Daytrade Pro Algo EA Review – A Powerful Automated Trading Solution
The Daytrade Pro Algo EA is an expert advisor designed for automated trading on the MetaTrader 4 and 5 platforms. Created by Profalgo Limited, this trading robot aims to generate consistent profits by executing trades around major daily support and resistance levels on 13 currency pairs.
After testing and analyzing the Daytrade Pro Algo EA, I have found it to be an exceptional tool for traders seeking reliable returns. In this review, I will provide a comprehensive evaluation of its features, performance, and overall value.
Overview and Description
The Daytrade Pro Algo EA is marketed as a robust and stable automated trading system suitable for various market conditions. According to the developer:
- It is broker and spread independent, allowing flexibility in choice of brokers
- It shows profitable backtests across multiple platforms like MT4, MT5, and TDS2
- The algorithms are very robust – settings can be interchanged between currency pairs while remaining profitable
- It currently supports 13 currency pairs: EURUSD, GBPUSD, USDJPY, AUDUSD, XAUUSD, GBPJPY, USDCAD, EURJPY, EURNZD, EURAUD, NZDUSD, AUDJPY, CHFJPY
The core strategy focuses on trading price action around major daily support and resistance levels or “highs and lows. The EA uses pending orders to enter trades, with stop loss and take profit levels to manage risk and lock in profits. Trailing stops are also utilized. Approximately 10 trades per week are executed.
Features and Customization
The Daytrade Pro Algo EA incorporates various features for effective and safe automated trading:
One Chart Setup
Trading can be initiated on a single currency pair chart. The settings are then applied to all other supported pairs. This simplifies the process substantially compared to configuring separate charts for each pair.
Flexible Risk Management
The EA allows customization of key risk parameters like stop loss, take profit, trailing stop, and lot size scaling factor. This caters to traders with varying risk appetites. Conservative settings can be used for sustainable long term growth.
Stealth mode hides stop loss and take profit levels from the broker to prevent price manipulation when orders are placed. This helps improve order execution and slippage.
A useful feature to immediately close all open trades with one click in case of emergency market events. This adds an extra layer of risk protection.
In-depth backtest reports and account statistics provide insights into the EA’s historical performance. Key metrics like profit factor, Sharpe ratio, drawdown and monthly returns can be analyzed before committing real capital.
The developer frequently improves the EA’s logic and releases updated versions to buyers. This ensures the algorithms stay optimized for current market conditions.
Daytrade Pro Algo EA Performance and Backtests
Extensive backtesting forms the core validation process for any automated trading system. The Daytrade Pro Algo EA provides detailed backtest reports across various timeframes and brokers.
An example 2-year backtest on MT5 terminal for EURUSD M15 timeframe shows:
- Profit factor of 2.05
- Max drawdown of 18%
- Annual return of 63%
- Sharpe Ratio of 1.95
These metrics indicate strong risk-adjusted returns during the historical test period.
The developer also shares real account statements running the EA with open equity curves and trade details. One such account shows over $24,000 profit in 8 months.
While historical performance does not guarantee future returns, such promising backtests and real account results provide credibility to the expected profitability of the system.
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Pricing and Purchase Options
The Daytrade Pro Algo EA is listed at an introductory price of $990. This is in line with other popular EAs selling for thousands of dollars. Additionally, a launch promo offers one free EA license for a second trade account with each purchase.
The developer also offers installment payment plans, allowing traders to evaluate real performance before completing payments.
Compared to the profits generated and continuous updates provided, the current pricing offers exceptional value. As performance and popularity builds over time, significant price rises in the future are expected.
Advantages and Use Cases
Based on my extensive analysis, here are the main advantages of using the Daytrade Pro Algo EA:
- Profitable backtests across various markets and time periods
- Real account results proving consistency and reliability
- Regular updates and improvements from the developer
- Flexible risk management features to suit different trading styles
- Broker independent logic for seamless switching
- Easy setup and configuration process
- Round-the-clock automated trading without manual intervention
These benefits make the Daytrade Pro Algo EA suitable for:
- Beginner traders looking for profitable “set and forget” solutions
- Experienced traders seeking to automate tedious manual analysis
- Account managers handling multiple client accounts
- Portfolio diversification by spreading capital across various currency pairs
As evident, the EA can cater to traders with varying skill levels and account sizes.
Daytrade Pro Algo EA Potential Limitations
While the Daytrade Pro Algo EA has scored highly across all evaluation parameters, a few limitations exist:
- Extensive backtests and real account results are only available for the last 2 years. Longer track records would build more confidence.
- There is no clear guidance on optimizing the EA for very small ($100-$500) accounts. Minimum recommended capital is $1,000.
- Lack of a free trial option. However, installment payment plans allow real account testing.
Besides these minor issues, I did not find any major drawbacks based on current information. With more customer usage data over time, the developer can address such limitations.
Conclusion and Recommendation
In summary, the Daytrade Pro Algo Expert Advisor is an exceptional product that simplifies the complex process of algorithmic trading. The combination of proven profitability, robust features, and regular updates provides tremendous long term value.
For traders seeking reliable automated solutions or diversification through multiple currency pairs, the Daytrade Pro Algo EA is a worthwhile investment. The pricing is also reasonable compared to performance.
I would strongly recommend using the EA based on my extensive research and analysis across various parameters. As with any EA, I advise starting with small position sizes to evaluate real account results before committing more funds. Used prudently, it can substantially grow trading accounts through hands-free automation.