Elemental EA is a night robot that works on multiple currencies. It is a fully automated system that uses the principle that once a trend reaches its existing boundaries, the price will reach an equilibrium beyond the boundary. As per the author, the parameters used are kept to a minimum which makes the ATS easy to use even for newbies.
Elemental EA: to trust or not to trust?
Investing in an FX robot helps you gain a definite edge in trading. But the success depends on the ATS you choose. We carried out an initial overview of the features, functionality, performance, and other aspects of this FX EA. From the evaluation, we find the developer has backtesting and real trading results for proving the efficacy of the system. He also provides info on some of the features of this trading tool. But the sample size is small and there are other shortcomings like the expensive pricing that you need to mull over. Let us first look at the features that the developer focuses on for this ATS.
Features
Some of the significant features that the developer reveals about the ATS that make it competitive are:
- The EA uses pending limit orders to ensure slippage protection.
- Dynamic support and resistance levels are used for identifying the prevailing trend.
- The EA works on multiple currency pairs with trading done from a single chart for all the pairs.
- It does not use the grid, Martingale, and arbitrage methods.
- SL and Drawdown parameters are used to safeguard the positions.
- The developer recommends the use of a broker with small spreads and quick execution of orders.
- A minimum deposit of $100 is recommended for this ATS.
- The main currency pairs recommended are EURUSD, EURCAD, EURJPY, USDCHF, USDJPY, USDCAD, AUDUSD, and CHFJPY.
- A timeframe of M5 is used for working with the ATS.
- For support, the vendor provides a link to the Telegram channel, Skype, and a website address.
From the features, parameters, performance stats, and other aspects revealed by the developer, here are the key advantages and disadvantages we found in this FX robot:
1. Real trading results
2. Small sample size
3. Vendor transparency
Real trading results
The developer provides a backtesting result shown above. From the info present, the testing was done on 5 currency pairs with an initial deposit of $100. A total net return of 1523230.44 was generated for a total of 3997 trades. The profit factor was 2.60 and profitability was 81.59%. A drawdown of 22.49% was present for the account. From the growth chart, we can see the growth had picked up only in the past couple of years with previous years registering steady but low growth.
A real USD account using the IC Markets SC broker on the MT5 terminal is shown below.
From the above stats, we can see the account started in October 2021 has seen a 31% growth. For an initial deposit of $100, the profit is $31 and the drawdown is 13.3%. The profitability is 84.1% and the profit factor is 2.94. Monthly growth of 4.93% is present. From the results, we can see that the profit made is similar to the backtesting stats with the drawdown being lower in the real trading.
Small sample size
While the developer does not reveal the duration of the backtest, for the real trading, the sample size provided is very small. It is not possible to assess the performance from such a short duration. While the EA has managed to achieve decent profits, the backtesting and real trading stats show the growth is not as high as claimed by the developer. Further, in the real trading stats, there is a decrease in the growth now which shows the low efficacy of the robot.
Vendor transparency
Evgeniy Machok, based in Russia, is the developer of this FX EA. He has more than 8 years of experience and has developed 15 products and 8 signals. He provides a website address and links to Skype, Instagram, and Telegram for support. The direct messaging feature on the MQL5 site is another way for users to contact the author for the queries and concerns they have about the EA.