Orbit Rage Final EA MT4 Review – A Detailed Look at This Automated Trading System
Orbit Rage Final EA is an automated trading system for the MetaTrader 4 (MT4) platform that has gained popularity among forex traders in recent years. In this comprehensive review, we will take an in-depth look at this expert advisor (EA) to understand how it works and evaluate its key features, strengths and weaknesses.
Overview of Orbit Rage Final EA
Orbit Rage Final EA is a fully automated forex trading robot that executes trades automatically based on its built-in trading logic and algorithms. It was developed by Billy Aranduque Abcede and works based on a combination of bull/bear candlestick patterns and divergence analysis.
The EA is designed to identify potential trading opportunities presented by short-term pricing inefficiencies in the forex market. It aims to capitalize on these opportunities by buying and selling currency pairs through carefully timed market entries and exits.
The Orbit Rage Final EA trades multiple currency pairs including EUR/USD, GBP/USD, USD/JPY, USD/CHF, AUD/USD, NZD/USD and XAU/USD (Gold). It is optimized to run on the M15 and M5 timeframes for currencies and gold respectively.
Some key features of the Orbit Rage Final EA include:
- Fully automated trading – no manual intervention needed
- Uses bull/bear candlestick and divergence strategies
- Trades multiple currency pairs and XAU/USD
- Default settings optimized for M15 and M5 charts
- No martingale, grid or arbitrage strategies
- Comes with backtested results and detailed user guide
How the Orbit Rage Final EA Works
The Orbit Rage Final EA is based on two primary trading strategies – bull/bear candlestick patterns and divergence analysis. Let’s look at how each works:
Bull/Bear Candlestick Strategy
This strategy analyzes candlestick patterns on the chart to determine market sentiment and potential turning points. The EA is programmed to recognize bullish candles like the hammer, inverted hammer, engulfing and piercing patterns as buy signals. Bearish candles like shooting star, hanging man, dark cloud cover and engulfing patterns are considered sell signals.
When the software detects a high probability candlestick pattern during its analysis, it triggers a trade in the direction of the projected market move. For example, if a bullish engulfing pattern is identified, the EA will initiate a long trade on the currency pair.
Divergence refers to a situation where the price of an asset moves in a different direction compared to an oscillator indicator like RSI, MACD etc. Divergence signals a potential trend reversal and is used by the EA to supplement the candlestick patterns.
The Orbit Rage Final EA is programmed to detect regular and hidden divergences between price and RSI. If a bullish divergence is found, for example, the EA will look for bullish candlestick patterns to confirm the buy signal and vice versa. This combination helps validate high probability trades.
By leveraging these two complementary strategies, the Orbit Rage Final EA aims to open and close trades at opportune moments to capture short-term gains. The positions are closed out quickly once profit targets are reached to limit exposure.
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Key Features and Settings
The Orbit Rage Final EA comes equipped with several features and custom settings that traders can adjust according to their preferences:
Trading Hours – The EA allows users to set the start and end trading hour for the sessions. This allows trading activity to be restricted to specific hours if needed.
Timeframes – The EA can be run on multiple timeframes from M1 to H1 according to the trader’s strategy. The default settings are optimized for M15 and M5.
Currency Pairs – The software allows adding multiple currency pairs including majors, minors and exotics. The default pairs are EUR/USD, GBP/USD and XAU/USD.
Money Management – The EA has in-built money management settings to control position sizing and exposure. Traders can set the percentage of account balance to risk per trade.
Stop Loss – A stop loss can be enabled to exit losing trades at a predefined loss level. This helps limit downside risk.
Take Profit – Take profit levels can be set so that winning trades exit with a fixed profit target when reached.
RSI Settings – The overbought and oversold RSI levels can be adjusted which impacts the divergence signals. Default is 70 and 30.
Moving Averages – The periods for fast and slow moving averages used in the algorithm logic can also be customized as needed.
These settings allow traders to fine-tune the EA’s behavior and optimize it for their trading style and market conditions. The EA comes with a detailed user guide explaining all the settings.
Backtesting Results & Performance
Extensive backtesting is essential for evaluating any automated trading system before going live. According to the vendor, the Orbit Rage Final EA has been backtested across multiple currency pairs and timeframes to assess its viability.
The posted backtest reports apparently show consistent profitability across different market conditions with a solid balance curve and high percentage of winning trades. The average win rate is stated to be between 60% to 80% with a risk-reward ratio of 1:2.
However, it is difficult to verify these claims independently since the testing methodology and broker used for backtesting have not been disclosed. Traders are advised to take the advertised results with a grain of salt and backtest the EA themselves before purchasing.
Live account monitoring services like MyFXBook can also give traders an idea of the EA’s real-world performance. But there are only a handful of accounts available which may not paint the full picture. As such, the EA’s past performance does not guarantee future results.
Strengths of the Orbit Rage Final EA
Automated Trading – The EA handles trade entries, exits and money management automatically allowing for hands-free trading once configured. This removes emotional interference and ensures trading discipline is maintained.
Diversification – Trading multiple currency pairs and gold provides diversification benefits and spreads risk across different instruments. This lowers exposure to volatility in individual markets.
No Martingale – The EA does not use any martingale techniques for recovery of losing trades. This reduces the risk of blown accounts due to progressively larger losing trades.
Customization – The EA offers flexibility in settings like trade hours, currency pairs, RSI levels, moving averages etc.
In summary, the Orbit Rage Final EA is a fully automated trading system that leverages a combination of bull/bear candlestick patterns and divergence analysis to trade multiple currency pairs and gold. It aims to capitalize on short-term inefficiencies and price movements in the forex market.
The EA offers some benefits like automated trading, diversification across multiple instruments, and a scalping approach suited for forex volatility. It also avoids riskier techniques like martingale and provides backtested results, although their accuracy is hard to verify independently.
However, like all EAs, it has some limitations as well. Performance depends heavily on market conditions and liquidity. Losses can occur during volatile markets or periods of low liquidity. There are also no guarantees the EA will be profitable in live trading.
The Orbit Rage Final EA may be worth considering for experienced forex traders who want to automate their trading strategies. However, conducting extensive backtesting in a demo account and applying robust risk management practices are highly recommended before using this EA or any similar system in a live account. As with any EA, proceed with appropriate caution.