Bonanza EA was launched on 14th August 2021. It is a Forex expert advisor that works on the Metatrader 4 platform. As per the vendor’s claims, this robot is intended for long-term trading. We cannot simply trust the vendor’s words, however, and this necessitates a detailed analysis of the trading performance, strategy, features, and customer reviews.
This is a product sold by Elizaveta Erokhina, a trader based in Russia. We have virtually no information on this person or the team they work with. There is no contact information and the overall lack of vendor transparency is quite disappointing. This developer has built other robots like Level Wizard EA, Tiburon EA, and Candle Banker.
Before choosing an expert advisor, you should gather as much information on it as possible. This includes analyzing the live performance of the system to determine its profitability. You also need to compare the price with other EAs to see whether it is worth it.
Bonanza EA overview
Bonanza EA does not have an official website of its own. On the MQL5 page, the vendor has provided a short introduction to the system, followed by a list of features. We also have some recommendations and a list of EA settings. The information seems inadequate and the vendor has not highlighted any special features. Compared to other services, Bonanza EA does not offer anything unique.
You can buy this EA at the price of $499, which is too much for a newly launched system. There is a 1-month rental option that costs $300 and a free demo version is also available. However, the vendor does not entertain refund requests.
How it works
This is a robot that trades exclusively in the XAU/USD currency pair. It works on the H1 timeframe, and to get started, you need to make a minimum deposit of $300. It is also recommended that you sign up with an ECN broker while working with this EA. According to the vendor, the EA does not use a grid or martingale. For every position, it uses a take profit and a hard stop loss.
You can modify the EA settings to choose a fixed lot size for every trade. If you wish to enable the automatic calculation of the trading lot size, you can set the value of AutoLot to zero. It is also possible to change the timing and period for the moving average. You can select the method and applicable price for the moving average as well.
Bonanza EA searches for entry points using filtering techniques. However, we have no idea what these techniques are. It utilizes a price action strategy, combining it with an indicator developed by the author. According to the vendor, the EA does not use martingale or grid strategies. The strategy explanation is extremely vague and we cannot get a clear idea about the trading approach.
There are no backtesting results available for this Forex EA. The vendor clearly does not wish to share the historical tests and this raises questions about the authenticity of Bonanza EA.
The vendor has not shared the verified trading statistics for Bonanza EA. Forex traders do not consider an EA reliable unless it has trading results verified by third-party websites. The seller always has a chance to manipulate the results posted on their own websites.
This trading account on MQL5 is only 48 days old. Due to the short trading history, we cannot form an objective opinion about the profitability. After conducting 104 trades, it has a win rate of 99.03%. The profit factor for this account is 2.56 while the maximum drawdown is a bit high at 22.5%. This indicates a high-risk trading approach.
Since there are no reviews for this EA on websites like Trustpilot, Forexpeacearmy, Quora, and Myfxbook, we can say that it does not have much of a reputation. We cannot trust the reviews posted on the MQL5 website.