Legend Of Legends EA Review – Powerful Yet Safe Automated Trading

The Legend Of Legends EA is an expert advisor for the MetaTrader 4 and 5 platforms that aims to provide a powerful yet low-risk automated trading solution. Developed by Vladimir Stepanov, this EA works in conjunction with the Renko Super Signal Strict custom indicator to identify high-probability trades.

Legend Of Legends EA

Download Legend Of Legends EA

How It Works

The Legend Of Legends EA utilizes a grid and martingale money management strategy to open multiple positions in the same direction. It tracks each trade separately, allowing more flexibility in closing orders compared to a traditional grid strategy.

Some key aspects of how this expert advisor works:

  • Channel Trading: Plots lines above and below price to determine overall market direction and identify potential reversals. Entries are made when price breaks out of the channel.
  • Invisible Orders: Pending orders are placed outside of the current price action to reduce exposure to market noise and manipulation by brokers.
  • Adaptive Take Profit: Monitors market volatility in real-time and adjusts take profit levels accordingly to lock in profits.
  • Drawdown Reduction: An optional algorithm kicks in after a set number of trades to begin closing positions, starting with the most profitable and last opened orders. This mechanism aims to reduce drawdowns when the market moves against the EA’s positions.

Benefits and Features

The Legend Of Legends EA comes packed with features geared towards risk management and optimizing performance:

  • Low Risk: Pre-defined stop loss and maximum spread parameters limit overall risk per trade. No more than 20% of the account balance is put at risk.
  • Flexible Exits: Trades can be closed by take profit levels, indicator signals, or manually if desired.
  • Visual Tracking: Optional profit tags drawn directly on the chart show performance of individual positions.
  • Time Filter: Operates only during user-defined hours to avoid periods of low liquidity.
  • Hedging Support: Simultaneous buy and sell trades are allowed for brokers that permit hedging.

Backtests published by the developer show consistent profits over long time periods with maximum drawdowns of less than 30%. However, as with any EA, forward testing under live market conditions is advised before risking capital.

Using the Legend Of Legends EA

The Legend Of Legends EA is designed to be straightforward to install and use. Here are some tips:

  • Timeframe: Best results are achieved on the 15 minute (M15) chart, but 30 minute, 1 hour, and higher timeframes can also be used for less frequent trading.
  • Currency Pairs: EURUSD and USDJPY are recommended, but other majors like GBPUSD and gold can be traded after testing.
  • Broker: Choose an ECN/STP broker with fast execution, tight spreads, and hedging capabilities for optimal performance.
  • Start Small: Use the minimum lot size when first putting the EA live and only increase position sizes gradually as positive results are achieved.
  • Monitor Performance: Check in periodically to ensure trades are being executed according to the market conditions and EA settings.

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Custom input parameters can be adjusted to fine tune performance or match risk tolerance:

- Max Spread: Maximum spread for new trades 
- Max Buy/Sell Orders: Limits total open positions
- Stop Loss in Points: Sets a fixed stop loss in points
- Stop Loss %: Dynamically trails stop loss by account % 
- Overlap Reduction: Manage earlier trades first

Legend Of Legends EA Verdict

For traders seeking to take advantage of short and medium-term trends across various currency pairs, the Legend Of Legends EA provides a robust framework for automated trading. Its channel breakout strategy coupled with grid trading techniques generates regular profit while keeping risk in check. Extensive backtesting shows this expert advisor can sustain equity growth during both bull and bear markets.

While no EA can be perfect for every trader, Vladimir Stepanov has put significant development effort into building helpful features for long-term viability. For $99, the Legend Of Legends EA is reasonably priced given its capabilities. Less experienced traders may still prefer to use manual exits, but the EA removes much of the complexity from running multiple positions. Overall, a solid option worth considering for algorithmic trading via MetaTrader 4.

Author: Dominic Walsh
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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 | Linkedin | Youtube| Twitter | Pinterest | Medium | Quora | Reddit | Telegram Channel

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