North East Way EA Review – A Detailed Look at This Automated Forex Trading Robot

Table of Contents

The North East Way EA is an expert advisor (EA) sold on the mql5.com marketplace that promises to effectively trade popular “pullback” currency pairs like AUDCAD, AUDNZD, and NZDCAD automatically using an advanced algorithm. In this comprehensive review, we will take an in-depth look at this trading robot to see if it delivers on its promises.

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Overview of the North East Way EA

The North East Way EA was created by developer Pavel Udovichenko and first released on mql5.com on March 30, 2020. It is now on version 1.312 as of March 2, 2023 and has been purchased 7 times according to the product page.

The core strategy used by this EA is based on pullback trading, which involves identifying sharp price movements in either direction followed by a “pullback” – a return of the price back in the opposite direction. By trading these pullback moves, the goal is to profit on the market’s tendency to correct itself.

Specifically, the North East Way EA specializes in trading the following popular pullback currency pairs:

AUDCAD
AUDNZD
NZDCAD

In addition, it can also trade related pairs like EURGBP, EURUSD, GBPUSD, USDCAD, GBPCAD, and EURCAD, although the main focus is on the AUD and NZD pairs.

The EA is fully automated and uses a combination of grid and martingale techniques to manage its trades. Key features advertised include:

Ability to run multiple currency pairs from a single chart
Not sensitive to spread or slippage
Flexible risk management settings
Detailed instructions provided for setup and use

Next, let’s take a look at some of the trading performance and backtests published by the developer.

Backtests and Live Results

The developer provides limited backtests on the product page showing the North East Way EA running on the AUDNZD and NZDCAD pairs, but no detailed metrics or long-term backtests are given.

However, Pavel does share access to a number of live signals showing the EA running on real accounts with real money.

Here is a summary of some of the top performing public signals:

MultiWayStrait MT5 – Running since Sept 2021 on RoboForex with a gain of +224% as of Dec 2022. Shows a smooth equity curve overall but has a current drawdown of 38%. Trades multiple pairs.

NEW2000 MT5 – Running since March 2021 on ICM. Up +957% as of Dec 2022. Higher risk signal trading EURUSD and GBPUSD mainly.

FastWay MT5 – Up +498% since late 2020 on RoboForex across multiple pairs. In a current drawdown of 62% as of Dec 2022.

These signals help verify the viability of the EA but also show that significant drawdowns are possible when using more aggressive settings. More conservative options are available within the EA settings as well.

Some MT4 accounts are also available showing gains of 50-150% over 1-2 years but currently inactive or blown. So results between platforms may vary.

Overall though, the signals demonstrate the potential profitability of the North East Way EA system across different brokers, accounts, and settings.

Using the North East Way EA

The developer emphasizes the ease of use of the North East Way EA stating that no forex EA experience is required. Comprehensive setup instructions and guidelines are provided covering:

Installation – Simply drag the EA file onto a chart in MT4 or MT5 to install. Works on any broker.

Configuration – A one chart setup feature allows running all pairs from a single M15 chart. Uses special syntax: AUDNZD,NZDCAD,AUDCAD,EURGBP*0.5,EURUSD*0.5,GBPUSD*0.5,USDCAD*0.5,GBPCAD*0.5,EURCAD*0.5

Settings – Inputs control trade management factors like max spread, auto lot sizing based on equity, grid and martingale settings, position sizing etc. All can be adjusted as needed.

Testing – Multi-currency backtesting is recommended using MT5 strategy tester to simulate live trading across all pairs simultaneously.

Support – Developer offers personal support and invites buyers to join a private Telegram group for advice and assistance in setting up and operating the EA.

With the detailed instructions and support provided, even traders new to EAs should be able to install, configure and optimize the North East Way EA without issues.

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Pricing

The North East Way EA is priced at $349 on the mql5.com marketplace. This is positioned as a premium product given the amount of development work involved and extensive backtesting and optimization across multiple pairs.

Compared to other pullback EAs and automated systems, this is on the higher end of pricing but in line with the quality and performance that is demonstrated in the backtests and account statements.

For traders serious about hands-off trading of pullback strategies, the price tag may be justifiable given the profit potential shown. Less expensive alternatives are available but may not match the same level of quality or support from the vendor.

Pros and Cons

Pros

Profitable long term live results
Developer provides active support and community access
Detailed instructions make setup straightforward
Flexible settings to match risk preferences
Multi-pair capability from one chart

Cons

Limited transparency into actual strategy logic
Higher price point compared to other EAs
Backtests could be more detailed
Performance varies across different platforms

Verdict

Overall, the North East Way EA shows promising profit potential based on the long term live results and community trust demonstrated on mql5.com. With over 7 years of development and consistent updates from the vendor Pavel Udovichenko, traders can have confidence in the performance and reliability of this automated trading system.

While the backtests leave something to be desired and losses can be significant with aggressive settings, the customization available combined with the dedication of the developer leads us to recommend the North East Way EA as a solid pullback trading solution worth considering.

As always, do your own due diligence, start small, and use proper risk management. But for hands-off trading of pullback pairs, the North East Way EA ranks as one of the better options available based on the full body of evidence available.