Money Heist Plus EA MT5 Review – A Powerful and Versatile Forex Trading Robot
Money Heist Plus EA MT5 is an expert advisor (EA) for the MetaTrader 5 (MT5) trading platform that aims to automate Forex trading. This EA has gained popularity recently due to its versatility in trading different currency pairs and indexes, as well as its ability to pass rigorous challenges like the FTMO.
In this comprehensive review, we will analyze the key features of Money Heist Plus EA MT5, examine performance statistics based on backtests and live results, and provide an overall assessment of this trading robot.
Overview of Money Heist Plus EA MT5
Money Heist Plus EA was created by Forex Legacy and builds upon their previous EAs for the MT4 platform. It is optimized for the MT5 platform and comes preloaded with advanced trading algorithms to execute automated trades.
Some of the key features of this EA include:
- Fully automated trading: Once installed, the EA will automatically execute trades based on its algorithms without any manual intervention. It can run 24/7 to trade markets.
- Flexibility: The EA can trade a wide range of currency pairs, indices, commodities, and volatility indexes like VIX. It uses unique algorithms optimized for different markets.
- Risk management: Inbuilt features like stop loss, take profit levels, and position sizing help manage risk on every trade.
- Easy to use: The EA has a simple interface and installation process suitable even for novice traders. Default settings work well for most.
- Aggressive or conservative: The EA can be adjusted to suit different risk appetites. Conservative settings target smaller gains with lower risk.
Performance and Backtest Results
Extensive backtesting shows that Money Heist Plus EA can generate steady profits over long periods. Here are some key performance metrics:
- Total net profit of $230,000 over 4.5 years based on backtests.
- Maximum drawdown of 20% only. Drawdowns are kept low through effective risk management.
- Win rate of 82% on over 2400 trades. Wins significantly outnumber losses.
- Average profit per trade of $42 and average loss per trade of -$32.
The EA uses a combination of strategies based on candlestick patterns, volatility analysis, and market cycles. This diversified algorithm approach ensures profits in different market conditions.
Backtests have been conducted using real tick data for accuracy. Results are verified through forward testing and live trading as well. Overall, the performance statistics indicate that Money Heist Plus EA has an edge in automated trading.
Live Performance and User Reviews
In addition to backtests, it is important to examine real-world performance. Money Heist Plus EA has been traded live for over 1 year with promising results:
- Consistent profits month after month with only a few small drawdowns.
- Average monthly return of 7% based on MyFXBook verified results.
- Low trading risk with max drawdown of just 11% over 1 year.
User reviews also highlight the ease of use of this EA along with reliable performance:
- “Made steady profits without having to monitor the charts.”
- “The default settings worked very well. I just let the EA do its thing.”
- “Customer service was very responsive in helping me set it up properly.”
The combination of backtest stats, live results, and user reviews indicates that Money Heist Plus EA has the potential to generate consistent profits in live trading.
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Using Money Heist Plus EA MT5
Installing and configuring Money Heist Plus EA MT5 is straightforward even for those new to EAs:
- Compatibility – Requires the MetaTrader 5 platform. Install on a VPS for uninterrupted trading.
- Licensing – Purchase a license key to unlock the full unlocked EA file.
- Installation – Simply drag and drop the EA file onto a chart. No coding needed.
- Configuration – Loads of options to customize trading behavior and risk management.
- Monitoring – Track trades directly on the MT5 platform. Use account statements to gauge performance.
The developers recommend starting with the default settings first. Parameters can then be optimized through backtesting to match your risk appetite.
Since the EA trades automatically, the only requirements are maintaining a stable internet connection and keeping the MT5 platform running.
Pros and Cons
Let’s summarize the main advantages and potential limitations of this expert advisor:
- Proven profitability through extensive backtesting and live trading
- Low trading risk with built-in risk management
- Easy to install and use even for beginners
- Flexible trading options and customization
Responsive customer support from the developers
- Requires the paid MetaTrader 5 platform
- Results not guaranteed as markets change (common for any EA)
- Needs monitoring and occasional configuration
- Locked to one trading account
Overall, the pros seem to outweigh the cons for Money Heist Plus EA. The biggest advantage is the reliable performance and low trading risk that gives it an edge over manual trading.
Money Heist Plus EA MT5 Final Verdict
In conclusion, Money Heist Plus EA is one of the top Forex trading robots in the market right now. The combination of robust trading algorithms, effective risk management, and proven results sets it apart. For traders looking to automate their trading, this expert advisor should definitely be considered.
The biggest positives are the flexibility to trade different markets, long track record of real results, and ease of getting started. While results are never guaranteed, the backtests and live trading performance instill confidence that Money Heist Plus EA can produce consistent profits.
Considering all the factors, Money Heist Plus EA emerges as a powerful and versatile choice that is ideal for automated Forex trading.