X Smart Trader MT5 – In-Depth Review
X Smart Trader is an automated trading system for the MetaTrader 5 (MT5) platform that aims to help traders catch major and minor trends in the market. The system was developed by FXProSystems and combines indicators, entry/exit signals, templates, and a trading dashboard to provide a complete trading solution.
Overview of Features
Some of the key features of X Smart Trader MT5 include:
- Non-repainting entry and exit signals – The system provides green and red arrow signals indicating when to buy and sell. These signals do not repaint, meaning past signals remain unchanged. This allows traders to backtest strategies accurately.
- Multiple time frame analysis – The system incorporates the Advanced MTF Confirmation Formula to ensure signals are aligned across multiple timeframes. This improves signal accuracy.
- Risk management tools – Features like take profit, stop loss, and position sizing help traders manage risk. This is suitable for novice traders.
- Support and resistance levels – Dynamic support and resistance levels are displayed on the chart to identify potential areas for entries and exits.
- Trading dashboard – An easy-to-use dashboard allows traders to track detailed metrics like profit/loss, winning percentage, risk/reward ratio and more.
- Alert system – Get notified whenever a new trading signal occurs via email, push notification or sound alert. This ensures traders never miss an opportunity.
- Backtesting capabilities – The ability to backtest strategies with historical data helps determine viability before risking real capital.
- Compatibility with MT5 brokers – Works seamlessly with all brokers offering the MetaTrader 5 platform.
Using the System
X Smart Trader has been designed to be user-friendly for both novice and experienced traders.
Installing the system is straightforward – simply copy the indicator, template and dashboard files into the relevant folders in the MT5 platform. The detailed user manual provides step-by-step instructions.
Interpreting signals only requires checking for the colored arrows and histogram on the chart for buy (green) and sell (red) signals. Additional confirmation can be gained by checking indicators like RSI, Stochastics and moving averages.
Managing positions can be done directly from the dashboard which includes features for setting take profit and stop loss levels, trailing stops and closing positions with one click.
An intuitive push notification and alert system ensures traders don’t miss any signals while not actively monitoring the charts.
Performance and Backtesting
According to the developer, extensive backtesting shows that X Smart Trader is a highly profitable system.
Average win rate is stated to be over 80%. The largest historical drawdown was around 20%, demonstrating good risk management.
Return on investment has exceeded 300% in past years based on backtests. This includes periods of volatility demonstrating consistency across different market conditions.
Of course, it’s important to take vendor performance claims with skepticism. Independent backtesting is required to confirm these results.
The good news is X Smart Trader makes backtesting straightforward. The non-repainting signals allow traders to accurately replay historical trades with real market data.
The dashboard statistics can compare performance across different assets and time frames. This allows fine-tuning the system to align with personal trading preferences.
Check our advanced Forex Master Levels Indicator
X Smart Trader Pricing
X Smart Trader is currently priced at $100 for a lifetime license with no recurring fees or subscriptions.
Considering the costs involved in developing robust trading systems, this seems reasonable compared to alternatives.
The vendor also mentions this is discounted from the regular price of $200 as part of a limited-time promotion for the launch. So the price could potentially increase in future.
Payment can be made via PayPal or card on the vendor’s website which offers a secure checkout process.
Support and Guarantee
The X Smart Trader sales page mentions they provide lifetime support as part of the license cost.
Support channels include email and online contact forms. Response times are stated to be less than 24 hours on weekdays.
There is no clear satisfaction guarantee or refund policy listed. However, considering the low one-time fee, the risk seems limited compared to monthly subscription models.
Reputable vendors in the industry also tend to provide assistance to ensure customer issues are resolved satisfactorily.
X Smart Trader Final Verdict
In summary, the X Smart Trader MT5 system seems to offer promising functionality for a very reasonable price. Both novice and experienced traders could benefit from the system’s automated analysis and signal generation.
Of course, as with any trading system, conduct adequate due diligence before committing real capital. Backtest the strategy across different market conditions and ensure it aligns with personal risk tolerance.
But for traders seeking an automated solution with customizable alerts, risk management tools and non-repainting signals, X Smart Trader is definitely worth considering.
The competitive pricing and refund policy also make it low risk to test out. If the system can consistently replicate the vendor backtest results, it has the potential to be a profitable addition for MT5 traders.