy algorithm, which is a similar version of ELITE which comes at $200. The former is at hand for accounts with a value of less than $5000 and likes to see profits at a quick pace. The yearly package is only available for the elite software and has a whopping price tag of $1800.

ELITE Automated Algorithm EA price

Reviews from customers

Customer reviews on TrustPilot and Forex Peace Army are positive. However, traders complain about the significant drawdown that comes with the martingale strategy. 

ELITE Automated Algorithm EA Reviews from customers

These are customer reviews for the past month. The performance during this period was good and so are the comments.

ELITE Automated Algorithm EA Reviews from customers

One star reviews on TrustPilot indicate that the owner constantly wipes his Myfxbook records. The previous accounts certainly had margin calls that led to unhappy customers. 

Should you use ELITE Automated Algorithm EA?

The EA is extremely risky and guarantees nothing for the future. With the developer taking no responsibility for margin calls and wiped accounts, do not put your hopes into thinking that the system will work. Only invest the amount of money you are ready to lose.

ProsCons
High returns within a short periodHigh subscription fees
Prone to margin calls
Myfxbook records are only available for one month while the system has been in place for more than a year.

Conclusion

A trader has to take certain risks in the financial markets to make profits. Algorithms that use risky strategies such as grid or martingale are bound to fail at one point or another. The safe way to invest with them is to go with super low lots and have substantial capital at your disposal if the system reaches margin calls. Using cent accounts can be beneficial for those with low capital.