IndEX EA is advertised as a powerful EA, which is based on “trading multiple forex indices”. The Phibase-IndEX algorithm creates the trade value for USD, EURO, GBP, Yen, and CHF by calculating the relative strengths. 

IndEX EA presentation

Today in this IndEX EA review, we will analyze this trading software and decide whether it is the “most powerful automated trading strategy” or it is just a simple marketing approach to attract new customers and grab their money.  

IndEX EA: Characteristics

On we are told that IndEX EA is the first MT4 tool, which is based on trading multiple currency indices.

IndEX EA Characteristics

They tell us that:

IndEX EA Characteristics

The devs of this trading system add that the main goal of this EA is to trade the weakest currency against the strongest one. They say that the system promises 1:2 risk/reward ratio, 250-400 pips/month and “quarterly win rate of over 95%”. It sounds good, but in fact it is impossible. Taking into account market volatility, when currency price can rise and drop the same day, promising over 95% or quarter win rate sounds more like an advertisement than the truth.

IndEX EA is characterized with the next features:

IndEX EA features

The vendors of this MT4 tool also point out the following benefits of their autonomous EA:

IndEX EA features

Currency Pairs, Strategy & Timeframe

IndEX EA Currency Pairs

IndEX EA has created a currency index for GBP, YEN, EURO, USD, and Swiss Franc.

IndEX EA Currency Pairs, Strategy & Timeframe
IndEX EA Currency Pairs

This EA does not use any dangerous or risky trading approaches like Martingale or Grid. The vendors of this trading system try to convince their clients that IndEX EA is a revolutionary new tool that wins over: 

  • Volatility
  • Market noise 
  • Trend
IndEX EA Currency Pairs

IndEX EA Trading Performance

Every time we analyze any trading system, we pay special attention to live trading results represented by a vendor. Unfortunately, most vendors fail to share this important data with their customers and receive a very low point on this category. The vendors of this trading tool offer trading results verified by myfxbook that have been recorded over 2 years. They also share trading results on 

Taking into account that is a market leader in statements sharing services and has a better visualization, we will give it the prerogative.

IndEX EA myfxbook

This account was launched on February 26, 2018. It’s a real USD account which is working with FXPIG brokerage and trading with a 1:400 leverage on the MT4 platform. 

During 2 years and 7 months, the robot could provide 11% gain with a monthly gain of 0,34% and an extremely high drawdown of 45, 54%. Trading results are being tracked by 22 people. The account is active and regularly updated. However, we neither know what the initial deposit was, not what the profit is. Both balance and profit trading activity data are blocked.

IndEX EA Trading Performance

For 2 years and over 7 months, the robot has traded 558 trades and 6318.6 pips. It has won only 240 out of 558 trades, which represents 43%. The average win is 255.44 pips, while the average loss is -172.91 pips. The average trade length is 2 days. The average win rate for short and for long trades is almost equal — 43%/42%. The profit factor is small — 1, 03.

IndEX EA Trading Performance

IndEX EA works with 7 different currency pairs:

IndEX EA Trading Performance

The largest amount of trades was performed with GBPJPY – 194 trades.

The EA trades every day, from Monday to Friday:

IndEX EA Trading Performance

The probability of loss ranges between 6,43%-88,2%:

IndEX EA Trading Performance

As we can see from the screenshot below, the profit varies depending on the month. This year the EA has had 4 losing months and 6 winning ones. The best 2020 monthly gain results are 25, 77%. March was the worst month, which brought nothing but a significant money loss, which equaled -16,98%. From the beginning of 2020 up to the day of our review, the EA has gained only 7,31% of the profit.

IndEX EA monthly analytics

What we see on the screenshot does not respond to aggressive claims of developers who promise “quarterly win rate of over 95% (Monthly win rate of 75%)”.

How Much Does It Cost?

IndEX EA is available in 3 different options to buy. So, traders can opt between a quarterly payment ($270), semi-annual payment ($378) or annual payment ($540):

IndEX EA price

Each package includes 2 trading accounts (Real or Demo), performance guarantee and supports all 7 currency pairs. The number of pips differs, so quarterly subscription includes 600 pips, semi-annual – 1500 pips, and annual – 3000 pips.

Every package includes a subscription extension that equals the term of a chosen subscription (quarterly – 3 months, semi-annual – 6 months, and annual – 1 year).

Reviews from Customers

The Phibase team has provided multiple customer reviews on their sales page. All of them are positive ones. However, we do not trust the reviews written on sellers’ websites, because they can easily be manipulated or paid. Therefore, we prefer to check different forums, such as the Forex Peace Army. Unfortunately, we have found no review written by their clients. Lack of customers’ reviews is not a good sign for this EA. If the software were as good as described, we would find at least a few recommendations from happy traders who are trading with IndEX EA.

Should You Use IndEX EA?

Live trading resultsLow-profit factor
A detailed trading strategy insightSmall total gain
 Hidden trading activity data
 Extremely high price
 High drawdown performance
 No customer reviews


Long story short, this EA was greatly advertised, but has not shown as impressive trading results as we expected. Taking into account an extremely high price, low-profit factor, hidden trading activity data, small total gain, and no review from customers, we are not in a position to recommend traders invest their funds in this trading system.