The Prism is a Forex expert advisor trading in multiple currency pairs. It was launched on 20th June 2021 and according to the vendor, it can help you make safe and stable entries in the market. Since all vendors claim their robots to be the best, we need to carry out our own investigation to determine the system’s reliability.
We don’t have an official website for this Forex robot. On the MQL5 marketplace, where it is sold, the vendor has not shared adequate information about the EA. We only have a brief introduction to the system and some vendor recommendations.
The developer behind The Prism is Yaroslav Tarasov, who is based in Russia. This person has no other EAs in his repertoire, so we can assume they don’t have much experience in this field. We know virtually nothing about the developer, and this is quite disappointing from a vendor transparency perspective.
Features
The Prism trades in 7 currency pairs based on EUR. These are EUR/USD, EUR/NZD, EUR/AUD, EUR/GBP, EUR/CHF, EUR/JPY, and EUR/CAD. The vendor has mentioned the EA having a cross pairs trend filter, but they have not explained this functionality in detail. Due to the multithread system, the robot can perform automatic adjustment of trading lot size.
We have no information about the strategy used by The Prism. Seasoned Forex traders always look for strategy insight, since it allows them to determine the profitability of the system. It also lets them decide whether the robot would suit their trading style. Therefore, the lack of strategy insight is a huge red flag that would deter many individuals from investing in the EA.
How to start trading with The Prism
You can purchase The Prism for the price of $200. This is a bit expensive for a newly-launched EA with little or no reputation. While the vendor provides a free demo version of the software for testing purposes, there is no money-back guarantee, which is disappointing.
According to the vendor, you can use any deposit size for this EA. However, the minimum required amount is $100. If you decide to invest more, you need to increase the lot size and make more entries. For setting up the robot, you need to drag it to a graph. It will add the other pairs automatically to the market watch.
Backtests
On the MQL5 page, we have the screenshot for a backtest. We don’t know on which pair this test was conducted, and the testing period is unknown as well. The EA performed 228 trades during this test, winning 76.32% of them and generating a total net profit of $199.21.
There were 15 maximum consecutive wins and 3 maximum consecutive losses during this backtest. The relative drawdown and profit factor were 17.50% and 2.70, respectively. Since we don’t know anything about the modeling quality, we cannot consider the results authentic.
Verified trading results of The Prism
We found this trading account after doing some digging since the vendor hasn’t shared any verified trading results on MQL5. It was launched on August 16, 2020, and EA has placed only 267 trades through it. The win rate for this account is 78%, which is slightly higher compared to the backtest.
While the daily and monthly gains are 0.63% and 21.71% respectively, the total profit generated is only $227.59. The account has a high drawdown of 22.58%, which tells us that the robot trades with high risk. Since the vendor has set the trading history to private, we cannot analyze the recent trades to figure out the trading style of the robot. The profit factor for this account is 2.59, which is slightly less in comparison to the backtesting results.
Customer reviews
We were unable to find any customer reviews for this EA on third-party websites. The reviews on MQL5 could have been manufactured by the vendor, so we cannot take them seriously. Due to the lack of authentic reviews, we think this robot does not have any kind of reputation in the Forex trading community.
Is The Prism a viable option?
Advantages
- Compatible with 7 currency pairs
Disadvantages
- Lack of vendor transparency
- No money-back guarantee
- Lack of strategy insight
Wrapping up
There is simply not enough reason for us to trust this robot. The vendor fails to explain the features in detail, and we don’t know anything about its trading style. While a live trading account exists, the performance is not very impressive. Thus, we would encourage you to consider other options.
