GOLD EAgle is an expert advisor for the Metatrader 5 trading platform that is sold on the MQL5 website. According to the vendor, this EA can close any trade in profit regardless of how and when it was opened. To determine whether it’s a reliable robot or not, we need to analyze all the different performance aspects of the system.
GOLD EAgle: characteristics
This robot has a mobile trading panel where you can manage the auto-trading functionalities and open each trade manually. It has DD Reduce Function settings that, as per vendor claims, allow the trader to close all manual trades in profit. However, we have no idea how this feature works, so we cannot take the vendor’s claim seriously.
When you purchase this EA, you get a User’s Manual where you can find the recommended set file. In the EA settings, you can switch between conservative and aggressive trading styles using the Candle filter and HTF parameters. GOLD EAgle also has a news filter function using which you can pause trading when there is a major news release. You can set by how many minutes the robot pauses trades before the news release and stops the pause after the news. It is possible to add a link to the news site in the EA settings.
The vendor recommends using the Visual Mode of Metatrader 5 for testing the performance of the system prior to using it for live trading. For speeding up the test, you can turn off the View profit and View panel parameters.
Currency pairs, strategy & timeframe
This is a robot that only trades in gold. It uses the Infinity TrendLine PRO indicator developed by the same vendor, Evgenii Aksenov. It uses the grid strategy, which involves opening a new set of orders with an average profit level in mind. Now, many traders consider this a risky strategy.
Often, when you use the grid strategy, you will have trouble managing your trades efficiently. It offers you multiple chances for making profits, but in case the entry is not up to the market or the analysis is inaccurate, you will have trouble recovering your losses. When you lose with the grid strategy, you lose big, and this is why most traders do not trust EAs that use this trading scheme.
GOLD EAgle trading performance
Here we have a live trading account for GOLD EAgle on MQL5. This account has a short trading history of 57 days, which means it has not been exposed to different market conditions. Thus, we can say that the EA is mostly unproven in the live market. The robot has placed 395 trades through this account, winning 322 out of them with a win rate of 81.51%. As a result, it has generated a total profit of $2027.73.
Seasoned Forex traders only trust those trading statistics that are published on trusted third-party websites like Myfxbook, FXBlue, and FXStat. Results published on these websites are genuine, and the vendor cannot tamper with them. In the absence of verified results, most traders would not feel confident about investing in this expert advisor.
Unfortunately, the vendor has shared the backtesting results for GOLD EAgle. It is imperative for every EA vendor to test their strategies using historical data. Since these tests are carried out over a long time period, decent backtesting results indicate an EA that can deal with long periods of market drawdown. Many traders might take the lack of backtesting data as a major red flag.
How much does It cost?
You can purchase GOLD EAgle on the MQL5 website for the price of $149. The vendor offers a free demo version of the software that you can use to test the performance. According to the vendor, there are only 10 copies left at this price, after which it will be raised. There is no money-back guarantee offered for this EA.
Reviews from customers
We were unable to find any user reviews for GOLD EAgle on websites like Trustpilot, Forexpeacearmy, Quora, and Myfxbook. There are some reviews on MQL5 where people have complained about the EA losing trades.
Should you use GOLD EAgle robot?
|Available at an affordable price||No money-back guarantee|
|Verified live trading results not available|
|Risky grid strategy|
GOLD EAgle uses a dangerous grid strategy that can lead to huge losses. The vendor has not shared the verified trading results for their system, and backtesting data is missing as well. On top of that, you won’t get your money back should you lose trades with this robot. Therefore, you should not consider investing in it.