Odin Forex Robot Review – An In-Depth Look at Its Features and Performance

The Odin Forex Robot is an automated trading system that uses an advanced grid trading strategy to identify and execute forex trades automatically. In this comprehensive review, we will take an in-depth look at how Odin works, its main features, pricing, and most importantly – its actual trading performance.

Odin Forex Robot

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Overview of the Odin Forex Robot

Odin Forex Robot was developed by a team of professional traders and software developers led by Don Steinitz. It is designed to run seamlessly on the popular MetaTrader 4 trading platform, scanning the charts of multiple currency pairs simultaneously for trading opportunities.

Once Odin identifies a potential trade setup based on its grid trading strategy, it will automatically execute the trade by placing buy or sell orders. The robot also has the capability to manage open positions by moving stop losses and taking profits at predetermined levels.

Some of the highlighted features of the Odin Forex Robot include:

How Does the Odin Forex Robot Work?

Odin uses an advanced grid trading strategy to identify trades. Grid trading involves opening buy and sell orders above and below the current market price to capitalize on market volatility. As the price fluctuates between these grid levels, orders are closed for a profit.

The grid trading logic consists of two main components – order opening and management:

Order Opening

Odin analyzes price action on multiple time frames to determine trend direction. It then calculates optimal grid spacing and places pending orders above and below the current market price. For an uptrend, buy orders are placed below the price and sell orders above. The opposite is true for downtrends.

Trade Management

As the price moves up and down, different grid orders are triggered. Odin uses a proprietary algorithm to trail stops and lock in profits as the trade moves in a profitable direction. If the market reverses, it will close out trades for a small loss and await new trading opportunities.

This method of trading allows Odin to capture profits in the short-term in a volatile market. The robot aims to bank small consistent gains that accumulate over time.

Main Features of the Odin Forex Robot

Here are some of the main features that provide an advantage to users of the Odin Forex EA:

  • Runs on any MT4 broker – Since Odin is built for the MT4 platform, it is compatible with almost all retail forex brokers that offer MT4. You do not need to find a special Odin-friendly broker.
  • Trades multiple currency pairs – Odin scans up to 14 currency pairs simultaneously to diversify trades and reduce risk. Popular majors, minors and exotics are traded.
  • Fully automated trading – The robot opens, manages and closes all trades automatically without any manual intervention needed. You just set it up once and let it trade independently.
  • In-built money management – Odin has a calculated money management system that determines position sizing based on account balance. This keeps risk under control on every trade.
  • No optimization or over-fitting – The developers rely on a stable and tested trading logic instead of curve fitting the system to past data. This ensures longevity in live trading.
  • Broker shield – This proprietary technology hides sensitive trade information from brokers to prevent trade manipulation or intervention.
  • Dedicated customer support – For any setup or configuration issues, customers can get in touch with the Odin support team for quick troubleshooting and fixes.

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Odin Forex Robot Pricing

Odin Forex Robot is sold through the developer’s website ForexRobotTrader.com and is priced at $129. This is a one-time cost, with no additional fees or commissions payable.

The Odin trading software package includes:

  • Odin EA installer and user guide
  • License key to activate the robot
  • Access to customer support and software updates

There are no upsells or additional purchases required. The $129 price tag gives you full access to the robot on 1 live trading account.

Odin Forex Robot Trading Performance

The most important aspect of evaluating any automated trading system is its past trading performance. Let’s take a look at the verified results published for the Odin Forex Robot.

Live Account Trading Results

On their sales page, the developers provide trading statements from a live broker account traded using the Odin EA.

For the period January to December 2019, the account gained +27% with a drawdown of 18%. 670 trades were executed across multiple currency pairs including EURUSD, GBPUSD and USDJPY.

The live account results certainly look promising on paper. However, there are some limitations:

  • Results are not verified by an independent third-party service like MyFXBook. So, it is impossible for a trader to confirm their authenticity.
  • The period shown is less than a year. Long-term results over 2-3 years would provide better insight into the robot’s profitability.
  • Drawdown is quite high at 18%. Higher drawdown means increased account risk.

Backtest Results

In addition to the live account results, the Odin Forex Robot website also provides backtested results from January 2015 to September 2016.

The backtest shows a gain of +330% over 20 months of simulated trading. While the performance is stellar, backtests have limitations:

  • It is unknown if these results are from optimized parameters fit solely to historical data. Optimization can lead to overfitting.
  • Backtests do not account for real market liquidity, spreads and execution. Live results will differ.
  • The huge gain is unlikely to be replicated in live trading year after year. Most traders will be happy with 20-30% yearly gains.

Bottom Line

  • The performance results published by the Odin developers have not been independently verified, so their accuracy and legitimacy are questionable.
  • Many independent user reviews on sites like Forex Peace Army report disappointing results and losses from using Odin, contradicting the vendors’ claims.
  • Odin relies on a risky grid trading strategy that can lead to large drawdowns in volatile markets.
  • There are concerns about lack of transparency from the Odin developers regarding their identity, location, and trading experience.
  • Without verified trading statements, it’s impossible to confirm if Odin can consistently generate the advertised profits.
  • Traders are advised to thoroughly backtest Odin before going live, use prudent risk management, and have realistic expectations.
  • Alternatives like EA Studio may offer some advantages over Odin in terms of features, transparency, and customizability.

In summary, the credibility of the advertised Odin Forex Robot results is doubtful according to the available information. Traders are recommended to approach it with caution.

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 | Linkedin | Youtube| Twitter | Pinterest | Medium | Quora | Reddit | Telegram Channel

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