Medusa X is a Forex robot launched on 28th December 2020 by Oon Kar Lee, a Singaporean trader with more than 15 years of market experience. As per vendor claims, this EA delivers stronger performance and makes your account grow at a faster rate. It promises to let you attain a winning edge in the market by using advanced statistical and mathematical techniques.
Medusa X: Characteristics
Usually, the take profit is kept at 5 pips by this robot for single entries. In order to gain an advantage, it often makes use of additional averaging trades having the same lot size.
The vendor mentions that the robot delivers better performance when used on 2 pairs on the same account. There are several EA settings that you can customize and optimize as per your trading style. It trades with a minimum account balance of $500.
There is a high-risk setting that you can use with both pairs. The leverage requirement is 1:1000 for an ECN broker with low spread and commission, and 1:2000 for a high leverage broker. It is strongly recommended that you use a VPS with this software.
Medusa X has been backtested with real 99% tick data, variable slippage, and spreads. The vendor claims that it provides a decent and safe Return on Investment. You can easily set it up and start trading without any technical know-how.
After purchasing the robot on the MQL5 website, you need to install it and open the MT4 menu. Then, open a chart and drag the EA to it. If auto-trading is activated, you should start earning profits immediately. The settings you can modify include the maximum number of trades, grid distance, take profit, stop loss, lot size, maximum slippage, maximum drawdown, risk, magic number, etc.
Currency Pairs, Strategy, & Timeframe
This Forex EA mainly trades in the USD/CHF and GBP/USD pairs that exhibit low spread. It uses the H1 timeframe for trading and employs the momentum and pullback strategy. In this strategy, pairs are bought based on how strong the price trends are. It has volatility, Relative Strength Index (RSI), and Trend EMA filters that allow it to gauge the strength of a trend.
The vendor mentions that the robot does not use the risky Martingale strategy.
Medusa X Trading Performance
Here is a backtest conducted on the GBP/USD pair for the H1 timeframe, from the beginning of 2016 to the end of 2020, with a modeling quality of 99.90%. The initial deposit made was $10,000 and from this, a total net profit of $64903.28 was generated.
A total of 3421 trades were placed during this backtest, out of which 90.38% was won by the system. In spite of the high win rate, we can see that the relative drawdown was pretty high at 70.78%, which tells us that there is a significant amount of risk associated with the trades. The profit factor was 1.86, which is quite competitive.
We came across a live trading account for Medusa X on the Myfxbook website, but it hasn’t been updated since February 28, 2020. The account has been active since 7th December 2020 and to date 429 trades have been placed through it. Out of these, 407 have been won, which represents a win rate of 95%, similar to what we saw in the backtest.
Although the drawdown of 35.47% is not as high as the backtest, it is still more than 20%, which is a cause for concern. The daily and monthly gains are 0.34% and 17.94% respectively, while the profit factor is 3.08. Very few losses can be seen in the trading history, and the few that occurred were recovered quickly in the subsequent trades.
How Much Does it Cost?
Medusa X is available for $399, but there are rent options available for the customers. You can rent this robot for 1 month at $120, and for 3 months at $250. Before using it for live trading, you can use the free demo version to test the software. The vendor does not provide a money-back guarantee for this product, which is disappointing.
Reviews From Customers
We were unable to find any user reviews for Medusa X on third-party websites. While a few customers have written reviews on the MQL5 website, we cannot consider them as authentic. Since it was launched only a few months ago, it is expected that not many traders are aware of its existence. Clearly, this robot has a long way to go before it earns the trust of customers.
Should You Use Medusa X EA?
|Verified live trading results||High drawdown|
|Backtesting data||Short trading history|
|Strategy explanation||No money-back guarantee|
To summarize, Medusa X is not an illegitimate or scam service that’s trying to rob you of your money, but there are certain aspects of it that concern us. The trading results, although not unsatisfactory, show a high drawdown, and in spite of its expensive price tag, the vendor does not provide a money-back guarantee.