News Scope EA Pro Review: Does It Win or Lose?

News Scope EA Pro uses high-impact news to generate gainful trades. This FX robot has fully automated and semi-automated modes. The vendor claims that this ATS has a low drawdown and a solid backtest performance of 17 years. Although the price is not expensive, we found certain drawbacks in the system. There is a lack of vendor transparency and the trading results reveal a below-average performance. 

What is News Scope EA Pro?

As per the vendor, the key features of this FX robot that make it stand apart from others are:

• The MT4 tool uses trailing stop or back-ticks for exits and a Friday exit system.
• An advanced news filter, precise time and news identifying filters are present.
• A filter for detecting high spread is present.
• Order modes include single and multiple cascade modes.
• An FOMC and NFP only trading mode are present.
• The ATS works on EURUSD, USDJPY, USDCAD, AUDUSD, and GBPUSD pairs.
• A timeframe of M1 is recommended by the vendor.

Official News Scope EA Pro website

The official website is well-designed with info provided on the features, working method, backtesting reports, real trading results, and other data. FxAutomater is the company promoting this FX EA. As per the website, the group specializes in developing completely automated expert advisors. The team includes professionals in various spheres with a combined experience of 50 years. We could not find info on the company like its year of establishment, the location, phone number, etc. Other products of FxAutomater include Forex Gold Investor, Forex Diamond, Forex Trend Detector, etc.  

How does News Scope EA Pro work in MT4 terminal?

As per the vendor, the system can be downloaded in a few clicks and the installation takes only a couple of minutes. Once the setup is complete you can start trading on the MT4 terminal.

Pricing & refund

To purchase this FX EA, you need to pay $117. The original price is $187, which has been slashed to $117 due to the 40% discount. With the purchase, you get 1 real account, 3 demo accounts, 24/7 support, and a 60-day money-back guarantee. When compared to the price of competitor systems, the price of this EA is not expensive.

Trading strategy

As per the vendor, this ATS uses a highly profitable approach for trading on high-impact news. The vendor claims this is a low-risk approach that has a reduced drawdown. A special algorithm that calculates the SL based on ATR is present for reducing the risk and increasing the profits. 

A few backtesting reports are present on the official site. Here is one of the tests conducted on the GBPUSD pair using the M1 timeframe. 

From the above report, we can see a total net profit of 31331 was generated for an initial deposit of 5000 with a profit factor of 2.12 and a 60% profitability. The maximum drawdown was 5.84% for a total of 1093 trades executed from 2009 up to 2020. We find the profits are not very high despite the low drawdown.

Current performance 

A demo USD account using the Alpari RU broker on the MT4 platform verified by the myfxbook site is shown here.

From the above stats, we can see a total profit of 27.04% and an absolute profit of 27.04%. The daily and monthly profits are 0.07% and 2.22% respectively. A drawdown of 8.22% is present. For a deposit of $3000, the account that started in January 2021 has completed 163 trades with 60% profitability and a profit factor of 2.03. From the trading history, we find lot sizes of 0.19 and 0.18 are used. The big lot sizes indicate a risky approach. Further, the trading frequency is low and the profits are not high.

What are the real customers saying about News Scope EA Pro?

Unfortunately, there are no user reviews for this FX robot on reputed third-party sites like FPA, Trustpilot, etc.