Autopip EA is a fully automated system that has an inbuilt news filter to detect important market news. The robot can work on XAUUSD, XAUAUD, and EURUSD in a 15 minute time frame. Traders can see multiple settings that are available in the system and tweak them according to their liking. We will cover all the important aspects of the robot and see if we are able to generate any profits.
Autopip EA Gold: to trust or not to trust?
Autopip EA uses a risky grid and martingale combo to trade on gold which is extremely risky. The pair can jump from one point to another covering a few or a hundred pips in a short duration which can be detrimental for the trading account. Traders should not trust the system.
The robot has the following features:
- It has an inbuilt news filter.
- There is an intelligent drawdown control system.
- Traders can use the inbuilt settings to control the output of the system.
- The EA comes with free updates.
To get the service up and running, you the following steps:
- Open a trading account with a broker and purchase the robot from MQL 5
- Login at the MT 4 platform and download the robot
- Install it on the charts to start trading.
The robot uses indicators that are built alongside the news filter to place trades. It has an exit system that locks in the profits when the trend changes, as per the developer’s statement. The robot can only work on XAUUSD, XAUAUD, and EURUSD. From the history of MQL 5, we can see that it employs grid and martingale strategies on the account. The developer does not share this fact which is not a good approach.
The EA is available for an asking price of $100. Traders can also rent it for a single month at $40.
Backtesting results are available for XAUUSD. The developer presents backtesting results by showing multiple images, and there is no detailed statement. For the duration, the robot had a maximum drawdown of 26.71% and turned an initial deposit of $1000 into $13617.77. It had a winning rate of 67.86% with a profit factor of 1.49. The average amount of profitable trades was $6.39, while the average amount of losing deals was -$9.03. There were a total of 9526 trades executed during this period.
Verified trading records are available on MQL 5 that show performance from September 24, 2021, till the current date. The system made an average monthly gain of around 3%, with a drawdown of 57.1%.
The winning rate stood at 63.33%, with a profit factor of 1.11. The best trade was $47.98, while the worst was -$54.23 in a total of 120 trades. The developer made $1000 in deposits and $0 in withdrawals.
The current drawdown of the system is super high, and there is a chance that the robot may incur a margin on the account in the future. This is due to the implementation of grid and martingale combo.
Neill Thomas Campbell Forbes is the author of the product who resided in the United Kingdom. He has a total rating of 5 for nine reviews. The developer has three products published on the MQL 5 marketplace and has a total of 10 subscribers for his services. He has no trading experience, according to the website.