SkyNet EA Review: An Intelligent and Adaptable Forex Trading Robot
The SkyNet EA is an expert advisor (EA) for the MetaTrader 4 and 5 trading platforms that uses an intelligent and adaptive algorithm to automatically trade the forex markets. In this detailed review, we will analyze how SkyNet EA works, its features and settings, backtest results, real account trading performance, pros and cons, and more to determine if it is a worthwhile investment for forex traders.
Overview of SkyNet EA
SkyNet EA was created by developer Ruslan Pishun and made available on the MetaTrader Marketplace in December 2022. It is marketed as a “fully automated smart adaptive algorithm” that analyzes historical price data to detect high-probability trading opportunities based on market statistics and probabilities.
The EA is designed to continuously monitor market conditions and adapt its strategy in real-time, rather than relying on rigid trading rules. This allows it to trade effectively across different currency pairs, timeframes, and changing market environments.
Some key features highlighted by the developer include:
- Backtested and optimized using real tick data with 99.9% modeling quality
- Adaptive algorithm adjusts to any market conditions
- Successfully passed stress testing
- Includes statistical collection and monitoring capabilities
- Multiple currency pairs and timeframes supported
How SkyNet EA Works
The core strategy used by SkyNet EA is centered around breakout trading and trend-following techniques. It uses a mathematical model to analyze the previous weeks’ price action to identify potential breakout levels and trend directionality.
The EA then watches price action at those levels, waiting for a breakout to occur before entering a trade in the direction of the anticipated breakout. If the price moves further in that direction, the EA will trail the position using a unique algorithm to lock in profits.
Some key aspects of the trading logic include:
- Price breaking prior week’s high/low
- Temporary retracements into breakout level
- Certain days of week/times of day
- Adaptive stop loss and take profit levels
- Trailing stop algorithm to lock profits
- Break-even stops
- Forced close out functions
- Per-trade risk customizable
- Max spread filter
- DD reduction mode
- Friday trading can be disabled
- Losing streak protection
By combining these entry, exit, and risk management techniques, SkyNet is able to effectively identify and ride out trending moves on the major currency pairs.
Real Account Trading Performance
Seeing how an EA performs in backtesting is important, but we also need to examine real account trading records to get an accurate assessment.
The developer provides links to MyFXBook verified real accounts trading SkyNet EA in live market conditions. For example:
SkyNet on EURUSD H1
- Gain: 35.59%
- Drawdown: 7.42%
- Profit Factor: 2.21
These real trading statistics indicate that SkyNet has been able to replicate most of its backtest performance in live trading. The EA has been running on multiple currency pairs with no significant losses to date, giving traders a higher degree of confidence.
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Inputs and Settings
SkyNet EA comes equipped with a full suite of adjustable inputs and settings that allow traders to customize it to their preferences:
Trade Management Settings
- Order Type (Buy/Sell/Both)
- Magic Number
- Slippage Tolerance
- Risk Protection Features
- Step Orders Parameters
- Breakout Trading Enable
Risk Management Settings
- Max Spread Filter
- Disable Trading by Time/Day
- Losing Streak Protection
- DD Reduction Features
- Commission Amount
- Slippage Model
With so many configurable settings, traders have a lot of flexibility in terms of using SkyNet safely based on account size and risk tolerances. The inputs also provide further optimization potential beyond the default settings by fine-tuning things like order step sizes, slippage, max spread, and more.
Pros and Cons
Let’s summarize some of the main advantages and potential disadvantages of using SkyNet EA:
- Proven long-term backtest results
- Verified real account trading statistics
- Adaptive algorithm adjusts to changing markets
- Full suite of risk management features
- Easy to install and use out of the box
- Developer actively maintains and updates EA
- Requires VPS and ECN broker for best results
- Conservative default settings limit upside potential
- No major updates since initial release
- Only trades breakout strategies (no reversals)
While SkyNet has many strengths, traders should be aware of factors like needing a VPS service for uninterrupted trading and finding a broker with low spreads/commissions to maximize profitability. The basic breakout strategy also has limitations that may require further optimization or adding complementary strategies.
Overall, SkyNet EA stands out as one of the more reliable and adaptable automated trading systems available for purchase based on extensive backtesting and real account trading records. The combination of statistical analysis and adaptive logic allows it to effectively identify high-probability trading opportunities across different market conditions.
For traders looking to add algorithmic breakout strategies to their portfolio, SkyNet EA is certainly worth considering. The $139 price point on the MetaTrader Marketplace is reasonable given the profit potential, especially if using multiple currency pairs. Just be sure to use proper risk management techniques, find a low-cost broker, and run it on a VPS service for best results.
While no EA can guarantee profits, SkyNet has demonstrated an impressive track record to date. If you utilize good trading practices around it, SkyNet EA has the performance data and reviews to justify trying it out on a demo account to determine if it aligns with your trading style.