We’re back to the MQL5 market to review a Leprechaun robot for us.
The EA is so young. It was released on September 1, 2020. Since then, it’s received several updates, so the last version is 3.6 (September 23, 2020).
- Traders can use the robot with any experience. It’s a lie because, according to the presentation, we have to do many manual manipulations with it.
- We can trade any symbol we want.
- The robot has been designed to trade XAU/USD.
- It starts trading on the opening of the American session and keeps the trades open on the market for a day.
- The minimum deposit should be $100 for a pack of orders for a Standard Account.
- The EA works on the H1 timeframe.
- If we want to use a Cent account, the Lot Size should be 0.01 for each $10. The recommended balance for a cent account is $100.
- The EA isn’t affected by spreads or brokers.
The robot costs $50 for a lifetime copy. We can rent it out for $20. The free demo version is available to check settings in the terminal.
How it works
The robot can’t work on the flat market. The most preferable is the high volatility market times. We have to run it on an American trading session.
The robot opens Grid orders in the Trend directions. If the trend changes, it opens positions in the new direction. The EA doesn’t use Indicators, only Price Action, to calculate where the price goes. It uses a Martingale strategy in addition.
It’s not an official account because the dev avoided providing his trading results. It’s a real USD Cent account on a RoboForex broker with Verified Track Record. It trades with maximum leverage (1:1000) on the MetaTrader 4 platform. The account was started on September 29, 2020, and funded at $9985.31 Cents. For a month and a half, the absolute gain became +37.36%. An average monthly gain is +23.23%, with a quite high maximum drawdown (29.24%).
There were traded 182 deals with 3625 pips. An average win is 687.99 pips when an average loss is almost twice higher -1182.62 pips. The Longs’ win-rate is 57%. The Shorts’ win-rate is much higher – 71%. An average trade length is over 6 hours. The Profit Factor is so low (1.19).
As we can see from the direction chart, we can’t talk about a stable performance when the BUY has brought -$5146 cents of losses.
The EA is active during three hours of American session opening.
It’s weird to get that little open trades on Wednesday.
The EA works with the insane level of risks to the account balance.
As we can see from the sheet, the EA uses various Lot Sizes for every other deal.
Now, the robot has two months of pure luck.
The developer created a Russian-speaking channel in Telegram with little members.
There are eight comments that are mostly positive.