Silver Bullet EA Review – Automating the ICT Silver Bullet Strategy
The world of algorithmic trading continues to evolve with new tools that aim to streamline trading strategies. One such tool is the Silver Bullet EA, an expert advisor designed to automate the popular ICT Silver Bullet strategy. In this comprehensive review, we’ll analyze the features and performance of this trading robot to determine if it’s a viable tool for traders.
Overview of the Silver Bullet EA
The Silver Bullet EA is an expert advisor coded for the MetaTrader 4 and 5 platforms. It was developed by Wade C Hunt to implement the ICT Silver Bullet strategy in an automated algorithmic trading system.
The ICT Silver Bullet strategy was created by trader Michael Huddleston, also known as ICT. It revolves around trading within specific one hour windows when ideal market conditions arise. The strategy seeks to identify high probability setups known as fair value gaps (FVG).
By automating this time-based strategy, the Silver Bullet EA aims to help traders efficiently capitalize on FVG setups. It removes the need for manual charting and trade execution.
The EA entered the market in 2019 and has undergone continual development. The latest version 3.0 introduced multiple customizable entry models and filters to refine strategy performance.
Key Features and Tools
The Silver Bullet EA aims to capture the essence of the ICT Silver Bullet strategy while also providing traders with configuration options to match their preferences. Here are some of the main features:
- Three entry models – The EA can trade using a continuation entry, reversal entry, or classic entry model based on trader preference. This provides flexibility for different market conditions.
- FVG filters – Filters allow configuring the minimum size of an FVG candle and avoiding suboptimal setups. The displacement filter also adds a trade direction bias.
- Silver Bullet sessions – The specific 1 hour trading windows can be enabled or disabled independently based on the trader’s timezone and preferences.
- Risk management – The percent risk setting allows capping risk per trade as a percentage of account equity. Stop losses help limit downside.
- Trade management – A breakeven feature locks in profits after a specified price move. Partial profit taking is available via a secondary take profit level.
These tools allow traders to fine tune the EA’s strategy to best fit their trading plan. The developer also notes that they continue to refine the product based on user feedback.
Backtesting Results
Extensive backtesting helps assess the viability of a trading strategy coded into an expert advisor. The Silver Bullet EA provides backtest reports on the product page spanning several years across major forex pairs.
For example, a 5 year backtest on EURUSD shows:
- Total net profit – $23,863
- Drawdown – 18.8%
- Profit factor – 2.43
These metrics point to decent profitability with a reasonable drawdown tolerance. The high profit factor signals a strategy with sound risk management.
The backtests do well across the EURUSD, GBPUSD, and USDJPY pairs. Performance is more mixed on other pairs like the AUDUSD. As such, traders may wish to focus on pairs with a clear edge.
It’s worth noting that backtests do not guarantee future live results. But these reports suggest a robust strategy coded into the expert advisor.
Live Performance
Live trading results provide further proof that an EA can deliver profits in real market conditions. The Silver Bullet EA has a few live signals available for inspection.
One standout signal has been running since June 2021 on the EURUSD pair. Key statistics include:
- Gain – +64%
- Drawdown – 15.2%
- Profit factor – 2.67
This demonstrates an ability to grow an account substantially without excessive drawdown. The risk metrics are also very reasonable for long term viability.
Of course, past performance does not guarantee future results. The sample size is still limited at under two years. But the signals instill confidence in the EA’s potential.
Using the Silver Bullet EA
The Silver Bullet EA is available for purchase through the MetaTrader Marketplace. It’s compatible with both the MT4 and MT5 platforms. Installation involves importing the EA file into the platform like any other trading robot.
From there, traders can configure the settings to match their preferences:
- Enable specific trading sessions or trade nonstop
- Adjust entry model filters and conditions
- Set risk management parameters
- Configure trade management features
The developer recommends using a timeframe below 15 minutes for optimal performance. This allows the EA to capitalize on short term price action at FVG liquidity points.
The EA can run analysis and place trades automatically once configured. It does require maintaining a consistently connected MT4/MT5 terminal to function properly.
Like any EA, performing periodic backtests and scrutinizing live results is advised. Proper risk management is still essential. But the Silver Bullet EA can largely automate a proven strategy.
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Pros and Cons
Based on our analysis, here are some notable pros and cons of using the Silver Bullet EA:
Pros
- Automates a popular trading strategy
- Customizable trading conditions and filters
- Encouraging backtest and live results
- Active development and user support
Cons
- Requires monitoring like any EA
- Limited live track record so far
- Needs attentive VPS and platform management
- Not a magic bullet that guarantees profits
As with any EA, traders should maintain reasonable expectations. There are no shortcuts or silver bullets in algorithmic trading. But used prudently, the Silver Bullet EA shows promise in automating a sound trading strategy.
Costs and Licensing
The Silver Bullet EA is sold exclusively through the MetaTrader Marketplace. It’s priced at $279 for a single license key. Each license can be activated on up to 3 different accounts or computers.
There are also options to receive a discount for multiple licenses or gain free lifetime upgrades by purchasing through the developer’s website.
In addition, joining the developer’s inner circle provides access to premium tools and guidance for getting the most out of the EA. Membership to this community starts at $99 per month.
Between the software license, VPS fees, data feeds, and other costs, traders should budget several hundred dollars at minimum to properly run this EA.
Customer Service and Support
Managing an EA requires solid customer support. The Silver Bullet EA is sold directly by the developer Wade C Hunt through his company Trade With Wade.
Technical support and assistance with configuring the EA is provided via email. The developer seems very responsive based on user reviews.
There is also an active user community on forums like ForexFactory. Users share settings and discuss optimal configurations for various market conditions.
Between direct developer support and an engaged user base, traders can get answers when questions arise.
Silver Bullet EA Final Verdict
In summary, the Silver Bullet EA brings an established trading strategy into the realm of automated algorithmic trading.
It demonstrates encouraging backtest and live results across several years and major currency pairs. The incorporation of customizable filters, multiple entry techniques, and layered profit taking demonstrates a sophisticated trading logic.
However, traders should remember there are no “silver bullet” solutions that guarantee profits in the challenging world of forex. Sensible risk management and monitoring remain essential.
For traders interested in automating the ICT Silver Bullet strategy, this EA shows promise. The active development, customer support, and engaged user community provide further backing.
Overall, the Silver Bullet EA earns a rating of 4 out of 5 stars. For traders willing to put in the work of configuring and managing it properly, it can be a viable tool in a diversified trading approach. But as with any EA, caution must be exercised, and realistic expectations maintained for long term success.