NorthEastWay Review

by FX EA Review

NorthEastWay is a completely automated Forex robot that uses the pullback method for effective results. It works mainly on the AUDCAD, NZDCAD, and AUDNZD pairs. Developed by Pavel Udovichenko, this EA was first published on the MQL5 site in March (MT4 version) and later in July MT5 version) 2020. Its current version is 1.302. As per the author, this ATS is not affected by broker-related variables like slippage, spread, etc. 

NorthEastWay: to trust or not to trust?

As an expert advisor using the pullback strategy, NorthEastWay can provide stable profits as per the developer. Is the claim of the developer true? Can you trust this system? Our analysis of the features, recommendations, backtests, live performance, and other characteristics reveals several important factors.Let us assess the FX robot by first looking at the features it offers before performing a detailed analysis of the key factors.


Features of NorthEastWay.

According to the developer, the main characteristics of this FX robot that give it an edge over other products in the market are:

  • It works on three main currency pairs namely, AUDNZD, AUDCAD, and NZDCAD. It also works on additional pairs like the EURUSD, EURCAD, GBPCAD, USDCAD, GBPUSD, and EURGBP. 
  • The M15 time frame is used and you can run all the pairs from a single chart.
  • It is not sensitive to slippage, spread, and other broker-based variables.
  • A minimum deposit of $1000 and the leverage of 1:200 is recommended.

This FX robot uses the pullback approach which involves trading when the price reverses after a sharp change in any direction. There is no further explanation provided. While the developer provides backtests and live trading results, we find there is a big drawdown indicating a high-risk approach. Further, the price is very high and does not come with a money-back guarantee. Some of the important factors we found in this EA that can influence your buying decision are:

  1. Verified trading results
  2. Vendor transparency
  3. Overpriced product

Let us look into each of these factors in detail now.

Verified trading results

Backtesting report of NorthEastWay.

A backtesting report is provided on the MQL5 site for this ATS as shown above. From the report, we can see the backtest had generated a net profit of 1009786.90 for an initial deposit of 100. A total of 4395 trades were executed with 75.56% profitability and a profit factor of 3.02. The drawdown for the account was 66.46%. 

We found a live demo USD account for the ATS using the IC Markets broker and the leverage of 1:500 on the MT4 terminal. The account verified by the myfxbook site shows a total profit of 115.75% and an absolute profit of similar value. A daily return of 0.35% and a monthly profit of 11.26% are present. The drawdown is sky-high – 82.86%. Such a high value indicates the use of a risky strategy. You stand the risk of losing a majority of your investment with such drawdowns. Clearly, the pullback method that the developer claims to be effective is not working profitably.

Growth curve of NorthEastWay.
Advanced trading stats of NorthEastWay.

For the account that started in May 2021, a total of 1309 trades have been executed with 78% profitability and a profit factor of 2.36. From the trading history, we can see varying lot sizes are used ranging from 0.01 to 0.13. 

The account shows consistent gains. But the big lot sizes and high drawdown indicate a risky approach. While the high drawdown can easily put your capital at risk, the higher the lot size, the more the risks of losses you can encounter. Further, the sample size is small so the results cannot be expected to continue in the long term.

Vendor transparency

Pavel Udovichenko is the developer of this FX EA. He is based in Russia and has more than 10 years of experience in developing automated FX tools. He has created 4 products and 23 signals. For support, the developer offers a Telegram Channel link and the messaging board option on the MQL5 site. There are no other support methods like live chat, phone contact, etc. which users prefer for getting an instant response. Since there is no user feedback for the EA on reputed sites like FPA, Trustpilot, etc. we are unable to assess the effectiveness of the support.

Overpriced product

Pricing of NorthEastWay.

To purchase this FX EA, you need to pay $8346. There is no info on the features available with the package. When compared to the market average, we find the product is overpriced. Further, there is no money-back guarantee which makes us suspect the reliability of the system.

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