True Range Pro is an expert advisor for MT4 and MT5 that was published on 9th September 2020. The vendor claims that this is the top-performing EA on ZuluTrade with 1700 followers. They also claim that it generates a monthly profit of 5-10% for EUR/USD and 20-40% for GBP/USD.
On the MQL5 product page, the vendor has listed the features and shared a set of recommendations for the EA. We have a list of input parameters and the links to a couple of live monitoring accounts. Finally, there are some screenshots showing the backtesting results.
This is a product from Aleksei Ostroborodov, who is the founder of Smart Forex Lab. The developer is based in Russia and has four years of experience. Apart from this, we know nothing about the vendor. Other expert advisors from this developer include Absolute FX, Good Morning, Euphoria, and Candelabrum.
Features
True Range Pro only trades in GBP/USD and EUR/USD. It is a 100% automated trading system that uses a hard stop loss for every position. You also have the option of using a trailing stop loss. This EA has high spread protection and dynamic basket take profit. It has trade with both fixed and automatic volume.
The vendor has not shared the details of the trading strategy. We know it uses indicators like Average True Range (ATR) and Relative Strength Index (RSI), but we are not sure exactly how it applies these indicators in its trading strategy. From the EA settings, you can change the upper level and period of RSI. It is also possible to modify the ATR period, its counter, and the previous ATR to total ATR ratio.
How to start trading with True Range Pro
True Range Pro is available for the price of $495, which is not very cheap. There is a rental plan for this robot where you use it for a monthly fee of $45. You can also download the free demo version if you wish to test the performance using virtual money. The vendor does not have a refund policy in place for this system.
This robot trades with a leverage of more than 1:100. The GMT settings for summer and winter are GMT +3 and GMT +2, respectively. It is recommended that you use a VPS server with this EA. The vendor recommends brokers like IC Markets, ForexChief, and Weltrade. There are two Telegram channels where you can get in touch with the vendor.
Backtests
This backtest was conducted with an initial deposit of $3000 and 1:400 leverage. The EA conducted a total of 1914 trades, winning 82.81% of them and generating a total profit of $65363.12. It had a profit factor of 3.54 and a relative equity drawdown of 35.96%. The high drawdown indicates a trading strategy that has a high risk of ruin. There were 46 maximum consecutive wins and 8 maximum consecutive losses.
Verified trading results of True Range Pro
Since March 24, 2020, the EA has placed 863 trades through this account. It currently has a win rate of 81% and a time-weighted return of 171.37%. The average daily and monthly gains for this account are 0.16% and 4.81% respectively. While the win rate is slightly lower than what we saw in the backtest, the drawdown is 33.57%, which is quite high compared to other EAs. At this moment, the total profit generated through this account stands at $3,340.38.
From the trading history, we can see that True Range Pro only earns small profits from each trade. It typically keeps its positions open for a few hours, but some of them have lasted an entire day. Also, it occasionally suffers consecutive losses.
Customer reviews
There are no reviews for this Forex EA on trusted third-party websites. While there are a few reviews from users on MQL5, we have no way to verify their authenticity.
Is True Range Pro a viable option?
Advantages
- Verified trading statistics
- High win rate
Disadvantages
- High drawdown
- Lack of strategy insight
- No money-back guarantee
Wrapping up
True Range Pro is an expert advisor that trades with a high drawdown. While it has a decent win rate, we don’t know what strategy it follows. It is not exactly a cheap robot and on top of that, the vendor does not offer a money-back guarantee for it. Furthermore, we have very little information on the developer.
