News Scope EA Pro focuses on high-impact market news for its trading approach. This professional EA assures an effective and profitable strategy. The price changes in response to major news events trigger a scalping opportunity which this FX EA exploits to trade with high profits. This MT4 tool is promoted by FXAutomater which supports several other FX robots like Forex Diamond, BF Scalper Pro, and more.
As per the vendor info, the company is formed of a team of professional FX traders with a collective experience of 15 years in trading and 10 years in developing ATSs. The company boasts of more than 10000 clients and over 30 FX robots. However, there is no location info or phone contact provided for the vendor. For customer support, the only option available is an online contact form.
Features
Some of the key features of this FX EA include full and semi-automated modes, trade exit using a trailing stop feature or by back-tick detection, accurate time and news identifying filters, FOMC and NFP trading mode, High spread detection filter and single or multiple-cascade order options. Users get email alerts and push notifications. The FX robot uses an advanced news filter and works on multiple currency pairs.
As per the info provided by the vendor, this EA uses a low-risk approach. The drawdown is reduced and the Profit factor is increased by the addition of an SL calculating algorithm that is based on ATR. The explanation offered is very minimal and insufficient for a trader to know the efficacy of the approach.
How to start trading with News Scope EA Pro
A discounted price of $97 is offered for this FX EA with the earlier price being $149. With the purchase, you get a single real account, three demo accounts, and lifetime free updates. 24/7 support is provided. The product has a 60-day money-back guarantee.
After purchase, you need to download the software and the installation takes just a couple of minutes. Once the setup is complete, you can start trading. An M1 timeframe is used for this FX Robot and it supports five currency pairs: GBPUSD, EURUSD, USDCAD, AUDUSD, and USDJPY. The vendor recommends using the EA on reputed ECN brokers to avoid issues like high spreads and slippage, and delay in trade execution.
Backtests
Strategy tester reports are provided by the vendor for the five currency pairs. Here is a screenshot of one of the reports:
From the above GBPUSD backtest that uses every tick model of 99.9% on the one-minute timeframe, we can see the total net profit is 31331. The maximum drawdown is 5.84% and the profit factor value is 2.12. This backtesting began with an initial deposit of 5000 and the total number of trades executed is 1093.
Verified Trading Results of News Scope EA Pro
The vendor provides trading results of a demo USD account verified by the myfxbook site. Here are screenshots of the trading stats.
From the trading stats, we could see the total profit and absolute gain show a similar value of 14.14%. A daily and monthly gain of 0.09% and 2.85% are present and the drawdown value is 2.71%. The deposit value is $3000 for this live demo account that started trading on January 28, 2021. A total of 53 trades have been executed with a profitability of 58% and a profit factor value of 2.79. When compared to the backtesting performance we find that the drawdown and profit factor values are higher for the demo account.
Customer Reviews
We could not find feedback from customers of this FX EA on reputed third-party sites like Forexpeacearmy, Trustpilot, etc. The lack of reviews indicates this is not a popular FX robot despite the claims of the vendor that it is highly profitable.
Is News Scope EA Proa viable option?
From our evaluation of the features, backtests, trading performance, and approach we do not consider this EA as a viable investment option. Here are the main advantages and disadvantages that made us come to this conclusion:
Advantages
- Full and semi-automation trading modes
- 60-day money-back guarantee
Disadvantages
- Strategy used is not disclosed
- No real account trading results present
- Customer support options are limited
Summary
News Scope EA Pro claims to use a profitable trading approach but fails to provide sufficient proof. Although the vendor provides backtesting reports and verified trading results there are some drawbacks. Although the strategy tester report indicates high profits it cannot be used to predict a similar high performance in the future. And with the trading performance, only a demo account is available. We would prefer the results of real account trading to assess the performance. The absence of an explanation for the strategy and lack of vendor transparency are other drawbacks that prevent this EA from being a system that traders can rely on.
