EA Black Dragon uses its proprietary indicator for ensuring better results and for limiting the risks. It uses indicator color to open trades which provides an avenue for the EA to increase its orders or to work with an SL. The developer provides backtesting results and a live signal for this FX EA. We find the pricing is very cheap and affordable but there is no refund offer. Furthermore, the real-time trading results are of very short duration for us to evaluate the performance.
Ramil Minniakhmetov, the developer of this EA is based in Russia. He has more than 8 years of experience in developing FX EAs. He has created 11 products and 6 signals. For support, he provides a Telegram Channel link. You can also contact him via the messaging board on the MQL5 site. His other products include Hamster, Black Dragon Indicator, Asia Trend, Element Gold, and Element Premium.
How EA Black Dragon works
The developer does not provide much info on the FX EA. Other than the mention of the use of the Black Dragon indicator, the developer does not reveal any info on the features, functionality, and recommendations for using this expert advisor. A list of parameters is present which includes buy/sell, hedge, maximum spread, magic number, lot size, etc. The absence of info raises a red flag for this EA.
Timeframe, currency pairs, deposit
There is no info present related to the timeframe, minimum deposit, currency pairs, leverage, and other recommendations and requirements for using this FX EA. We find the lack of info suspicious.
Other than mentioning that the FX robot uses the Black Dragon indicator, we could not find an explanation for the strategy the trading tool uses. The absence of an explanation raises a red flag for this EA.
Pricing and refund
To purchase this FX robot, you need to pay $30. The developer offers a free demo account. There are no other details present on the features available with the package. We could not find a money-back assurance. When compared to the price of competitor products in the market, we find the price is low and affordable.
A couple of backtesting results are present for this FX EA. Here is one of the reports:
From the above stats, we can see the testing was done on the EURUSD pair using the M15 timeframe from 2010 to 2020. For an initial deposit of $1000, a total net profit of 117055.94 was generated. A total of 3209 trades were completed during the testing with the profitability of 68.21% and a profit factor of 1.55. The maximum drawdown for the account was 63.56%. From the results, we can see the drawdown is very high which denotes a high level of risk. Further, the profit factor is low indicating a below-average performance.
The developer also provides a live signal for this EA. Here is a screenshot of the trading results:
From the above stats, we can see that the account has been live for three days. For a deposit of $4824, the profit generated is $9646.03. A growth of 200% is achieved by the robot. The maximum drawdown is 2.6% and profitability is 90.9%. A profit factor of 5805.80 is present for the account which has completed 44 trades. Although the profit is very high, the sample is for just three days which is not sufficient to assess the performance of the expert advisor.
People say that EA Black Dragon is…
A good EA. As per the feedback found on the MQL5 site, there are a total of 126 reviews with a rating of 4.88. Users find it is a promising EA and that the developer provides good support. Here are a few of the user reviews:
One of the reviews indicates that the system uses scalping and can work effectively if the position is against the prevailing trend. Another user mentions that he has recovered his past losses from this EA.
|It is a fully automated system
|No strategy explanation is present
|Price is affordable
|Very small sample size
|Lack of a refund
EA Black Dragon Conclusion
EA Black Dragon has backtesting and real trading results to prove its efficacy. But on evaluation of the backtests we find the profits are low and the drawdown is very high indicating a risky approach and below-average performance. Furthermore, the real-time trading results are of a very short sample. While the price is cheap, the vendor does not offer a refund policy. The good reviews on the MQL5 site are a positive aspect of this EA. But since the site promotes the product, you have to consider the possibility of the feedback being manipulated.