EA Monolith is a Forex system that mainly trades on accounts with “netting orders,” “without hedge.” The vendor admits that he released this version in early January 2021 after taking into account its trading activities in previous years and solving the problems that arose. He believes that the system now works better. We disagree. You will later see in this review that the vendor is lying.
EA Monolith’s pricing is insane. It costs a whopping $1700. In addition, it doesn’t have a money-back guarantee.
EA Monolith trading strategy
The vendor doesn’t mention anything about the trading style this EA utilizes. Providing this information is important because it enables traders to know how the system works and if it fits their trading preferences. The lack of it thereof makes it lose any edge it had over other EAs.
EA Monolith features
The system has several features:
- Is fully automatic.
- Supports multiple currencies.
- Can work on any number of currency pairs simultaneously.
- Runs on the MT5 terminal.
- Has a function that closes all orders when a critical drawdown is reached.
- The minimum deposit for aggressive settings is $5,000 and $10,000 for conservative settings.
- The aggressiveness of the settings can be modified both by trading settings and by adding/excluding currency pairs.
EA Monolith backtesting results
The presentation includes the bot’s backtest results. You can find our analysis of the data below:
The system worked between January 2016 and October 2019 on the 1 hour time frame. A total of 2880 trades were carried out. The win rates for the short and long trading positions were 97.67% and 97.94% respectively. The relative drawdown (74.61%) was massive and proved that the strategy on board was dangerous. Unfortunately, it appears that the vendor did not do anything to modify it. You will see how the approach has destroyed a live account on Myfxbook in the next section.
EA Monolith live trading results
This EA has a live account on Myfxbook, where traders can track its performance. Below is a screenshot of the live trading stats:
We can see that a lot of info is hidden. Anyway, based on the available data, it is evident that the account was opened on September 16, 2020. So far, the gain made is 149.65%. The monthly profit is 7.52% and quite low. The drawdown is 100%. We do not have to tell you that there is no hope with this account. Ten more bad trades will blow it up.
The EA has completed several trades —875, and the win rates of 97% for long positions and 98% for short positions are remarkable. However, these results do not matter anymore. The wins cannot salvage the account.
EA Monolith reputation
EA Monolith was created by a Russian, Vasiliy Kolesov. He has published a number of other trading systems on mql5 including, Mr. Martin, Yellow Mouse, Close Profit, and Panel CME, among others. Sadly, his reputation in Forex is unknown because his profile conceals his qualifications and achievements.
Although the ‘customer reviews’ section indicates that the system has 5 user testimonials, we have established that only 2 customers have commented on the robot. We, therefore, suspect that the vendor deleted some of the reviews he thought might damage the reputation of his product. Furthermore, the 2 remaining reviews are unreliable since they have not been verified.
EA Monolith review summary
EA Monolith is a dangerous trading tool. The live trading results say it all. Even though the vendor hides info about the strategy in use, one thing is clear; it is very risky. Vasiliy may not even be qualified enough to develop effective Forex systems hence explaining the EA’s horrible performance. So, it is not wise to invest in this bot.
- Strategy – 2/10
- Functionality & Features – 4/10
- Trading Results – 3/10
- Reliability – 2/10
- Pricing – 2/10
