Today’s Forex expert advisor review will be about Red Hawk, the robot that was released half a year ago, on October 12, 2020. The vendor claims that this trading system has several months’ worth of live results showing steady profits and low drawdown. The robot does not use any risky or dangerous trading techniques. Instead, it applies multiple trailing Stop Loss techniques to minimize the risk and maximize income.
Red Hawk: Characteristics
The robot does not have an official website, only an mql5 page. However, from the mql5 page, we know that its last update was on April 15, 2021, to V2.2. Wim Schrynemakers, the developer of Red Hawk, is from Malta. He has a high 34446 rating and 18 products with 16 signals in his portfolio.
Let’s analyze the key features of Red Hawk EA:
- Red Hawk is a fully automated system that is compatible with both the MT4 and MT5 platforms
- It’s a “mean reversion” trading system, that trades during the quiet times of the market
- It does not require human intervention
- ECN broker is recommended
- The vendor provides links for the recommended VPS (4xhosting.com) and broker (ICMarkets.com or Alpari.com)
- The robot trades with low drawdowns
- It uses SL and TP for each trade
- It does not use any risky trading strategies like Grid or Martingale
- There are spreads and slippage filters to protects traders’ accounts from possible losses ‘when the market is not ideal’
- The vendor provides recommended settings and instructions on how to set up the software
- We can run the EA with fixed or automatically calculated Lot Size.
- By default, the EA uses a fixed lot size of 0.01 Lots
- We should have at least $250 to trade with 0, 01 Lot size
Currency Pairs, Strategy & Timeframe
Using Red Hawk you can trade 9 currency pairs: EURUSD, GBPUSD, USDCHF, EURCHF, EURGBP, AUDCAD, AUDJPY, EURAUD, and USDCAD. The dev claims that the robot does not use any risky trading strategies. The strategy uses SL and TP for every trade. In addition to this, various trailing stop losses techniques are applied to minimize loss and maximize profits. The recommended time frame is M5. There are no further details about the trading strategy provided. Therefore, we do not know what kind of indicator Red Hawk uses or how it identifies profitable trading opportunities.
Red Hawk Trading Performance
Here we have a backtesting report for eight currency pairs with medium risk to the account balance. The trading strategy of EA was tested on the StrategyQuant platform. Started in 2012 and ended in 2020, the trading results of this EA showed an incredible gain of 221118, 66%, which equals $2211186, 64. The profit factor was high – 2, 42. The peak drawdown was 11, 17%. The accuracy rate was 77.95%. For 8 years of trading, the robot has traded 5388 trades, out of which 4200 were winning ones, which represents a win rate of 77, 96%. The average win was 89,6% when an average loss was higher and equaled -130.63%.
Well, now let’s jump to live trading results of this EA. The dev provides us with a link to the live trading results of Red Hawk. It is a Demo ECN account that trades with 1:500 leverage on the Alpari broker. Signals from it are available for free.
The account was created on July 24, 2020, and was deposited at $5000. It is active for 148 days. The average trade length is 2 hours. It trades 6 trades a week. Its total gain has grown to 28%. For 38 weeks of trading, the robot could generate $1 376.45 of profit. The peak drawdown is 5.8%. The maximum deposit load is 7.1%.
Its best trading activity was in November last year. This month brought 7, 97% of the profit. As you can see, the system can provide little monthly profits, ranging between 0, 22-7, 97%. When we buy a robot we expect to see better trading results.
The system traded 382 deals and won 275 out of them. The best trade result is 3 times lower than the worst one: $43.19 and $128.18. The Gross Profit is $4,035.07 when the Gross Loss is -$2,705.21.The profit factor is 1, 51. The average loss results ($-25.28) are higher than the average win – $14.84. The maximum win-streak is 14 deals with 210.35 USD of profit.
The most profitable currency pair is AUDCAD and GBPUSD. There were 85 trades performed with the GBPUSD symbol. It brought $384 of profit/2K pips. The AUDCAD has brought $548 of profit/2,7K pips.
The worst traded currency pair is EURUSD. It has brought -$243 of loss.
How much does it cost?
Red Hawk EA is sold for $349. There are also rent options provided: $110/month, $199/3 months (you save 40%), and $249/year (it allows saving 81%). Traders can also test the EA on a free Demo account.
The dev also points out that only one digital copy of this EA is left for this price. The next 10 copies will be sold for $399.
A money-back guarantee is not included.
Reviews from customers
There are only positive reviews on mql5.com:
Should You Use Red Hawk Robot?
|Backtesting report provided||Low profitability|
|Live trading results represented||Extremely high pricing|
|Positive customers’ reviews||Undisclosed trading strategy|
|Settings list revealed||No money-back-guarantee offered|
Although the robot is a recently released trading system, the trading results of Red Hawk have already shown that it is an M5 scalper that makes mediocre monthly gains. Anyway, these gains are stable and predictable. The EA does not trade with high drawdowns, which is good for trading. There are plenty of positive reviews, proving the efficacy and accuracy of this trading system. Alongside, you can easily test Red Hawk on a free demo account to see whether this trading system suits your own trading needs.