Panda Night is an MT5 trading tool that claims to be a low-risk and highly diversified system. This expert advisor identifies reversal trends during times when there is no strong surge in the market movement for trading. As per the developer, this scalping tool is easy to install and works effectively with the default settings.
Panda Night: To Trust or Not to Trust?
As an MT5 compatible FX EA, this system claims to work effectively with all currency pairs. Our analysis of the features, trading approach, backtests, and real trading stats has exposed several shortcomings in the ATS. With such disadvantages, our initial conclusion of the system is that it is not a trustworthy FX robot. Let us look at the features first before we delve into the pros and cons of the scalping robot.
Features
The developer does not provide much info about this FX EA. From the very few details provided, we find that it is a system that works effectively in accounts with low spreads like TickMill or ICMarket.
As per the developer, the EA does not take up many resources and hence can be used along with other EAs. He also claims that the overall risk is reduced considerably due to the high diversification in the system brought about by the low correlation of the different symbols used in the settings.
We could not find any other info on the features of this MT5 tool. You can purchase this ATS for $199. A free demo offer is present for the FX robot which was first published in April 2021. It is in version 1.2 now with the last update done in May 2021. Some of the main pros and cons we identified in this FX robot include
- Differences in backtesting and live trading results
- Poor customer support
- Affordable price
- Lack of vendor transparency
Here is a detailed analysis of the above pros and cons of the expert advisor.
Differences in backtesting and live trading results
The developer provides a backtesting report on the MQL5 site. Modeling quality of 88% is present which is insufficient to know about the slippage, commission, and spread. Here is a screenshot of the strategy tester report.
For the demo test done on the AUDCHF pair using the M5 timeframe starting from April 2015, to April 2021, a deposit of $1000 has resulted in a total net profit of 1029.49. The test shows a maximum drawdown of 1.61% and a profit factor of 3.18 for a total of 947 trades. We can see that the profit is very low even with the profit trades amounting to 84.27%.
From the live trading results shown on the MQL5 site, we can see a deposit of $2000 resulting in a profit of 544.32 and a growth of 27.22% for 16 weeks. The profit trades are 74.1% which is lower than the backtesting results and the maximum drawdown is 2.5% which is higher than the strategy test results. But from the two tests, we can see that the performance of the EA is not good.
Affordable Price
When compared to the price of competitor EAs in the market, the price of this EA is affordable. However, no money-back guarantee is present which makes us suspect the dependability of the system.
Poor Customer Support
Other than the messaging option via the MQL5 site, the vendor does not provide any other customer support methods for users. The lack of support indicates that this is an untrustworthy ATS. Since support is paramount to a good trading experience the lack of consideration given to the support raises a red flag.
Lack of Vendor Transparency
Jiang Ming Wang is the developer of this EA. He is from China and has a rating of 3.7/5 for his products, signals, and freelance orders. He has created two products, 5 signals, and 199 demo versions. We could not find a location address or phone contact for support. Further, the vendor does not divulge the approach used for this ATS. And the lack of detailed info related to the EA including its features, trading approach, and support options indicates this is an unreliable system.