ELITE Automated Algorithm EA is reportedly equipped for long-term success. The vendor wants us to believe that the system is stable and has never reported any losses. So, expect to obtain consistent profits weekly. These are very bold claims, which we evaluate in this review.
What is ELITE Automated Algorithm EA?
The system has these features:
- It manages your trading account 24/7.
- The EA works with take profits and stop-losses.
- It is fully automated.
- The robot offers complete remote installation.
- It provides full-time support.
- It trades on several currency pairs; AUDUSD, EURCAD, EURGBP, EURUSD, and USDJPY.
- The robot works best with a minimum balance of $1000.
Official ELITE Automated Algorithm EA website
Nick Ross is the individual behind this system. He is based in Long Island, New York. Ross has a Bachelor’s degree in Business Management and is well-versed in the MQL4 coding language in Forex. Currently, he is the owner of Fueled by Forex Company, and the other products created by him are Algorithmic Forex Signals and Medallion Automated System.
How can we use ELITE Automated Algorithm EA?
You can use this system to manage the trading in your account. It can perform a variety of functions on your behalf, including monitoring the market, assessing trading data, and opening and closing orders automatically.
Pricing and refunds
Currently, the EA costs $199 per month. This is quite a hefty price tag, considering that you can get a better-performing system that will charge you lesser. On top of that, the vendor doesn’t provide a safety net in the form of a money-back guarantee.
There is no information about the trading strategy this system employs to make profits. However, we later realized that the EA works with grids of orders and martingale as we examined its live trading data on Myfxbook.
We could not find the backtest results for this robot anywhere on the sales pitch. It is easy to assume that the strategy on board wasn’t tested. So, it may be difficult to predict how the system may behave in the long term under varying market conditions.
The EA operated on this real USD account for about two and a half months, mainly between June 2021 and August 2021. At the time, it used a deposit of $7455 to generate an income of $4410.97 for the trader. As a result, the account’s value rose to 89.60%. The monthly profit rate (31.56%) was impressive, and the low drawdown level (18.27%) indicates that low-risk trading was employed. The account closed with a balance of $6865.97.
A profit factor of 1.71 was achieved after the EA managed to execute 1207 trades. At the same time, a total of 67.87 lots were traded and 93.7 pips were won. The success rates for long (61%) and short positions (66%) were nothing to write home about. The system’s losing streak was also a bit high compared to the winning streak. This is illustrated by the higher average loss (-46.38 pips) than the average win (26.44 pips). On average, a position was held for 2 days.
Wednesday was the most active period of the week with 318 closed trades.
The system worked with grids of orders and martingale using long time frames and suffered numerous losses before the user closed the account.
The monthly returns were quite remarkable, with July recording the highest profit value at 38.97%.
What customers say
We found several reviews for the company behind this MT4 tool on FPA, and so far, the customer rating is at 3.467 based on 18 reviews. While this score says that a good number of the traders are satisfied with the company’s products, there are still serious concerns about their efficiency. In fact, one of the dissatisfied traders reveals that the EAs use martingale, and though they can make profits, they can eventually erode your gains under poor market conditions.
Summary: is ELITE Automated Algorithm EA a trustworthy service?ELITE Automated Algorithm EA
Trading results3/5 Neutral
- High monthly return rates
- Vendor discloses his identity
- Low drawdown
- Grid+martingale combo
- No backtest report
- Short trading history