Leprechaun EA aims to deliver a modified version martingale strategy to your account with a profit target of 25% a month. It has currently gone through many updates and is at version 3.6 right now. The expert has a hundred actions and 511 demo versions downloaded.
The robot is available on the all-famous MQL5 community, a standard platform for most algorithms in the market. The EA was first published on 1 September 2020 and had Aleksei Zaitsev as the primary author. He resided in Russia and has experience of four years in the industry. He also leads a YouTube channel where he shows the profits of the robots. The last time he uploaded a video was over two months ago.
How Leprechaun works
Once you purchase the robot from the MQL market, it will be available to download on your MetaTrader platform. For accessing it through the software, log in to the MQL5 community, head over to the experts’ section, and download it. Then, place it on your charts and enable auto trading for it to work.
Timeframes, currency pairs, and deposit
The robot has been developed to work on the hourly chart with a minimum recommended deposit of $100 or 10000 cents. In addition, the minimum operating lot size should be 0.01. When you download the robot, the default settings are for XAU/USD. You can also use it for other currency pairs; however, the developer does not mention them.
The robot works best when the market is trending in a specific direction and uses grid trading strategies alongside martingale. As soon as the price changes its path, the EA closes out the trades and opens orders on the opposite side. The developer recommends using those pairs with the best volatility and avoiding trading while the market volatility is less. It aims at a profit target of 1% a day and 25% for the whole month. The expert does not utilize any indicators and uses the value of an instrument as a lead indicator.
Pricing and Refund
You can download the robot for a one-time price of $33. As you are directly buying it from the marketplace at MQL, there are no refunds. In contrast with other expert advisors in the community, the price point is average. Even for such a low asking price, we can not see that it is worth it as there are no live trading results from where we can confirm the system’s efficiency.
Backtesting results for the Expert show over 50% gain for three months with a similar drawdown value. Meaning you can lose nearly half of your cash with Leprechaun. The difference between the balance and the equity proves that the system uses martingale and grid strategies with each other. Instead of using the H1 chart, the trader traders on the M5 time frame. The average winning rate hung around 50% for a total of 388 trades. We do not have complete access to the trading results. Therefore, it is impossible to conclude how many orders are opened for the grid and the maximum multiplier with martingale.
Analyzing the live trading results on Myfxbook we can see that the system uses a martingale approach after witnessing certain orders in the drawdown. For the first few orders, we see a hedging style where orders in the opposite direction are opened. Working for over seven months on and off, Leprechaun tanked at 316.98% with an average drawdown value of 58.83%. It placed and held trades for a mean duration of 3 days and used a maximum lot size of 0.50 for an account value of over $60000. With a profit factor of 1.18, the EA won 69% long and 62% short trades.
People Say that Leprechaun is..
Good. The general community of reviews who have installed the algorithm and used it say that they have profited very well and made more than 1% a day. They state that the support from the developer is top notch and any questions and inquiries are answered quickly and carefully.
- Potential to make huge returns over a short period
- Too risky
- Support comes mostly in the Russian language
- A good trading robot is never priced average
Most of the systems at the MQL marketplace consist of martingale and grid trading strategies in order to make any good profits. Live trading results are proof that such a system works and can make profits in the long term. With no such records for Leprechaun, we can not place it under trustworthy systems.