FrankoScalp trades on multiple currency pairs and has various input parameters that traders can tweak according to their liking. It comes with backtesting and live results to verify its performance. Our article will discuss various ups and downs of the algorithm and find out if it is profitable or not.
Konstantin Kulikov is the developer of the product who resides in Russia. He has 18 products in the MQL5 marketplace and 36 signals with 722 subscribers. He has more than 6 years of experience in the financial industry.
To choose the best trading robot, traders must look at the verified trading records and the backtesting results to get information on the future and history of the system.
FrankoScalp has the following features:
- Trades multiple currency pairs
- Works on both MetaTrader 4 and 5 platforms
- It comes with various input parameters that traders can adjust according to their liking
- It has an inbuilt news filter to avoid trading in unfavorable conditions
The robot is available for $238 at the MQL 5 marketplace. It is also possible to rent it for a month at $30 or three months at $60. There is no money-back guarantee as per the rules of the MQL 5 marketplace.
How it works
The robot can be downloaded from the MQL 5 marketplace after making a purchase. It will be available in the experts’ section of the MetaTrader 5 platform. Drag the EA on the respective charts and enable auto trading to begin its function.
The developer fails to disclose the trading strategy used by the system, which raises some red flags on the performance parameters. To understand the working, we head over to the history on Myfxbook. The EA trades on multiple currency pairs and does not use a fixed stop loss or take profit. It uses a day trading approach with an average holding duration of 6 hours and 39 minutes.
Verified trading records are available on Myfxbook, which shows records from May 03, 2020, till July 23, 2021. The robot provided an average monthly gain of 4.22% with a drawdown of 12.82%. During the duration, the expert advisor made 406 trades and traded 5.56 lots. It had a winning rate of 93% with a profit factor of 2.67. The best trade was $14.36, while the worst was $-14.33. It is intriguing to note that the developer uses only $250 to trade their account. They may not have more capital or are afraid to take risks as the EA doesn’t use a stop loss.
Customer reviews are available on the MQL 5 community, where users complain about the low profitability of the EA. They state that the robot uses a martingale strategy which the developer does not showcase. The stats on Myfxbook are with martingale turned off. Failure to showcase the proper settings of the expert advisor raises many concerns about authenticity. Scammers follow this type of practice in the financial marketplace.