Hannah EA: A Comprehensive Review of the Order Blocks Forex Robot
Hannah EA is an automated trading robot that implements a combination of order blocks and regression channel analysis to generate trading signals. In this comprehensive review, we will analyze the key features, strengths and weaknesses of this expert advisor (EA) to determine if it is a viable tool for forex traders.
Overview of Hannah EA
Hannah EA is a MetaTrader 4 (MT4) expert advisor coded by a team of developers to trade forex automatically using a strategy based on order blocks and regression channels.
Some key features of Hannah EA include:
- Strategy: Combination of order blocks and regression channel analysis
- Timeframes: Optimized for 1 hour and 15 minute charts
- Trading Frequency: Makes 3-8 trades per month
- Risk Management: Uses stop loss and take profit on every trade
- Martingale: Does not use any risky martingale techniques
- Minimum Deposit: $100 USD recommended
- Monthly Return: Targets 10-15% per month
How Hannah EA Works
Hannah EA uses a combination of two technical analysis techniques to identify high-probability trading opportunities:
The EA identifies order blocks on the chart and waits for price to return to those areas.
This additional layer ensures trades are taken at opportune turning points in the trend.
Trade Entry Rules
Hannah EA enters trades when the following conditions are met:
- Price reaches an identified order block zone
- Regression channel confirms order block as an optimal entry
- Volatility is low for high-probability setup
- One-shot entry (no martingale)
The EA places a stop loss and take profit on every trade for strict risk control. No martingale or grid techniques are used.
It also avoids trading during high volatility periods.
Performance and Backtests
Extensive backtests of Hannah EA on multiple currency pairs show an average monthly return of 10-15% with max drawdowns contained to 5-10%.
However, past performance does not guarantee future results. The market is always evolving, so forward testing in a demo account is recommended before using any EA.
The developers recommend a minimum account balance of $100 when using Hannah EA. It is optimized for some of the major currency pairs like AUDJPY, EURGBP and USDJPY.
On average, the EA makes only 3 to 8 trades per month, with some months having no trades at all. So it is not very active and follows a precision over frequency approach.
Strengths of Hannah EA
Here are some of the notable strengths of this expert advisor:
- Proven strategy – Order blocks and regression channels are time-tested technical analysis methods with sound logic behind them.
- Low trading frequency – Making only a few quality trades per month prevents overtrading and minimizes transaction costs.
- No martingale – Trades are entered once without compounding losses, avoiding account blowups.
- Multiple timeframes – The use of both 1 hour and 15 minute charts allows flexibility.
- Low drawdowns – Smart risk management results in minimal account drawdowns historically.
Check our advanced Forex Scouts Gold V9 Robot
Limitations of Hannah EA
However, there are also some limitations to consider:
- Potential overoptimization – Extensive backtest optimization runs the risk of curve fitting. Real results may vary significantly.
- Limited pair/timeframe testing – While optimized for certain pairs and timeframes, testing on others is limited.
- Coding quality – User reviews indicate occasional bugs and issues needing fixes from the developer.
- Expensive for capability – Priced at $99 USD while offering relatively basic functionality. Other EAs with more features are available for less.
- Future robustness – Markets evolve, so an EA optimized for past performance may not work as well in future.
Using Hannah EA in a Portfolio
Hannah EA fills a niche as a low activity expert advisor that could complement other trading strategies for diversity.
Some tips for effectively using it in a portfolio:
- Test thoroughly across different market conditions first
- Start with small position sizes for evaluation
- Use on only one chart pair/timeframe to avoid correlated trades
- Combine with other EAs/strategies trading different assets and timeframes
- Employ proper risk management techniques (stop loss, take profit, low leverage, etc.)
Verdict: Proceed With Caution
Hannah EA shows promise as a low frequency forex trading robot using a logical strategy combining order blocks and regression channel analysis.
However, as with any EA, caution is warranted given the potential limitations. Extensive testing across different market conditions is advised before committing real capital.
For traders willing to proceed cautiously and manage risks properly, Hannah EA may be a useful addition to a diversified automated trading system. But expectations should be tempered, and using the EA as one component of a larger trading plan is recommended.