NorthEastWay Review: Does It Win or Lose?

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NorthEastWay

NorthEasyWay is a Forex expert advisor that was launched in 2020. It is a robot that is compatible with both MT4 and MT5 trading platforms. While it can trade in multiple currency pairs and is supported by verified trading statistics, the price tag is quite high. Also, it exhibits a high drawdown during live trading, which indicates a risky trading strategy.

What is NorthEastWay?

The base currency pairs for this EA include AUD/NZD, NZD/CAD, and AUD/CAD. According to the vendor, you can also use it to trade in pairs like EUR/GBP, EUR/USD, GBP/USD, USD/CAD, EUR/CAD, and GBP/CAD. They have recommended running the EA on M15 charts for the best results.

This EA is not dependent on broker conditions like slippage and spread. You need to invest at least $1000 to get started with this EA. The recommended leverage is 1:200 or more. 

Official NorthEastWay website

There is no official website for this expert advisor. On the MQL5 product page, the vendor has explained in brief how the robot functions and the requirements for running it smoothly. We also have setup and testing-related recommendations, along with a list of input parameters and what they signify. The vendor has also shared some screenshots of the backtesting results and multiple links to live trading signals.

Pavel Udovichenko, the developer behind this system, is a resident of Russia. He claims to possess more than 10 years of experience in developing automated trading systems. However, according to his MQL5 profile, he has been selling products on the website for only a year. We don’t have any background information on this person and he has only one more product on MQL5 known as LittleCrazy.

How does NorthEastWay work in MT4/MT5 terminal?

You can run all the pairs supported by the robot using a single chart setup. The vendor recommends trading only with the recommended pairs. You can test the system on all pairs using the multi-currency mode of the MT5 tester. 

Pricing & refund 

This EA is currently available at the price of $9987. Compared to the market average price for EAs, this is extremely expensive. There is a free demo version of the system offered for testing purposes. However, there is no money-back guarantee policy.

Trading strategy

NorthEastWay is a pullback trading system that deals in popular pullback pairs. The robot looks for the main trading patterns in the Forex market. It looks for the return of the price after a drastic shift in any direction.

Backtesting results of NorthEastWay on MQL5
Backtesting results of NorthEastWay on MQL5

For this backtest, the EA conducted a total of 8790 trades. It won 75.56% of them, generating a total profit of $1009786.90. The EA had a high profit factor of 3.02 and a Sharpe ratio of 0.29. It had a relative equity drawdown of 66.46%, which is higher than normal. The profit factor was quite satisfactory at 3.02.

Current performance 

Growth chart of NorthEastWay on Myfxbook
Growth chart of NorthEastWay on Myfxbook

This live trading account has been active since May 19, 2021. Therefore, it has not spent too much time in the live market. To date, the robot has conducted 1334 trades through this account and currently, it has a win rate of 78%, which is slightly higher compared to the backtesting data. 

While the daily and monthly gains are 0.31% and 9.75%, respectively, the drawdown is extremely high at 82.86%. This tells us that the EA is following a high-risk strategy that has the potential to drain your account. 

Trading results of NorthEastWay on Myfxbook
Trading results of NorthEastWay on Myfxbook

From the trading history of the account, we can see that the EA only generates small profits for each trade. It usually trades with a lot size of 0.01-0.13. Sometimes, the positions are held for several hours or even days. The average win and loss for the account are 34.30 pips/$9.75 and -49.40 pips/-$14.82, respectively.

What customers say

User reviews for NorthEasyWay on MQL5
User reviews for NorthEasyWay on MQL5

There are no reviews for this expert advisor on websites like Quora, Myfxbook, Forex Peace Army, and Trustpilot. On MQL5, there are a few reviews from users, we cannot vouch for their authenticity.

Summary: is NorthEastWay a trustworthy EA?

NorthEastWay
2.2 5 0 1
NorthEastWay is a robot that is much more expensive compared to other EAs on the market. The vendor does not offer a money-back guarantee and the live trading account exhibits a high drawdown. Last but not the least, there are no user reviews on third-party websites.
NorthEastWay is a robot that is much more expensive compared to other EAs on the market. The vendor does not offer a money-back guarantee and the live trading account exhibits a high drawdown. Last but not the least, there are no user reviews on third-party websites.
2.2 rating
2.2/5
Total Score
  • Strategy
    2.0 rating
    2/5 Bad
  • Features
    2.0 rating
    2/5 Bad
  • Trading Results
    3.0 rating
    3/5 Neutral
  • Reliability
    2.0 rating
    2/5 Bad
  • Pricing
    2.0 rating
    2/5 Bad

Like

  • Verified trading results

Dislike

  • High drawdown
  • Extremely expensive
  • No money-back guarantee
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