FXParabol Review: Does It Win or Lose?

FXParabol is a Forex expert advisor that has been active in the live market for more than 18 months. As per the vendor’s claims, this robot has an average win rate of 70%. It is supported by verified trading statistics and backtesting data. Also, the price is more or less close to the market average. Nevertheless, it trades with a very high drawdown and there is not enough information on the developer team.

What is FXParabol?

This robot is compatible with two currency pairs, namely USD/CHF and USD/JPY. It has a drawdown control system, but the vendor has not explained how it works. Since this is not a broker-sensitive EA, you can run it on any broker and any account type. The live trading account uses 1:500 leverage, but we don’t know the minimum deposit requirement for this system. 

Official FXParabol website

The vendor makes a very brief presentation on the official website. They have highlighted a few statistics and shared the links to a couple of live trading accounts. We have a short description of the strategy followed by the backtesting results and the pricing details. There is also a contact form that you can use to send a message to the service team.

There is virtually no information on the parent company behind this robot. It is sold on the Forex Store website, but we don’t know who the developers are or where they are based. The vendor has not shared the contact details and we don’t know whether this team has built other EAs in the past.

How can we use FXParabol?

We know that this robot is compatible with both Metatrader 4 and Metatrader 5 trading systems. However, the vendor has not shared the setup instructions and we don’t know how exactly you need to run this on your trading platform. When you purchase the robot, you get a detailed user manual that contains all the instructions.

Pricing & refund 

The current price of this expert advisor is $289. By purchasing the system, you get access to a single trading license and free updates. The vendor also offers a 30-day money-back guarantee.

Trading strategy 

The EA is based on the Bollinger Bands and Parabolic SAR indicators. It uses these indicators to detect the trend and determine the correct entry points. The vendor claims that it has a special algorithm that allows it to recover losing trades.

This backtest was conducted from 2015 to 2022 using an every tick model. The EA conducted a total of 406 trades using an initial deposit of $10,000. It won 74.38% of its trades, generating a total profit of $956728.63. For the testing period, it had a profit factor of 2.73.

There were 22 maximum consecutive wins and 4 maximum consecutive losses during the testing period. The relative drawdown was extremely high at 96.23%, and this tells us that the EA was following a high-risk strategy.

Current performance 

This account on Myfxbook was launched on August 19, 2020. To date, the EA has conducted only 145 trades through this account. It currently has a high win rate of 70% and a profit factor of 2.60. While the daily and monthly gains are 0.28% and 8.93% respectively, the drawdown is quite high at 59.04%. Even then, it is much lower than what we saw in the backtest. The total profit for this account currently stands at $5644.74.

From the trading results, we can see that the robot trades with a lot size of 0.10-0.22. Noticeably, it tends to suffer losses when the lot size is small. The average win and loss for this account are 48.63 pips/$89.87 and -64.74 pips/-$81.91, respectively. 

What customers say 

At this moment, there are no reviews for this expert advisor on third-party websites and this indicates a lack of reputation.