Fxpromax 3.0 (fxpromax.com)

Description

About the EA

 

FxPromax is a scalping EA which works round the clock primarily on the EURUSD symbol on the 1-minute timeframe. I say primarily, because there is a link on the developer’s website to a MyFxBook page which includes several trades on a couple of other symbols, but more about that later.

 

The EA relies upon a combination of several different indicators to work their mojo and deliver trade entries. Having decided that it would like to trade, FxPromax then places a limit order with a 20 minute expiry to enter the market only if the the price retraces to the level of the limit order.

 

The result is that just fewer than 50% of the limit orders get a fill and the majority of them end up being deleted after 20 minutes.

 

Having entered a trade with a filled order, FxPromax then sets a fixed stop-loss and take profit (the default values are 9 pips SL and 120 pips TP). Because it doesn’t set the TP and SL until after the trade is open, the FxPromax EA works fine with ECN and STP type brokers. There is no stealth system within the EA to close trades ahead of these values, so all trades either run to a TP or to a full SL.

 

FxPromax will only allow one trade at a time and, as such, it is fully NFA hedging and FIFO compliant.

 

The fact that FxPromax only uses the fixed TP of 9 pips and a SL of 120 pips makes understanding the performance of the EA a straightforward exercise in mathematics. It’s very easy to calculate that the percentage of winning trades which is required for the EA to breakeven is 93.02%. If FxPromax wins more than 93.02% of its trades, it will be profitable. If it wins less than 93.02%, it will lose money.

 

Easy innit! Well no, this scenario is really only applicable if constant lot sizes are being employed, but it’s made a little messier because FxPromax includes an option to apply a form of Martingale to attempt a quick recovery after a losing trade by increasing the trade sizes of the following batch of trades.

 

I’ll discuss the Martingale aspect of FxPromax in greater detail a bit later on. For the moment though, the developer’s website claims that FxPromax enjoys a 95% rate of winning trades. The expectation, therefore, is for it to win 255 pips on average for every 100 trades.