Highway EA Review – A Comprehensive Look at This Automated Forex Trading Robot

Highway EA is an automated forex trading system developed for MT4 platform users. As a trend-following trading robot, it uses technical indicators like MACD and Stochastics to assess market momentum and identify overbought/oversold levels. This review provides an in-depth analysis of Highway EA, explaining how it works and evaluating its features, strategies, and performance based on available information.

Highway EA

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How Highway EA Works

Highway EA is designed to monitor up to 30 currency pairs simultaneously across two different timeframes – a higher timeframe like 1H or 4H and a lower timeframe like 15M or 5M. It doesn’t use martingale or arbitrage systems. However, you can enable its buy/sell cycle feature which allows repeated entries into the same asset based on price signals.

The EA seems optimized for scalping but can be used for day trading or swing trading by configuring the two timeframes appropriately. It makes trading decisions after candle closes to ensure updated data. Then it checks for trading opportunities based on indicator signals and predefined conditions. If a trade is triggered, it places buy or sell orders with customizable stop loss and take profit levels.

Key Features of Highway EA

  • Monitors 30 currency pairs across two timeframes
  • Allows repeated buy/sell cycle entries
  • Customizable take profit, stop loss, and order limits
  • Comprehensive risk management parameters
  • News filter to avoid trading during high-impact events
  • Stochastics oscillator and MACD technical indicators
  • Closes trades when overbought/oversold levels are hit
  • No expiry, unlimited usage

Trading Strategies Used

The main strategies used by Highway EA include:

Trend Following – It identifies the prevailing trend on higher timeframes using MACD histogram. Trades are taken in the direction of the trend.

Mean Reversion – Overbought/oversold levels determined by the Stochastics indicator can signal potential reversals. Counter-trend trades are placed when such levels are reached.

Breakout – The EA may enter buy/sell cycle mode after an initial trend trade. Subsequent entries aim to capitalize on breakouts as the trend accelerates.

Scalping – With default settings, the EA seems optimized for scalping strategies on shorter timeframes. Multiple quick trades target smaller profits.

Performance Statistics & Ratings

Based on various Myfxbook accounts trading live, Highway EA has achieved:

  • 10% to 30% average monthly returns
  • Sub 20% max drawdown
  • 71% to 75% win rate
  • 1:2.5 risk-reward ratio
  • Positive expectancy around 6 pips per trade

User reviews indicate satisfactory performance if the EA is configured properly. It seems suitable for both small and large accounts. However, lack of long-term live results makes it hard to gauge consistency. It may require periodic optimization and monitoring.

Overall ratings:

Ease of Use – ⭐⭐⭐⭐

Strategy Logic – ⭐⭐⭐

Performance – ⭐⭐⭐

Customization – ⭐⭐⭐⭐

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Advantages of Using Highway EA

  • Requires only basic MT4 setup and configuration
  • Provides flexibility to customize trading parameters
  • Capable of tracking multiple currency pairs 24/7
  • Suitable for all account types and capital sizes
  • Risk management features minimize losses
  • Free with no expiry, unlimited usage

Disadvantages & Risks

  • Lack of long-term performance history
  • Periodic optimization may be required
  • Needs regular monitoring and manual interventions
  • Higher spreads, commissions can affect profitability
  • Complex strategy logic, prone to overoptimization
  • Coding flaws or errors may cause unexpected losses

Verdict – Should You Use Highway EA?

Highway EA seems to be a decent automated trading system for MT4 platform, offering satisfactory results, flexibility, and customization options for forex traders. The lack of historical live track record makes it hard to determine long-term consistency and profitability.

It is suitable for traders looking for a free EA with solid risk management features. However, the coding complexity indicates potential for flaws and overoptimization. So you need to understand how it works, rigorously test it first, and then monitor its live performance before committing real capital.

Use optimal settings that fit your trading style and risk appetite. Keep expectations realistic in terms of returns. With disciplined usage, Highway EA can be a helpful addition for diversifying your automated trading portfolio.

Author: Dominic Walsh

I am a highly regarded trader, author & coach with over 16 years of experience trading financial markets. Today I am recognized by many as a forex strategy developer. After starting blogging in 2014, I became one of the world's most widely followed forex trading coaches, with a monthly readership of more than 40,000 traders! Make sure to follow me on social media: Instagram | Facebook | Youtube| Twitter | Pinterest | Medium | Quora | Reddit | Telegram Channel

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