SIEA Zen is a Forex robot that promises a balanced risk-reward ratio and claims to be able to deal with different market conditions effortlessly. The vendor also claims that the system achieves high profitability while keeping the drawdown low.
SIEA Zen: characteristics
This is an EA that closes all trading positions at the end of every month and begins a new cycle at the start of the next one. It has a news filter that lets you avoid trading positions that emerge due to major news announcements. The filter does not consider events that have a relatively low impact.
SIEA Zen also has a swap management module that lets you monitor swap trades. With this robot, you can specify the maximum amount of risk you are willing to take and the EA adjusts the money management settings accordingly. It has a volume analysis feature that spots reverse entry points by determining market imbalance. The vendor shares links for volume data and news modules that you need to add to the terminal properties.
SIEA Zen can trade in multiple pairs and handle all the trades using only one chart. The vendor recommends using the VPS service with this EA, and this tells us that it follows a high-frequency trading approach.
Currency pairs, strategy & timeframe
This expert advisor can trade in 28 pairs involving currencies like JPY, NZD, AUD, GBP, CHF, EUR, CAD, and USD. We don’t know what kind of trading strategy it uses, since the vendor has not provided any explanation for the same. Neither do we know which timeframe this EA is suitable for.
The lack of information about the trading strategy is something that Forex traders do not appreciate. EA vendors are expected to be transparent about their trading systems, so the lack of strategy insight might deter many traders from investing in this EA.
SIEA Zen trading performance
The vendor has shared the backtesting results in an odd format. Here, the screenshot is cropped and we are not able to see the growth chart. There were 435 trades placed by the robot for this backtest, out of which it won 299. Therefore, it had a win rate of 68.74%, which allowed it to generate a total profit of $68,201.69.
This backtest saw SIEA Zen making 26 maximum consecutive profits and 8 maximum consecutive losses. Also, it had a profit factor of 2.80 and an equity relative drawdown of 6.33%.
SIEA Zen trading performance
We don’t have the link to a verified trading account on the MQL5 website, but after doing some digging, we found this account on Myfxbook. Now, this account was launched recently on June 21, 2021, so it has an extremely short trading history. SIEA Zen has placed only 11 trades through this account, which means the system is largely untested in the market.
The robot has lost 6 out of 11 trades placed, which means it has a win rate of 45%. Although this is based on just 11 trades, it is still a very low win rate. Currently, the total profit generated through this account stands at 5.22 Euros only, while the daily and monthly gains are 0.00% and 0.04% respectively.
How much does it cost?
Strangely enough, there are only rental options available for SIEA Zen. You can rent it for 6 months at $299, and for 1 year at $499. We don’t think a trader should pay this much for a system that is brand new. The vendor offers a free demo version of the software for testing purposes, but unfortunately, there is no money-back guarantee.
Reviews from customers
We were unable to find authentic customer reviews for SIEA Zen on third-party websites. Some users have left reviews on the MQL5 website, but since these are not verified by a third party, we cannot consider them authentic. The lack of verified customer reviews indicates that this expert advisor does not have a stellar reputation in the Forex robot industry.
Should you use SIEA Zen robot?
|Works on 28 currency pairs||No money-back guarantee|
|News filter feature available||Short trading history|
|Lack of strategy insight|
We don’t think SIEA Zen is a Forex EA you can rely on, primarily because it has a very short track record of trading in the live market. It is unknown what trading strategy this robot uses and on top of that, the vendor does not provide a money-back guarantee.