True Range Pro is a Forex expert advisor launched on 9th September 2020. According to the vendor, this EA generates a monthly gain of 5-10% for EUR/USD and 20-40% for GBP/USD. We can see that this robot is available at an affordable price and that it’s fully automated. However, the live trading results exhibit a high drawdown and the vendor does not offer a money-back guarantee. Thus, we don’t think this is a trustworthy expert advisor.
What is True Range Pro?
True Range Pro uses a stop loss for every trading position. It uses dynamic basket take profits and has a high spread protection feature. However, since the vendor has not explained how the spread protection feature works, we don’t know how effective it really is. With this EA, you can either trade with fixed volume or enable the auto volume option where the robot will compute the trading volumes based on the account balance.
The vendor recommends using the M1 and M5 timeframes for this robot. You should use leverage exceeding 1:100. For the live trading account, True Range Pro uses a leverage of 1:400.
Official True Range Pro website
There is no official website for this Forex EA. On the MQL5 website, the vendor has presented us with a list of features and some recommendations. We also have the list of input parameters, links to Telegram channels, and live trading signals. The presentation is not very detailed, and we cannot get a clear idea about the robot by studying it.
This is a product from Aleksei Ostroborodov, a Russian trader who has 4 years of experience. This person is the founder of Smart Forex Lab, a company we know nothing about. Apart from True Range Pro, he has developed other EAs like Good Morning, True Range Smart, Euphoria, Candelabrum, and Traffic Pro. Due to the lack of vendor transparency, our expectations from this system are not too high.
How can we use True Range Pro?
This robot is FIFO compatible and it lets you modify the maximum number of positions, maximum spread, and maximum slippage. The vendor recommends signing up with brokers like Weltrade, Forex Chief, and IC Markets. It has a GMT parameter that you should set to GMT+3 during the summer and GMT+2 during the winter.
Pricing & refund
You can purchase True Range Pro at the price of $195, which is pretty close to the market average. The vendor offers a free demo version for testing purposes, but unfortunately, there is no money-back guarantee. Due to the lack of a refund policy, many traders might choose to avoid this system.
True Range Pro uses scalping and night/intraday smart grid strategies which involve indicators like Average True Range and Relative Strength Index. Such high-frequency trading strategies are not suitable for beginners and they require you to invest a lot of time, which can be stressful. In volatile markets, such trading schemes can result in heavy losses.
Here we have the results for a live trading account launched on February 18, 2019. Since the vendor has not shared the verified results on MQL5, we had to conduct our own research to find this account. The EA has placed 1286 trades through it, winning 79% of them and generating a total profit of $14336.20.
We can see that the drawdown is quite high at 29.22%. This indicates a trading strategy with a high risk of ruin. At this moment, the daily and monthly gains for the account are 0.23% and 7.06%, respectively. It has a profit factor of 2.46 and a Sharpe ratio of 0.28.
What customers say
There are no customer reviews for True Range Pro on third-party websites like Quora, Myfxbook, Forexpeacearmy, and Trustpilot. This clearly indicates a lack of reputation and not many seem to be using this EA as of now. While there are some reviews on the MQL5 website, we cannot consider them genuine.
Summary: is True Range Pro a trustworthy EA?True Range Pro
Trading Results1/5 Awfully
- Affordable pricing
- High drawdown
- No money-back guarantee
- No authentic user reviews