The Waverunner Forex Robot is said to have a solid track record that spans more than ten years, hence making it a top choice. According to the vendor, the EA rides the waves to locate loads of automated pips. With the robot, you can trade any currency pair of your choice as well as work on any timeframe.
Waverunner is the invention of Don Steinitz, the person who founded the Forex Robot Trader Company almost two decades ago. Working with a team of programmers proficient in the mql code, Don began developing trading systems for the Forex market. So far, some of the products that are associated with FRT are Pterodactyl, Directional, Hedge, Odin, Volatility, Vader, Ganon, Reaper, and Fractal Breakout Indicator, among others.
Waverunner Forex Robot overview
The features of the robot are found here:
- It allows you to close any trade manually.
- It works on the MT4 chart and the 4 or 5 broker digit pricing automatically.
- The EA comes with in-built optional trailing stop loss capabilities.
- It draws the custom indicator on the same chart as the robot to increase transparency.
- It has an inbuilt automatic money management system.
- Inputs like “applied price types” and “moving average modes” are flexible and can hence be easily adjusted by the user.
- All text and color objects are also modifiable.
FRT is selling this robot at a fair price. Although a lifetime license is currently going at $49, a money-back guarantee is unavailable.
How it works
Waverunner is basically a trading tool that utilizes technical signals to determine when to enter and exit the market. So, the vendor has designed it with an inbuilt trading strategy that helps it to assess the market and know when to initiate and close trades.
The robot’s trading method relies on the Elliott Wave theory, which indicates that the movement of the stock market can be predicted by looking and spotting recurring wave patterns. Though the devs give a comprehensive explanation of this theory, they don’t give specific details on how the robot searches for and initiates trades using the theory.
Waverunner applies stop losses and take profit targets on trades. The average stop loss on the H1 chart is about 60 pips, while the average take profit is 150 pips for every trade.
The backtest results for this robot are not provided. A backtest usually assesses assets to determine which one will obtain the most successful results. It enables the devs and traders to understand the volatility history of an account, which is assembled on the basis of profit and loss peaks. Through the test, we can also learn about the stats on the average value of one or another trade variant.
The vendor has compiled various statements on the official site illustrating the monthly performance of the EA in the live market since 2009. The screenshot below shows the data from October 2021 to February 2022. As you can see, all months closed with thousands of profits. But you shouldn’t put your faith in these stats simply because a third party has not verified them. Furthermore, the source of the data is not clear. The vendor needs to use this robot on a verified site like Myfxbook or FXBlue for us to see if these results can be replicated there.
We didn’t find any reviews on this robot on Forex Peace Army. So, we are not sure if traders are satisfied or unsatisfied with it.