Extreme Forex is an MT4 robot dubbed by the creators as a ‘volume scalper profit-making algorithm.’ The developers recommend using this expert advisor on gold or XAUUSD.
Despite this marketing, much of Extreme Forex’s overall presentation is shady. Firstly, you cannot find any particulars on the developers, like credentials and location. Secondly, little information exists on the robot’s programmed strategy.
Nonetheless, you can purchase this EA in two plans (both of which work in one account): ‘Power’ and ‘Super Power.’ The former will cost you $99 monthly, a value much greater than the average of similar robots.
Yet, the website states a 14-day moneyback guarantee exists after purchase. On the other hand, the vendor describes the Super Power package as a profit-sharing plan.
Our best assumption is that users don’t pay a fixed monthly fee with this plan. Still, the vendor doesn’t explain how it works and why Super Power comes with a higher minimum deposit.
Extreme Forex Trading strategy
The developers provide vague details on the strategy, other than ‘smart entry/exit algorithms with sophisticated filtering methods.’
However, we know the robot was designed to execute three consecutive orders for ‘diversified trade entries and exits.’ This feature is evident in Extreme Forex’s trading report on Forex Peace Army.
This statement shows the EA opened three trades on multiple occasions, suggesting that the robot scalps the markets.
Extreme Forex Features
The main features of Extreme Forex are:
- The robot was built to work in the gold (XAUUSD) market
- 15M is the recommended chart time frame
- The EA doesn’t use grid and hedging strategies
Extreme Forex should work fine on all types of accounts regardless of spreads, slippage, etc. Like virtually all robots, you receive the EA as a downloadable zip file with installation instructions.
Extreme Forex backtesting results
The trading report in the previous section is the only backtesting analysis available for Extreme Forex. Such an insufficiency in results is untrustworthy. Also, the statement doesn’t define ‘backtesting’ or ‘strategy tester’ (as is typically the case), nor are these outcomes adequately verified.
This statement tells us a few interesting things. Firstly, this robot appears new based on the history period (three days), which is not a good indicator. What we also don’t like is the report doesn’t mention any necessary data like drawdown, win rate, profit factor, etc.
Despite this, we did some manual calculations and discovered the following:
- We derived an 82.4% win rate as 6 of the 34 positions were losses
- Over the three days, the EA profited $739 from a $5000 starting balance, resulting in a 14.78% gain.
While the win percentage seems impressive, the robot likely has a negative risk-to-reward ratio. This is because the average profit we calculated was $31.5, while the average for losses was $50.
Extreme Forex live trading results
You can find Myfxbook verified trade history for Extreme Forex on a live account. However, this is the only account with verified results for this EA on the site, which isn’t encouraging.
It’s also suspicious that the report was last updated on 06 June 2022 and only shows six-day trading history. This might mean the developer is testing the robot elsewhere (although we cannot confirm this).
Nonetheless, the outcomes show us an excellent profit factor of 2.1. We can also observe a drawdown of 4.3% and a monthly gain of 11.3%. Despite these positive conclusions, one cannot assume this robot is any good due to the low data sample size.
Extreme Forex reputation
Extreme Forex’s reputation certainly hasn’t been presented favourably by the developers. No information is available on the identity of the creators, their experience and where the company is registered.
You cannot see any customer reviews for this product on familiar sites like TrustPilot, Forex Peace Army, etc. This suggests a lack of popularity for the robot.
Although you can see some testimonials on the Extreme Forex site, it’s easy to fake such endorsements since they are unverifiable.
Extreme Forex review Summary
Below are our scores on the various features of this robot, along with our final verdict:
- Strategy – score (1/10)
- Functionality & Features – score (2/10)
- Trading Results – score (1/10)
- Reliability – score (1/10)
- Pricing – score (1/10)
Ultimately, we found many inconsistencies and red flags with this robot. These include a lack of developer whereabouts, lack of user reviews and a small date range for trading results.
These qualities don’t make this product reliable or trustworthy for users, making it inferior overall.
