IS Purple EA Review: A Detailed Look at This Forex Trading Robot
IS Purple EA is an expert advisor (EA) for the MetaTrader 4 (MT4) trading platform that aims to help forex traders maximize profits. This innovative software has been making waves in the trading community, with bold claims of high profits and low risk over extended backtesting periods.
But does IS Purple EA live up to the hype? This comprehensive review will analyze all aspects of this trading robot to determine if it is worth purchasing.
Overview of IS Purple EA
IS Purple EA is marketed as the “ultimate solution for traders looking to maximize their profits in the forex market”. It is designed to simplify trading through automation, allowing both novice and experienced traders to potentially achieve consistent success.
Key features of IS Purple EA include:
- Fully automated trading system for MT4
- Uses an undisclosed algorithmic strategy
- Backtested over 5+ years with strong hypothetical performance
- Compatible with all currency pairs and metals like gold
- Multiple preset files optimized for different assets
- Suitable for ECN/STP brokers with low spreads
The robot is sold through various websites and online marketplaces at a typical price of $480 for a lifetime license.
Verified Backtest Results
The vendor shows verified backtests of IS Purple EA trading gold (XAUUSD) and GBPUSD over a 5+ year period.
Gold Backtest
- Duration: 5 years 2 months
- Total Net Profit: $351,110
- Max Drawdown: 0.94%
GBPUSD Backtest
- Duration: 5 years 1 month
- Total Net Profit: $403,360
- Max Drawdown: not provided
These stellar backtests showcase high profitability with very small drawdowns, indicating a winning algorithm.
However, past performance does not guarantee future results. Backtests don’t account for liquidity issues, spread increases, and other challenges seen in live markets.
Live Performance Data
Surprisingly, the vendor does not show any verified live results for IS Purple EA. This makes it impossible to confirm if the EA can replicate its backtested success in real market conditions.
Potential buyers should be wary of purchasing any trading system without proof of profits in a live account. It is easy for vendors to optimize backtests to look extremely profitable when the algorithm fails in live trading.
Settings and Usage
IS Purple EA has simple usage requirements, making it appealing for beginner traders.
The recommended broker type is ECN/STP with tight spreads and fast execution. Leverage of 1:200 or higher is suggested to make reasonable profits with minimum lot sizes.
Default settings are:
- Timeframe: M1
- Auto lot calculation
- Preset files for major currency pairs and gold
Traders only need to load the EA onto a chart and attach it to the preset symbol. The algorithm automatically places, manages, and closes all trades.
More advanced traders can tweak input parameters if desired. But the developer advises using default settings for best performance.
Pricing and Purchase Options
The IS Purple EA sales page shows a price tag of $480 for a single license with free updates included.
Compared to many other EAs priced below $100, IS Purple EA sits at the higher end. The vendor justifies the increased cost based on its long track record of profitability.
Payments are handled via the vendor’s website or online marketplaces like eBay using credit cards or PayPal.
No free trial is available, but the vendor offers a money back guarantee in case of corrupted or defective files.
Vendor Reputation and Support
IS Purple EA appears to be sold by an independent developer under the brand “Invest Sniper EAs”.
No verifiable background details are available about the vendor. And the lack of live account statements raises some reputation concerns.
Customer support options include:
- Email and direct message support
- Active Telegram group with over 1900 members
- Frequent updates and notifications through Telegram
Despite some transparency issues, the vendor seems responsive in providing customer assistance when required.
Pros of IS Purple EA
Lucrative backtests: 5+ years of hypothetical profits across symbols with low drawdowns signals a robust algorithm.
Flexible usage: Multiple preset files and ease of use allows trading different currency pairs and gold on any MT4 broker.
Reasonable cost: $480 is not cheap but offers potential value given the advertised performance history.
Refund policy: Money back guarantee provides some protection in case the files are defective.
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Cons of IS Purple EA
No verified live results: Lack of real account statements raises credibility concerns over actual profitability.
MT4 only: Limited to MetaTrader 4 platforms, cannot be used on other platforms like cTrader.
No free trial: Must purchase the software without testing it first.
No customer reviews: No external reviews available to assess real user experiences.
The Verdict
IS Purple EA shows promise as a profitable automated trading system for MT4 based on stellar backtest results over 5+ years and multiple symbols. However, the lack of any verified live trading performance raises credibility issues.
The final recommendation is to proceed with caution. Traders comfortable experimenting with backtested EAs can test IS Purple EA in demo first, then small live accounts if positive results are achieved. But large investments should be avoided without proof of live profits.
The money back guarantee also offers some downside buffer in case the software is not as advertised.
Overall, IS Purple EA may appeal to traders seeking a hands-off trading solution – if they remain realistic about potential risks given the lack of transparency. Use proper risk management and avoid over-optimizing backtest results.