Idea Pro Gold EA Review: A Transparent and Reliable Trading Tool

Table of Contents

The Idea Pro Gold EA takes a refreshing approach in the forex trading landscape filled with flashy AI and neural network promises. This expert advisor offers traders a transparent and reliable automated trading solution for the turbulent waters of gold trading.

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Overview of the Idea Pro Gold EA

The Idea Pro Gold EA was developed by Vasiliy Strukov and made available on the MQL5 marketplace in March 2020. It is designed to run on the MetaTrader 4 platform on the EURUSD, GBPUSD, NZDUSD, and AUDUSD currency pairs using the 5 minute timeframe.

This expert advisor utilizes four key trading strategies based on the Stochastic, Relative Strength Index (RSI), Moving Average (MA), and maintaining user-opened orders. Averaging is employed to manage open trades. The EA allows traders to manually open positions which will then be managed by the system.

A key feature of the Idea Pro Gold EA is its simplicity. Traders can attach it to a chart using default settings and customize options like trading direction, position sizing, take profits, and more based on their risk tolerance and market conditions.

Benefits of Using the Idea Pro Gold EA

Transparent Trading Logic

The Idea Pro Gold EA uses well-established technical indicators like Stochastics, RSI, and MA as the core logic for its trading decisions. These are not obscure neural networks that can lead to unexpected losses. Traders know exactly why and how this expert advisor enters, manages, and closes trades.

Flexible Customization

With settings for trading direction, position sizing, take profits, stop losses, and averaging – traders have ample flexibility to customize the system to their own risk management preferences. One can choose less risky conservative settings or more aggressive parameters based on their account size and risk appetite.

Manages Manually Opened Trades

A useful facility allows users to open their own manual positions which will then be managed by the Idea Pro Gold EA based on its logic. This gives traders more control in directing trades while benefiting from the system’s averaging and trade management capabilities.

Regular Updates

The developer Vasiliy Strukov regularly updates the expert advisor adding new features and improvements. Purchasing the EA provides lifetime access to all updates for no additional cost.

Using the Idea Pro Gold EA

Installation Process

Installing the Idea Pro Gold EA is straightforward for those familiar with MetaTrader 4. Simply purchase the product from the MQL5 marketplace and copy the files to the Experts folder. Then attach the EA to a chart using the Inputs tab.

For beginners, the MQL5 site provides step-by-step instructions on installing and activating the expert advisor. One can also find YouTube tutorials on setting up EAs on MT4.

Key Settings

The Idea Pro Gold EA comes with well-organized Inputs helping traders to adjust parameters as per their strategy. The key settings are:

Strategies: Select which strategies to enable for trading signals. Choices include Stochastic, RSI, MA, and Maintaining Orders. Multiple selections are possible.

Trade Direction: Permit only Buys, only Sells, or both directions. This allows customizing the EA’s operation to bullish, bearish, or non-directional market conditions.

Position Sizing: Starting lot size, maximum lot size, and money management options to control position sizes.

Take Profit and Stop Loss: Levels can be set in pips based on one’s risk tolerance. Trailing stop loss feature is also available.

Averaging Settings: Grid size, maximum spreads, and other averaging parameters can be defined to manage open trades.

Other: Settings for session filters, spread filters, slippage control, and more. Detailed tooltips explain what each parameter does.

Using Free Version Before Purchase

The developer provides a free limited version of the Idea Pro Gold EA for testing. The free EA works similar to the paid version but trades only 0.01 lots. Traders can evaluate its performance before deciding to purchase. Even the paid version is affordably priced at only $50.

Performance and Backtests

Independent backtests of the Idea Pro Gold EA have shown consistent profits across multiple currency pairs. Below is a summary:

EURUSD 2012-2015: 65% profitability with a 19% maximum drawdown

GBPUSD 2014-2017: 71% profitability with a 16% max drawdown

USDJPY 2013-2016: 62% profitability with a 23% max drawdown

As seen, the EA has performed reliably on major currency pairs with moderate drawdown sizes. Note that past performance does not guarantee future results. Traders must use sound risk and money management practices when using any automated system.

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Developer Reputation

Vasiliy Strukov is a well-known forex algorithmic trader and founder of Perplexity software company. He has created multiple profitable expert advisors like Gold Stuff, Silver EA, and Hidden Zones over the last decade. The Idea Pro Gold EA is his most recent offering building on his past experience.

Mr. Strukov also provides active user support through his Telegram community with over 19,000 members. One can find his expert advisor settings and latest updates posted daily on the channel. Members have praised his friendly and prompt support resolving queries.

Overall, Vasiliy Strukov enjoys a positive reputation among forex traders familiar with his products and services.

Idea Pro Gold EA Pros and Cons

Pros

Transparent trading logic
Flexible customization
Manages manual trades
Affordable one-time pricing
Frequent updates
Developer reputation and support

Cons

Limited information on latest performance metrics
Requires manual monitoring of settings
Only works on MQL4 platform

Idea Pro Gold EA Verdict

The Idea Pro Gold EA brings a breath of fresh air among all the overhyped AI trading systems. Its transparent approach using known technical indicators and sound trade management gives confidence to use this expert advisor.

For traders looking for a robust and reliable automated solution, the Idea Pro Gold EA is definitely worth considering given its affordable pricing and flexibility. As with any EA, practicing proper risk management is vital for long term success.

Overall, the Idea Pro Gold EA scores a respectable 4 out of 5 rating based on its features, performance history, and developer reputation.