Grey Wolf is a Forex expert advisor that is sold on the MQL5 marketplace. It was published on 26th April 2021. According to the vendor, the robot has an average monthly profit of 25% and it never lets your account balance reach zero. This is quite a bold claim, but we need to conduct an independent investigation to gauge the profitability of the system. In this Grey Wolf review, we shall look into various aspects of the system like vendor transparency, presentation, live performance, backtests, trading strategy, and customer reviews.
Grey Wolf: to trust or not to trust?
The vendor has not shared enough details about the system on the MQL5 product page. Unlike other vendors, they haven’t shared the live trading results or backtesting data of its Forex robot to show its productivity and efficacy. Without this vital information, it is difficult to tell if this is a stable and reliable trading system.
Grey Wolf is a fully automated trading system that is made and tested for the USD/CAD and AUD/USD pairs. It is built exclusively for the M5 timeframe. You can purchase this EA for the price of $95, which is lower than the market average. There is a 1-month rental plan for this robot that costs $30. A free demo version of the EA is available for download, but unfortunately, there is no money-back guarantee.
Grey Wolf works with a small deposit of $100, although the vendor claims that they have tested the system with as little as $50. It is recommended that you use a VPS server with this robot. If you use a larger balance, you must increase the size of the trading lot. For each $100, you have to use 0.01 lots.
The vendor has not shared enough information on the trading strategy followed by this EA. Since they have recommended using a VPS, we can tell that it’s a high-frequency strategy. However, the vendor should have explained it in detail, in order for traders to understand whether they can make good use of the robot.
There is no official contact information for the developer. They have a Telegram channel that you can join to ask any questions related to the product. Also, you can leave comments on the MQL5 product page. The absence of an email address makes it difficult for customers to seek support.
Unverified trading results
Unfortunately, the vendor has not shared the trading results in any format. Without verified statistics, it is not possible to determine whether the EA is profitable or not. From verified trading accounts, we get to see the key performance factors like win rate, drawdown, profit factor, average daily and monthly gains, etc.
The fact that the vendor does not wish to reveal the live performance of the EA tells us that they don’t have enough confidence in it. We have no way to confirm the vendor’s claim of 25% average monthly profit.
Along with the live trading statistics, the backtesting results are also missing. Most traders look for backtesting data in order to check the EA’s long-term performance. Although historical performance doesn’t necessarily translate into live performance, it is required for vendors to test their automated strategies using historical data.
Alexander Oropesa Marrero, the developer behind Grey Wolf, is a resident of Cuba. We know virtually nothing about this person or their background. According to their MQL5 profile, they don’t have any experience, which means they haven’t been building Forex EAs for too long. It is not clear whether this person works alone or as a part of a team. The developer has built other robots like Big Island, Lion Moon, The Last Pharaoh, Big Shogun, Last Viking, Rey Toro, Big Atlas, and Treasure Seeker.
We were unable to find any user reviews for this EA on websites like Forexpeacearmy, Myfxbook, Quora, and Trustpilot. This shows a lack of reputation, which is hardly surprising, considering the fact that there are no verified trading results for this newly-launched system. Even on MQL5, there is only a single rating from a user without any comment.