True Range Pro is an expert advisor that was published on the MQL5 community. The presentation includes plenty of explanations, backtest reports and trading results of how the system works. The system can be profitable on the market, it’s a pro, but it can easily lose a significant amount of money, it’s a con.
Aleksei Ostroborodov is a Russian-based developer with a 19,529 rating on MQL5. Aleksei is the founder at Smart Forex Lab. He also shares links to his company page on Facebook and a Telegraam channel. To get in touch with the dev traders can email him via Facebok or MQL5.
How True Range Pro works
The presentation includes many explanations about how the system works.
- We can expect that the robot will cover us by executing orders completely automatically on the MT4 or MT5 terminal.
- The system is #1 in the ROI rate on ZuluTrade TOP.
- There’s a fire stop loss only.
- It works with a high-spread protection.
- The Weltrade broker provides data, based on which, the system was tested.
- The GMT offset should be +3.
- The leverage has to be not higher than 1:100.
- We can work on a VPS service.
- There are four brokers to work with: Weltrade, ForexChief DirectFx, IC Markets Raw Spread.
Timeframe, currency pairs, deposit
- We are allowed to trade on M1 and M5 time frames.
- Trading is possible on EURUSD and GBPUSD.
- The EURUSD pair on M5 provides 5-10% of the monthly gain.
- The GBPUSD pair on M1 lets us get 20-40% of the monthly profit.
- There are no mentions about the deposit size.
It works with Grid and Scalp strategies. The system opens grids of orders to maximize profits increasing risks and margin requirements.
Pricing and refund
The pricing has changed from $195 to $495 and then decreased to $245 for a copy. There’s a single rental option that has remained unchanged–$45. We can use the robot for demo usage.
We have a report of EURUSD on M5. The data period was chosen from 2017 to 2020. The profit factor was 3.5. The maximum drawdowns were 10.8%. An initial deposit was $3,000. The robot has managed to increase it to $65,363. The win rate was between 80% and 85%.
The robot runs a real USD-based account on Forex Chief. This broker is averagely used. It works with 1:400 leverage on MetaTrader 5 platform. The account has a verified track record and verified trading privileges. It was deposited at $2,109 in March 2020. Since then, the absolute gain has become 251.76%. An average monthly gain is 5.08%. The maximum drawdown is 33.57%.
The robot has performed 1059 trades with acceptable success in pips–7291.8 pips. An average win is 15.18 pips when an average loss is -27.82 pips. An expected accuracy is 80% for longs and 81% for shorts. The robot keeps orders on the market for a day on average. The profit factor is 1.80.
The short direction ($3294) is twice more profitable than the long one ($1572).
There should be 23 deals lost to lose 10% of the account. These risks can be treated as moderate.
The robot works with a short Grid of orders without Martingale.
We have all months in 2022 closed with profits.
People say that True Range Pro is…
Good. Traders shared their positive experience about how the system works for them.
|A backtest report provided
|No settings explanations provided
|Trading results shown
|No risk advice given
|Positive feedback available
|No money management advice shared
|No refund policy applied
True Range Pro Conclusion
True Range Pro is a robot that works with grid and scalping strategies to make profits on the market. The presentation includes various explanations to help us to understand if the system fits our expectations or not. The pricing is competitive, compared with other trading resolutions.