A Comprehensive Review of Chat GPA MT5 EA – An AI-Powered Trading Assistant

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Chat GPA MT5 EA is an expert advisor for the MetaTrader 5 platform that utilizes artificial intelligence to provide trading signals and advice. Developed by Renate Gerlinde Engelsberger, this trading utility aims to be a versatile AI assistant that can understand commands and engage in conversations.

In this extensive review, we will take an in-depth look at the features and capabilities of Chat GPA MT5 EA. We will evaluate its ease of use, functionality, and most importantly, its profitability as a trading assistant.

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Overview of Chat GPA MT5 EA

Chat GPA MT5 EA is marketed as an AI chatbot that traders can communicate with in plain English. The developer claims that it can understand dozens of commands related to trading, such as opening and closing positions, changing chart colors, and predicting future market movements.

Some of the highlighted capabilities of Chat GPA MT5 EA include:

Conversational interface for easy communication
Ability to follow voice and text commands
Support for multiple order types like buy, sell, limit, and stop orders
Customizable take profit, stop loss, and trailing stop levels
Elliott Wave analysis and prediction
Risk management features like position sizing

The expert advisor works on all symbols, timeframes, and account types on the MT5 platform. It is available for purchase on the MetaTrader Marketplace for $97.

Installation and Setup

Installing Chat GPA MT5 EA is straightforward for those familiar with Expert Advisors on MetaTrader 5. Here are the steps to set it up:

Purchase the EA from the MetaTrader Marketplace and download it.
Open the MetaTrader 5 platform and the Navigator panel.
Drag the Chat GPA MT5 EA file into the Experts folder.
Open a chart and attach the expert advisor to it.
Allow live trading access if you wish to execute real trades.
Initialize the EA and start chatting!

The developer has provided documentation on how to communicate with the assistant, including example commands. The EA does not require any complex configuration other than attaching it to a chart.

Using Chat GPA MT5 EA

Interacting with Chat GPA MT5 EA occurs through a dialog box in the bottom right corner of the chart.

To give it a command, simply type into the input field and press Enter or click the “Run” button. The assistant will then process the command and provide a response in the output field.

The developer recommends starting with a simple greeting like “Hello” to initialize the conversation. From there, you can give it trading orders, market questions, charting commands, and more.

Here are some examples of commands you can give Chat GPA MT5 EA:

Buy 0.5 lots of EURUSD at market price” – Opens a long position
“Close all short trades” – Closes out open sell positions
“Set take profit to 50 pips on pending orders” – Modifies order TP levels
“Plot Elliot Wave on chart” – Performs technical analysis
“What is your prediction for GBPJPY today?” – Gets market forecast

The assistant understands fairly complex sentences and conversations. However, it may sometimes fail to comprehend certain phrasings or make mistakes.

Overall, communicating with Chat GPA MT5 EA is relatively smooth. It aims to provide a human-like conversational experience.

Features and Functionality

Now let’s examine some of the notable features and functions of this trading utility:

Trading Orders

One of the key features is the ability to place trading orders through voice and text instructions. The assistant can submit, modify, and close market and pending orders. This includes stop losses, take profits, trailing stops, and order sizing.

Elliott Wave Analysis

Chat GPA MT5 EA can perform Elliott Wave analysis on the chart when commanded. This includes counting waves, labeling wave degrees, and forecasting future patterns. However, its accuracy is questionable.

Market Forecasting

In addition to Elliott Wave predictions, the assistant can provide its outlook for the market when asked. It gives brief responses, but do not expect an in-depth analysis.

Risk Management

The EA has some built-in risk management features like automatic position sizing based on account balance. It also lets you set stop losses and take profits on your trades.

Customizable Commands

The developer notes that new commands are continuously added to EA. Users can request or suggest new features to enhance the functionality.

Conversational Interface

Unlike rigid programmatic interfaces, EA aims to provide a natural conversational experience similar to human interaction.

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Performance and Profitability

The most important aspect of any trading system or assistant is its profitability. Does Chat GPA MT5 EA help generate consistent profits or not?

Unfortunately, the developer has not provided any verified performance results. There is no trading history or account statements available.

Analyzing the functionality, it is unlikely that the assistant can produce a winning strategy on its own. Its responses indicate a limited understanding of markets and technical analysis.

Without proven results, traders should not rely on this EA for trade signals or expect it to be profitable. It is speculative at best until performance statistics can validate its capabilities.

The lack of transparency around the performance and track record is a major red flag when evaluating this expert advisor.

Chat GPA MT5 EA Pros and Cons

Pros

Easy to set up and use
Conversational interface
Can place, modify, and close trades
Provides some basic market analysis

Cons

No proven profitability or track record
Unrealistic claims around capabilities
Limited functionality and market understanding
Overpriced for unverified performance

Chat GPA MT5 EA – Verdict

Chat GPA MT5 EA provides an interesting concept of a conversational AI assistant on MetaTrader 5. However, without evidence of profitable trades, traders should be very careful in using this tool with real capital.

The lack of transparency and verified results makes its true capabilities questionable. The developer makes bold claims, but can they be trusted?

While this EA may be able to understand simple commands, its overall functionality and analysis is limited. It does not appear capable of generating consistent profits as a automated trading system.

Until more evidence of its performance emerges, traders are best served avoiding this AI assistant. The $97 price tag is difficult to justify given the lack of verification. Other proven expert advisors provide better value.

In summary, EA remains an unproven product with more marketing hype than actual substance. The concept shows promise, but skepticism is warranted around its profitability claims. Choose your trading tools carefully and opt for transparency whenever possible.