SIEA Zen is an expert advisor that claims to survive any type of market condition effectively. As per the vendor, this is a robust system with awesome performance that provides peace of mind (Zen) for its users. This ATS trades on all major currency pairs. It is part of the SIEA (Stein Investments Expert Advisor) series. The company claims to have 10 years of experience in Forex trading and that it uses a unique analysis based on real trading volume.
Besides the Siea Zen EA, the company has Siea Max and Siea Pro EAs that are focused on experienced and professional traders. Daniel Stein is the developer of these products. He is based in Germany and has developed a total of 15 products and 9 signals. We could not find a location address or phone contact for the vendor. The support is via the Telegram channel only.
Features
As per the developer, this expert advisor uses a balanced risk to reward ratio. It works on all the 28 trading pairs based on the 8 currencies namely EUR, USD, GBP, CAD, NZD, JPY, CHF, and AUD. The main trading approach is volume analysis which the system uses to identify market imbalance and reverse entry opportunities. This ATS closes all its open trades towards the end of each month and new positions are opened at the start of the subsequent month. The average duration of trade is 4 days.
Other features include an inbuilt news filter for stopping new trading positions in response to central bank news info, while the EA disregards all other events of low impact. Constant swap monitoring and risk management with just a single drawdown or risk limit for an entire trading system are other features this FX EA uses.
How to start trading with SIEA Zen
To buy this FX robot you have to pay $999. The vendor provides rental options that include a three-month rental at $199, a six months rental for $299, and an annual rental option costing $499. A free demo is also present. Compared to the price of other similar FX EAs in the market, we feel this is an overpriced product. Furthermore, the absence of a money-back guarantee makes us suspect the dependability of the EA.
There is not much info on the recommendations for the installation and other requirements. As per the developer, a single parameter is present where you can decide the maximum risk you want based on which the money management features are adjusted. This ATS runs on a single chart as it is a multi-symbol system and the vendor recommends the use of a VPS.
Backtests
A backtest is provided by the developer on the MQL5 site. From the screenshot of the report shown below, we can see a modeling quality of 100% is used.
The duration of the backtest is from October 2018 up to July 2021. For a deposit of $100,000, the account reveals a maximum equity drawdown of 7.29% and a profit factor of 2.88. Of the total trades, 70% profitability is present. We could not decipher further details as some of the details are not clear. Overall, the performance looks good but since the test is based on historical data, we cannot predict a similar performance in the future.
Verified trading results of SIEA Zen
A real EUR account verified by the myfxbook site is present for this FX robot. Here are a couple of screenshots revealing the trading info.
The trading account using the JFD broker and the leverage of 1:200 on the MT5 platform reveals a total profit of 0.46% and a similar value for the absolute profit. A daily and monthly profit of 0.01% and 0.46% respectively are present.
For the trading that began on July 12, 2021, and ended on July 29, 2021, a total of 4 trades have been completed. The profit factor is 2.44 and profitability is 50%. From the trading history, we can see lot sizes vary from 0.04 to 0.09. From the results, we see that the number of trades executed is very low. The profits are not high.
Considering the small sample size,the true performance cannot be assessed. From the varying lot size and low profits, the strategy does not seem to be as effective as the developer claims. Comparing the backtests with the real trading results the profits are lower than in the backtests.
Customer reviews
We found two reviews for this FX robot on the MQL5 site. Here are screenshots of the feedback:
From the above reviews, we can see that the frequency of trades is very low. With the EA being a fairly new product, it takes time to see the results as one reviewer points out.
Is SIEA Zen a viable option?
From our evaluation of this MT5 tool, we find it is not a viable investment option. Here are the key factors that made us arrive at this conclusion.
Advantages
- Fully automated EA
- Verified trading results
Disadvantages
- Small sample size
- Expensive price
- No money-back guarantee
Wrapping up
SIEA Zen promises profits even in bad market conditions. From our evaluation of the features, strategy, and performance we find the claims of the developer are not true. The lack of vendor transparency, insufficient explanation of the strategy, small sample size, and expensive price make this an unreliable EA.
