News Scope EA Pro claims to be the most successful EA among the products promoted by FXautomater. This FX robot acts best during market news of high impact. It uses a highly successful strategy that ensures a gain of more than 100 pips in a very short span. FXautomaterboasts a highly experienced FX trader team with a collective experience of 15 years and 10 years of experience in creating automated systems.
Some of the other EAs this company promotes include Forex Diamond, Forex Gold Investor, and more. We could not find info on the founding year, location address, or phone number of the company. For support, an online contact form is present. The lack of vendor transparency and inadequate support makes us suspect this is not a reliable trading system.
When it comes to using an automated FX trading tool, you need to look into various factors like the track record, functionality, trading approach, support, etc. Since it is not possible to look into the various features for each product found online, we have put together a list of the best FX EAs in the market. You can easily find the right product from our list and start trading.
News Scope EA Pro overview
On our evaluation of this FX Robot, we found the vendor focusing on a few important features as listed below:
- A fully automated and a semi-automated mode.
- Use of advanced news filters and precise time detecting filters.
- An NFP and FOMC only trading style.
- Multiple currency support.
- Exit is by Friday system and with the use of trailing stop and detection of back-tick.
- Filters for detecting high spreads.
- Email and push notifications.
As an MT4 tool, this FX EA costs $97. The package includes one real account and 3 demo accounts. Support is present 24/7 and a money-back assurance of 60 days is present. Free updates for a lifetime and a user guide are also part of the package. When compared to the price of other similar expert advisors in the market, we find the cost of this EA is affordable.
How it works
A timeframe of one minute is the vendor recommendation for this EA. It supports the EURUSD, USDJPY, USDCAD, AUDUSD, and GBPUSD currency pairs. Only reputed ECN brokers are to be used with this EA to avoid high slippage, delay in trade execution, and increase in spread.
The vendor mentions that this FX EA uses a low-risk approach. An ATR-based algorithm for calculating the SL is integrated into this ATS. The algorithm reduces the drawdown and boosts the profit factor. We could not find further info on the approach which makes us suspect the reliability of the product.
Backtests are provided by the vendor ranging from 4 years to 17 years for the currency pairs it supports. Here is a strategy tester report for the GBPUSD pair for the duration of 13 years done using the M1 timeframe and the ‘Every tick’ model of 99.9% modeling quality.
From the above report, a total net profit of 31331.00 is generated from an initial deposit of $5000. The maximum drawdown is 5.84% for a total of 1093 trades. A profit factor of 2.12 and profitability of 57% are present for the backtest. From the result, we can see that the profits are not high despite the low drawdown. The low profitability indicates an ineffective approach.
A demo USD account using the Alpari RU broker on the MT4 platform verified by the myfxbook site is present for this FX EA.
From the above screenshots, we can see the FX robot has generated a total profit of 18.58% and an absolute profit of 18.58%. The daily and monthly profits are 0.08% and 2.29% respectively. A drawdown of 4.48% is present. The profit for the deposit of $3000 is $557.28 for the account started in January 2021.
A total of 93 trades have been executed which is very small considering the longer trading duration. The profitability is 58% and the profit factor is 2.17. A lot size of 0.18 is used for the account. Comparing the backtests with the demo account results we find the profitability is low although the drawdown is reduced. Furthermore, the big lot size and low trade frequency indicate the approach is ineffective.
We could not find user feedback for this FX EA on reputed review sites like Forexpeacearmy, Trustpilot, etc. The absence of user reviews indicates this is not a popular product among the traders community.