iProfit EA is labelled as an EA designed for automated trading on the MetaTrader4 platform. To increase chance of profitability for the retail forex traders, it makes use of a robust trading strategy not readily used by its contemporaries and can be used for several currency pairs including the major AUD/USD, EUR/JPY. GBP/USD and XAU/USD pairs.
iProfit EA offers three license to its users:
- $290 for a Single account with Annual Subscription Fees
- $375 for two Accounts with Annual Subscription Fees.
- $375 for two Accounts with Annual Subscription Fees
The website appears to be neatly designed with all details related to price, trading results and customer support are provided.
There are some standout features of this application that make it instantly noticeable among the competition. For instance, it has a reward to risk as well as win-to-loss ratio systems. It also has a proven risk and money management system in place, providing optimum protection to a user’s equity.
iProfit claims that the program aims to trade between 70 to 120 positions on a monthly basis, with each trade only being activated at either High or Low values of the current candlesticks. The target win-to-loss ratio is 65% with a win and loss size of 18 pips and 25 pips respectively. Thus, it is always advised to use brokers which offer the lowest spreads available.
When trading strategy is concerned, iProfit EA has been designed to simulate day traders and thus is extremely proficient when dealing with either bullish or bearish price movements. However, the EA does not perform well when a certain currency pair is range trading. iProfit EA makes use of a very important binary switch code, called “correlated_To_EURUSD”.
On further examination, iProfit’s strategy focuses on determining the optimum circumstances to instantaneously begin trades that seem to have a high potential for profit, instead of predicting the future. According to the website, the EA applies Artificial Intelligence, designed to forecast the pending, directional, short term movements of price. In addition, iProfit also provides technical analysis to evaluate the current investor sentiment.
One of the main aims of this EA is to address the human factors that are involved in trading. Furthermore, it does not treat all the currency pairs identically, as it does not change key parameters or attempt to optimise the performance at any time.
About the Correlated_To_ EURUSD binary switch
iProfit is programmed to activate only those trades which possess a win-to-loss ratio greater than 75%. This happens usually when the parameter is set to zero. On the other hand, when it is set to 1, the strategy would focus only on entry opportunities possessing a success rate of over 65%.
Trading results from a real account using the Australian Dollar has been provided by iProfit on myfxbook. It shows a mostly ascending graph, with a particularly high price spike on March 28, 2018.
The above account shows a current profit level 84.64 % with a drawdown of 25.47 % recorded in a period from August 2013 to April 2019. While the profit percentage looks encouraging, the high drawdown percentage be a red flag by many traders due to the amount of risk involved.
Advantages and Disadvantages
After considering the above points, a list of advantages and disadvantages have been prepared below.
|Special Binary Switch||Comparatively High Priced|
|Payments Secured by Avangate||Cannot efficiently deliver results with Standard or no commission accounts|
|30 day Money Back guarantee Available||Drawdown Percentage is High|