Red Hawk is an expert advisor that uses a mean reversion system for trading. As per the developer, this system works on 9 FX pairs and uses a strategy that works effectively with fast execution and low spread. The developer claims the system can deliver consistent returns with a low risk. While the MT4/5 tool is fully automated, the developer does not explain the approach and provides only a demo account that shows poor performance. Further, the product is exorbitantly priced and does not have a refund offer. Our initial conclusion is that this is not a reliable trading tool.
Vendor transparency
As per the MQL5 profile, Wim Schrynemakers is the developer of this FX EA. He has been creating expert advisors since 2005 and has 21 products and 28 signals to his credit. Based in Malta, the author claims that his systems focus on a controlled risk and a good risk-reward ratio. Other products of the developer include Night Owl, Grid King, and more. To contact the developer, the messaging option on the MQL5 site is the only support method present. The lack of support options makes us suspect the reliability of this EA.
How Red Hawk works
According to the developer the ATS uses internal filters to avoid working during unmanageable market situations. He also recommends turning off the EA during extreme news events. Some of the important features of this system that the developer focuses on are:
- This FX robot works only around rollover time.
- It has an easy setup process.
- Since the settings are internally stored for the optimized pairs, .set files are not needed.
- ECN brokers are recommended for this FX EA.
Timeframe, currency pairs, deposit
The M5 timeframe is recommended for the system and the IC Markets and Alpari brokers are recommended by the developer. The currency pairs this FX robot works on are:EURUSD, GBPUSD, USDCHF, EURCHF, EURGBP, AUDCAD, AUDJPY, EURAUD, and USDCAD. We could not find info on the leverage, deposit, and other relevant details.
Trading approach
This FX EA uses the mean reversion approach, which the developer claims will work well with a broker of low spread and quick order execution. Safety SL and TP levels are used for every trade along with multiple trailing SL methods. This helps to limit the risk and increase the profits. The developer states that this system does not use risky processes like the Martingale or Grid.
Pricing and refund
The previous price of this EA was $299. Currently, a copy of this FX system is sold for a discounted price. So, traders need to pay only $199. As per the info on the MQL5 site, only two copies are left at this price. Further copies will be sold at $349. A rental option is present that costs $110 per month. A free demo offer is present.
There is no info on the features available with the package. No refund offer is present for this ATS, which makes us suspect it is an unreliable product. Further, compared to other similar products in the market, we find the price is expensive. Considering the minimal info provided by the developer and the poor performance, we find this product is not worth the money it is offered at.
Trading results
A couple of backtesting results are present on the official site. Here is one of the backtesting reports:
From the above report, we can see a profit of $1107.45 had been generated for a total of 5388 trades done from 2012 up to 2020. A maximum drawdown of 19.65% was present for the account. The profit factor value was 2.04 and the profitability was 76.45%. From the high drawdown and low profits, we find the system used a risky approach.
The developer provides a live demo USD account using the Alpari RU broker and the leverage of 1:500 on the MT4 terminal. Here are a few screenshots of the trading result:
From the above screenshots, we can see that the EA has generated a profit of 43.95% and an absolute profit of 44.28%. A daily and monthly profit of 0.07% and 2.27% respectively are present for the account. The drawdown is 5.83% and profitability is 72% for a total of 523 trades. A profit factor of 1.65 is present for the account. From the trading history, we can see that a lot size of 0.35 is used which is considerably high for the initial deposit amount of $5,281. The low profits and big lot size indicate a risky approach and poor performance.
People say that Red Hawk is…
A good EA. As per the MQL5 site info, there are 15 reviews with a rating of 5/5. The reviews mention that the FX robot is profitable and has a low drawdown, while the profits are small. They also commend the support provided by the author. We have also checked the reputable third-party websites, but couldn’t find any review about this system.
Red Hawk Conclusion
Our analysis of Red Hawk EA reveals it is not a trustworthy ATS. The lack of strategy explanation, poor performance, and overpriced product are downsides that make this an untrustworthy system. While the reviews are positive, we suspect they may be manipulated as the MQL5 site promotes the product.
