NorthEastWay is an FX Robot that uses a pullback method for effective results. This MT5 tool is fully automated and is designed to work on currency pairs like AUDCAD, NZDCAD, and AUDNZD. As the main method, this ATS uses trading patterns like price reversal after a sharp change in price momentum.
Pavel Udovichenko is the author of this FX EA. He is based in Russia and is an algo trader with over 10 years of experience in developing automated systems. As per his MQL5 profile, he has created 4 products and 11 signals. A Telegram Channel link and the message board on the MQL5 site are the support methods the developer provides.
Features
Some of the key characteristics of this FX robot that the developer focuses on are:
- The system works on 3 base currency pairs and 6 additional pairs shown in the screenshot below:
- It is possible to work on multiple pairs from a single chart with the help of the OneChartSetup and the timeframe of M15.
- This FX EA is not sensitive to slippage, spread, and other broker-based variables.
- The system can trade on the MT4 or MT5 platform – there are 2 versions of the system offered.
- There is not much info present concerning the features and settings. The lack of info raises a red flag for this FX robot. A list of input parameters is present on the official site. The list includes automatic money management, fixed lot, recovery mode, Martingale ratio, and more.
How to start trading with NorthEastWay
To purchase this FX EA, you need to pay $8346. A free demo account is on offer for this ATS. The author does not reveal info related to the features available with the package. For such an expensive package, the absence of info raises suspicion about the reliability. Further, there is no money-back assurance which confirms this is an unreliable system. Compared to the price of competitor systems, the price of this product is exorbitant.
Recommendations by the author include the use of a minimum balance of $5000 and leverage starting from 1:200.
Backtests
A backtesting report is present on the MQL5 site as shown above. From the strategy tester report, we can see the EA had generated a net profit of 1009786.90 from an initial deposit of $100. The test done with 94% history quality, indicates a total of 4395 trades were executed with a drawdown of 66.46%. Profitability was 75.56% and the profit factor was 3.02. From the results, we can see the drawdown is very high indicating a risky approach.
Verified trading results of NorthEastWay
A real USD account using the RoboForex broker and the leverage of 1:500 on the MT4 platform verified by the myfxbook site is shown here.
From the above stats, we can see a total profit of 111.97% and an absolute profit of 46.32% are present. We find the difference between the two values is very high indicating a risky approach. The daily and monthly profits are 0.16% and 4.88% respectively. A drawdown of 17.75% is present for the account. For a deposit of $121,024, the EA has made a profit of $55692 for the trading that began in August 2020.
A total of 1473 trades have been executed with a profitability of 76% and a profit factor of 3.19. From the trading history, we can see varying lot sizes are present. The varying lot sizes denote a risky strategy. Comparing the results with the backtesting report, we find the drawdown is lower in real-time trading but the profits are not as high as seen in the backtests.
Customer reviews
We did not find user feedback for this FX EA on reputed third-party sites like Forexpeacearmy, Trustpilot, etc. Although the MQL5 site has a few reviews for this ATS, since the site promotes the product, the reviews may be manipulated. The lack of feedback denotes this is not a popular system.
Is NorthEastWay a viable option?
From our analysis of the features, settings, and trading results of this MT5 tool, we find that it is not a profitable investment. Here are the main advantages and disadvantages we found in this EA.
Advantages
- Fully automated trading tool
- Verified results
Disadvantages
- The strategy used is not explained
- Backtests and real trading data reveal a risky strategy
- Price is exorbitant
Wrapping up
NorthEastWay is an overpriced product that reveals several shortcomings that make it unreliable. The lack of strategy explanation, a high-risk approach seen in real-trading, and expensive price tag are important factors that make this system untrustworthy. Furthermore, there is no money-back guarantee which makes the ATS unreliable. In short, we don’t recommend this trading tool.
