FXParabol is a new Forex trading system designed for trading on the MT4 and MT5 platforms. The devs say that the efficiency of their trading tool has been substantiated by verified stats on accounts with real money.  Apparently, it has been trading live for over 18 months and has recorded a 70% win rate up to now. 

This EA is powered by Forex Store, but the people behind the service are anonymous. Consequently, we cannot gauge their reputation or their trading qualifications. 

FXParabol: characteristics

Below you will find the characteristics of the system:

  • It is compatible with both the MT4 and MT5 trading accounts.
  • It comes with a drawdown control system that limits possible drawdowns.
  • The robot works with any broker and any account type.
  • It’s fully automated.

Currency pairs, strategy, & timeframe

FXParabol specifically trades on the USDJPY and USDCHF currency pairs, but the vendor doesn’t indicate what timeframe it uses. 

The system’s strategy is based on two indicators — the Parabolic SAR and Bollinger Bands indicators. These tools are used to spot a trend and decide the time to initiate trades in the direction of the trend. A special mathematical algorithm is also incorporated into the EA that enables it to recover losing trades.  

FXParabol trading performance

Backtest results for the USDCHF currency pair.

According to this strategy tester report, the EA was tested between January 2016 and January 2022 on the H1 chart utilizing a deposit of $1000. As a consequence, 671 trades were finalized, and they attained a 73.17% profitability rate. Ultimately, we had a large profit amount of $5246069.25. 

Nevertheless, the robot had a higher likelihood of ending up with losses than wins if the average win ($17665.78) and average loss (-$19043.48) values are anything to go by. The drawdown of 79.35% was massive, a sign that the EA applied numerous risks while trading. 

Trading statistics on Myfxbook.

The risky nature of the trading algorithm is also apparent in this live account like in the backtest report. Since it began trading in August 2020, the system has so far eaten away more than half of the capital. The current profit attained is $5593.13. As a result, the account’s value has grown by 372.88%, and the available balance is now $7093.13. 

Trading performance.

The average trade length for a trade is 12 days, which tells us that the robot doesn’t trade regularly. Therefore, the number of completed trades is only 144. The win rates for these orders aren’t remarkable because the long and short positions won are 67% and 71%, respectively. There’s a profit factor of 2.59, and the traded lots are 21.40. 

History of trading.

The EA relies on the grid approach to place orders. It also holds trades for long periods of time. The martingale approach is apparent as lot sizes are increased whenever losses are incurred. 

Account’s risk of ruin.

This account is about to be destroyed.   

How much does it cost?

FXParabol is available at a one-off price of $289. When you buy the robot, you will get two versions of the program that run on MT4 and MT5 terminals. You can also manage the license online in a personal area. Other features included in the package include a detailed user manual, free updates, 24/7 qualitative technical support, and a 30-day refund policy. 

Reviews from customers

FXParabol has not received any reviews from customers. It is possible that the trading community has not heard about it yet. 

Should you use FXParabol?

ProsCons
A 30-day refund policy is offeredGenerates a high drawdown
Backtest data and live results are shownZero customer feedback
Grid and martingale on the board
Vendor is anonymous

Conclusion

FXParabol has earned the owner of the account on Myfxbook a decent income, and according to the backtest report, it can generate huge profits in the long term. But the main problem is that the system trades dangerously. The grid and martingale strategies expose it to many market punches leading to many losses.