IS White EA Forex Trading Robot Review

The IS White EA is an automated forex trading software designed for the popular MetaTrader 4 platform. This expert advisor (EA) claims to scan currency pair charts to identify trading opportunities based on its built-in algorithm. When a trade signal is detected, the IS White EA can automatically place and manage trades on behalf of forex traders.

I evaluated the IS White EA to provide an unbiased and comprehensive review on its features, performance statistics, pros and cons.

IS White EA

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How the IS White EA Works

The IS White EA is categorized as a scalping EA, meaning it aims to profit from small price movements in the forex market. Scalping EAs like this typically place numerous trades that are closed within minutes or even seconds.

This EA is optimized for the M1 and M5 timeframes on the MetaTrader 4 platform. It analyzes price charts on these short timeframes to identify trading opportunities from ultra short-term market moves and trends.

The developer claims that the software utilizes advanced technical indicators and price action patterns as part of its entry and exit logic. Specific details of the algorithm and strategy used are not provided transparently however.

Once the software’s algorithm triggers a buy or sell signal, a market order is automatically sent to your broker to enter the trade. Trades are then managed by the EA which will monitor price action and close positions when its criteria are met.

Features and Settings

Key features of the IS White EA include:

  • Works on multiple currency pairs but optimized for XAUUSD and EURUSD
  • Designed for M1 and M5 timeframes
  • Uses small stop losses to control risk
  • Trades last less than 1 minute typically
  • No martingale or grid trading
  • Filters added to enhance entry signals
  • Improved tracking of open orders
  • Algorithm to reduce losses from false signals

The EA has a simple inputs tab with the following main settings:

  • Risk – Risk percentage
  • StopLoss Percent – Stop loss size as % of account
  • TakeProfit – Take profit in pips
  • Trail – Trailing stop loss pips
  • PipsStep – Minimum price change filter
  • OpenTime – Start trading hour
  • Magic – Magic number ID

These settings allow you to adjust the EA’s risk management, trade entry filters, trading times and magic number.

Advanced parameters or options to optimize the software for different market conditions are lacking.

Backtest Results

The developer provides limited backtest reports to verify the historical performance of the IS White EA.

Trade history from a demo account shows the EA generated a 36.42% monthly return during a short test period. However, the extremely high win rate of 100% raises some questions on the reliability of this backtest.

A more extensive backtest for the XAUUSD pair on the M5 chart is also shown, spanning over 2 years of historical data.

Key statistics from this backtest are:

  • Total net profit: +44%
  • Max drawdown: 0.02%
  • Win rate: 90%
  • Risk:Reward ratio: 1:1.4

These metrics indicate decent profitability with very low drawdowns historically. However, a 1:1 risk reward is quite conservative.

It’s difficult to have full confidence in backtests from any forex EA vendor though. It is possible for results to be optimized or overfit when configuring the software. Live results can differ significantly as a result.

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Live Performance

Checking recent live trading performance is important to gauge the reliability of any EA.

At the time of writing this IS White EA review, verified accounts tracking live results could not be found. This makes it impossible to confirm if the stellar backtests translate into real-world profits.

I would suggest traders using the IS White EA MyFXBook to verify performance for at least a few months before considering the software. Be wary of any promises of easy profits without proof.

IS White EA Cost

The IS White EA is sold on various websites for approximately $97.

Considering many forex EAs cost several hundred dollars or more, the price seems reasonable.

Payment can be made via PayPal or card on checkout.

IS White EA Pros and Cons

Advantages of the IS White EA:

  • Low cost compared to rivals
  • Trades popular XAUUSD pair
  • Small stop losses to limit losses
  • Does not use martingale or grid trading
  • Lots of technical filters for entries

Disadvantages include:

  • No verified live results available
  • Backtests may be overfit
  • Conservative risk:reward ratio
  • Lack of customizable settings
  • Hidden strategy logic

So while the backtests and low drawdowns appear promising, I would remain cautious until consistent live trading statistics can validate the EA’s capabilities.

IS White EA Final Verdict

The IS White EA comes with a low price tag compared to many competing automated trading systems on the market. Historical backtest results also showcase decent profitability with low drawdowns and risk management.

However, the lack of transparency on the specific strategy rules built into the software does raise some questions. The absence of verified live trading accounts further adds uncertainty when evaluating real-world performance potential.

As a result, my verdict is that traders should proceed with caution with the IS White EA robot. I would suggest using a demo account first and tracking live trades for at least 3 months before risking real capital. Solid risk and money management principles should be employed when running this or any other forex robot.

While the software specifications look interesting, only consistent and verified real account trading statistics can determine if this EA is capable of producing long-term positive results.

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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