EA Monolith requires a minimum deposit of $5000 for trading purposes and works on multiple currencies. Traders only have to attach the algorithm on a single chart. Account monitoring is made available by the developer so that investors can gauge the performance of the system.
We will look through all the positive and negative points of the system in the article and see if we should use it or not.
EA Monolith offering
EA Monolith is available at the MQL 5 marketplace and contains all the information about the system under a single page. The developer shares little to no knowledge about the algorithm on the website.
Vendor transparency
Vasiliy Kolesov is the author of the product who resided in Russia. He has a total rating of 4 for 12 reviews. The developer has eleven products published on the MQL 5 marketplace and has 73 subscribers for his services. He has experience of more than five years. However, there are no certificates or portfolios available that could verify this.
Price
The robot can be purchased with a one-time asking price of $1700, and there is no money-back guarantee. The EA can be used on one MT 5 platform where the user logs in to the MQL 5 marketplace.
Trading strategy
The developer states that the EA works on multiple currency pairs and requires a minimum deposit of $5000. It works on accounts that allow netting on trades. The robot has an option to close down all the trades once a critical value of drawdown is reached. We can see on the Myfxbook trading history that the expert advisor uses a day trading approach with an average holding duration of 12 hours and 48 minutes. There are sharp drops in the equity curve, and all the trades in history are positive, which means that it only closes positions when they are positive.
Backtesting results are available for the EURUSD aggressive settings. The relative drawdown was around 72.13%. The winning rate was 96.69%, with a profit factor of about 5.93. The test was done on the 1-minute chart with a starting balance of $5000. The robot tanked an average profit of $65883.30 during this period. There were 1785 trades in total. The best trade was $4289.38, while the worst one was -$787.95.
Trading results
Verified trading records are available on Myfxbook that show performance from September 19, 2020, till the current date. The system made an average monthly gain of 7.52% during the period, with a drawdown of 100%. The stated drawdown shows that the EA reached a margin call while trading. No trader would be interested in such an algorithm.
The winning rate stood at 98%, with a profit factor of 1.49. The best and the worst trades are hidden alongside the deposit and withdrawals. There were a total of 875 trades. The developer made $10000 in deposits and $0 in withdrawals.
Customer reviews
A few reviews are present on the MQL 5 marketplace, where the traders do not leave any comments for the system. From our point of view, we believe that most of the feedback has been bought or written by the developer himself.
