True Range Pro is an automated trading system that uses the smart grid and night/intraday scalping methods. As per the developer, the FX robot will provide 5 to 10% per month for the EURUSD pair using the M5 timeframe and 20 to 40% per month for the GBPUSD pair using M1.
This MT5 tool is developed by Smart Forex Lab and was first published in September 2020. It is in version 3.0 and updated in August 2021. Aleksei Ostroborodov is the founder of Smart Forex Lab. He has four years of experience and has developed 13 products and 25 signals. Absolute FX, Euphoria, and Traffic Pro are other products of the developer. We could not find info on the location address or phone number of the company. The developer provides a Telegram channel link for support.
True Range Pro
|Strategy||Night/intraday scalping and smart grid|
|Currency Pairs||EUR/USD, GBPUSD|
|Recommended Min. Deposit||N/A|
The FX EA is available for $195. A free demo is present. There is no money-back guarantee present for the product. The developer does not offer info on the features included in the package. When compared to the price of competitor products, the price of this EA is not expensive.
We could not gather much info on this FX EA as the developer provides very little info on the functionality and features. From the details provided the features of the FX robot include 100% automation, hard SL for each trading position, dynamic TP, high spread protection, and fixed and automated volume settings.
This ATS works mainly on the EURUSD and GBPUSD pairs and uses the M5 and M1 timeframes. There is no info on the recommended deposit. Weltrade, IC Markets Raw Spread are some of the accounts recommended for this FX Robot.
Other than mentioning the grid and night/intraday scalping approaches, the developer does not explain the strategy. This makes us suspect the reliability of the approach.
The developer provides backtesting reports for this FX EA. Here is a strategy tester report for the EURUSD pair done from 2017 up to 2020.
The modeling quality for the test was 98%. We prefer the quality to be 99% or more as it provides a more detailed insight into important features like the slippage, spread, etc. A total net profit of 65363.12 was generated from an initial deposit of $3000. Out of 1914 trades, the profit trades took up 82.81% and the profit factor was 3.54. The drawdown value was 16.47%.
A real USD account verified by the myfxbook site is present. Here is the trading result for the account that uses automated trading with the leverage of 1:400 on the MT5 platform.
From the trading stats, we can see the EA has generated a total profit of 202.23% and an absolute profit of 190.05%. The difference between the two values makes us suspicious of the effectiveness of the approach used. A daily profit of 0.21% and a monthly profit of 6.49% are present for the account. The drawdown for the account is 23.11%. For a deposit of $2074, the account started in March 2020 has completed 682 trades with an 84% profitability and a profit factor of 3.33.
From the trading history, we see a lot size of 0.11 or 0.12 is used for the trades. The big lot size and high drawdown further confirm that the strategy used is of a high-risk category. Compared to the backtesting report, the drawdown is higher which confirms our suspicion about the risky strategy.
There are no user reviews for this FX EA on reputed third-party sites like Forexpeacearmy, Trustpilot, etc. We prefer feedback from such sites as they provide an unbiased view of the performance, support, and other pertinent features. The lack of user reviews indicates this is not a popular system. Although a few user reviews are present on the MQL5 site, since the site promotes the product, the feedback may be manipulated.