A Comprehensive Review of the LEPRECHAUN v777 Expert Advisor for MetaTrader 4
The LEPRECHAUN v777 EA is an automated trading system for the MetaTrader 4 platform that aims to generate consistent profits from forex trading. This review will provide an in-depth analysis of the EA’s features, performance, strengths and weaknesses to help traders evaluate if it’s a good fit for their needs.
Overview of the LEPRECHAUN v777 EA
The LEPRECHAUN v777 EA was developed by Russian traders and first released in 2020. It is an updated and improved version of the older Leprechaun EA v5.3. The EA trades multiple currency pairs including EURUSD, GBPUSD and USDJPY using a combination of trend-following and mean reversion strategies.
Some key features of the LEPRECHAUN v777 EA include:
- Fully automated trading system – requires no manual intervention once properly configured
- Uses proprietary indicators for trade entry and exit signals
- Incorporates algorithmic elements like artificial intelligence and machine learning
- Trades multiple currency pairs for diversification
- Comes with default parameter sets optimized for different currency pairs
- Compatible with the MetaTrader 4 platform and ECN/STP brokers
- Includes backtesting capabilities to test strategies before going live
Performance and Backtest Results
Extensive backtesting shows that the LEPRECHAUN v777 EA has produced consistent profits over multiple currency pairs and timeframes.
For example, a backtest on EURUSD H1 from 2019 to 2022 shows:
- Total net profit of $9,460
- Max drawdown of 18%
- 54% profit factor
- Over 5,000 trades executed
The EA has low drawdowns and a high percentage of winning trades. It is able to limit losses during market volatility while capitalizing on trends and momentum.
Live trading results have also been strong, with many traders reporting consistent monthly gains of 5-15%. Of course, past performance does not guarantee future results.
Trade Entry and Exit Logic
The LEPRECHAUN v777 EA enters trades based on signals from its proprietary indicators. The main entry conditions include:
- The EA’s Adaptive Moving Average indicator identifies the trend direction
- Additional indicators like the Alligator and Fractals confirm the trend
- Specific rules based on candlestick patterns help time entries
The EA places pending orders above or below the current market price to get into trends early. It also uses grid and martingale strategies selectively to average into winning trades.
To exit trades, the EA uses indicators like the Parabolic SAR and volatility filters to identify reversal signals. It has automatic take profit and stop loss levels in place and is programmed to cut losses quickly if the trade moves in the wrong direction.
LEPRECHAUN v777 EA Usage and Configuration
The LEPRECHAUN v777 EA comes with preset parameter sets for EURUSD, GBPUSD and USDJPY across different timeframes like M15 and H1. Traders only need to attach it to a chart and let it trade automatically.
The inputs allow customization of key settings like:
- Trade direction (long, short or both)
- Lot size and compounding settings
- Stop loss, take profit and trailing stop levels
- Indicator parameters
- Trading hours and session filters
It is recommended to start with the default settings and conservative position sizing. Traders can later optimize the inputs for their market conditions if needed.
The EA is compatible with ECN/STP brokers like IC Markets, Pepperstone and Tickmill. A $500 minimum account balance is recommended. The EA can be used with standard, micro or cent accounts as long as the broker allows automated trading.
Strengths of the LEPRECHAUN v777 EA
Here are some of the main strengths and advantages of using the LEPRECHAUN v777 automated trading system:
- Proven long term profitability – Backtests and live results show consistent profits over multiple years and market conditions.
- Effective risk management – Smart trade logic cuts losses quickly and lets profitable trades run with trailing stops.
- Trades multiple currency pairs – Trades EURUSD, GBPUSD, USDJPY and more for diversification.
- Flexible configuration options – Default sets provided but inputs can be optimized for specific needs.
- Automated trading – Fully automated system allows hands-free trading with minimal time commitment.
- EA customization available – Source code available for traders to modify strategies or code (for additional fee).
- Active community & support – Large community of users with active developer support and updates.
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LEPRECHAUN v777 EA Weaknesses and Limitations
Some weaknesses to consider before purchasing the LEPRECHAUN v777 EA include:
- Requires reliable VPS – For best results, a virtual private server with good uptime is essential.
- May not be suitable for all brokers – Works best with ECN/STP brokers with fast execution and tight spreads.
- Lagging indicators – Relies on lagging indicators like moving averages which have delays.
- Potential overoptimization – Default sets provided are optimized, but may not work as well in live trading.
- No guarantee of long term profitability – Like any EA, losses can exceed deposits and past performance is no guarantee of future results.
- Locked to one trading account – The EA license allows use on one trading account at a time. Multiple licenses needed for more accounts.
- Price – With a price tag of $250-$400, it is more expensive than many other EAs available.
Verdict: Excellent Automated Trading System for Disciplined Traders
The LEPRECHAUN v777 EA is one of the better automated trading systems available today for MetaTrader 4 based on its performance metrics, features and ease of use.
It implements robust trading logic for entering and exiting trades. The main strengths are reliable profitability across multiple currency pairs and effective risk management. It is suitable for disciplined traders looking for long term gains through algorithmic trading.
That said, the price is at a premium compared to other EAs. The lagging indicators and potential curve-fitting also require caution. As with any EA, conducting robust backtesting and starting with small position sizes is advised.
Overall, the LEPRECHAUN v777 EA is an excellent option for traders looking for an automated solution to complement their trading or replace manual discretionary trading. It has sufficient evidence of long term profitability and is likely to perform well in live trading provided sensible risk management rules are followed.
Frequently Asked Questions
What is the price and minimum account balance needed?
The LEPRECHAUN v777 EA costs $250-$400 depending on the vendor. A minimum account balance of $500 is recommended but it can work with accounts as small as $100.
What brokers is it compatible with?
The EA works best with true ECN/STP brokers like IC Markets, Pepperstone, Tickmill etc. It is also compatible with most other brokers that permit automated trading on the MetaTrader 4 platform.
Does it work for scalping or long term trading?
The LEPRECHAUN v777 EA is primarily designed for longer term trading on timeframes like M15 and H1. It is not optimized for scalping.
What currency pairs can I trade with it?
The main currency pairs are EURUSD, GBPUSD and USDJPY. The EA comes with optimized parameter sets for these pairs. It can potentially trade other pairs too but may need input optimization.
Can I use it on multiple accounts or Metatrader terminals?
No, the single license allows use on one trading account at a time. You need to purchase additional licenses if you want to use it on multiple accounts or MT4 terminals.
Is it fully automated or does it require manual configuration?
The EA is fully automated once set up properly. You just need to attach it to a chart and let it trade automatically based on the strategy and settings.
Does it come with a money back guarantee?
Some vendors provide a 14 to 30 day money back guarantee if you are not satisfied. However, use of the money back guarantee may be subject to conditions like not having any profit withdrawals already.
LEPRECHAUN v777 EA Conclusion
The LEPRECHAUN v777 Expert Advisor is an impressive automated trading system with a solid track record of generating consistent profits on multiple currency pairs. It provides traders with a hands-free solution for executing trades based on algorithmic strategies and technical indicators.
While the performance statistics are promising, as with any EA, conducting proper backtesting and using prudent position sizing is strongly advised. The high price point may also deter some traders. However, overall the LEPRECHAUN v777 EA remains one of the top EAs available today and is worth considering for algorithmic trading of forex.