Forex Flex is one of the oldest EA that has been on the market for over 7 years! It is a rare thing, as most of the expert advisors are viable for 1-2 years. What is special about this robot? How does it perform? Is it profitable? Can we trust the developer? In this review, we will answer all the questions and tell you everything you need to know about this EA that uses innovative technologies and virtual trades.
Those traders who are interested in the software can easily buy it on forexflexea.com. Currently, its price is ranging from $330 to $495.
Each package includes an unlimited number of demo accounts, all strategies/set files, access to a private forum, 67% off coupon code. Both MT4 and MT5 packages cost 330 dollars and include one live account license for MetaTrader4 or a MetaTrader5 platform. The MT4/5 package comes for 495 dollars and includes two licenses for MT4/MT5 platform. It also includes a bonus – ‘access to correlated hedge EA’.
Flex EA Trading Strategy
Forex Flex works on both MT4 and MT5 platforms. The developers want us to know that Forex Flex works best on the following currency pairs:
All we need to do to start trading with this EA is to attach it to a chart, choose the most suitable trading strategy, and ‘click ok’. The robot has multiple set files. However, as the dev claims, all these set files have to build strategies to help traders and save their time on tweaking.
The robot uses 12 selectable trading strategies. Each EA package includes 12 different setting configurations that offer 12 unique trading strategies respectively. The dev does not go into details about each trading strategy, but we know that Forex Flex offers grid, half-grid, half-risk, trend surfing, x3Retrace strategy, default, tdi cross, etc. adr dynamic, and more. Most of these trading approaches are labeled based on what indicator they use to help determine the overall approach. Those indicators are used in conjunction with Forex Flex, as they are quite complex, and not something traders can recreate by utilizing the indicator on their own.
The robot also supports the Hedging strategy. It is turned off by default and it is not used by all strategy/set files. However, it is an option for those traders whose brokers allow hedging and like to trade with this trading approach.
Flex EA Features
Here is a list of key features the developer of Forex Flex EA points out on their official website:
We do appreciate that the developer has designed the proprietary news filter, as he has developed it from scratch, their news filter that perfectly works with twelve unique trading strategies they offer. It is great that the robot comes with twelve trading strategies to choose from. At the first glance, it may seem complicated, but traders can easily try every trading strategy to choose the one, which would perfectly suit their trading needs, risk level, etc. Moreover, you can try different trading strategies on multiple demo accounts, as the number of demo accounts for this EA is unlimited.
Flex EA Backtesting Results
On the Forex Flex website, we see a single screenshot of successful backtesting results, showing a high and stable profit growth:
The dev does not provide backtests that could be verified. However, they share the results of old verified customer accounts:
Each account used a unique trading strategy: x3Retrace strategy, Default strategy, and the one that used the Progressive FlexHybrid set file. The drawdown ranged from -21, 12% to -35, 68%. Every trading account demonstrated stable growth of profit.
Flex EA Live Trading Results
To prove that an EA is viable, developers have to provide verified trading results on their website. Forex Flex meets our expectations. The dev provides us with 6 live verified trading accounts (2 Demo and 4 Real accounts) and 3 trading accounts for 3 new strategies on their sales page.
Well, let’s analyze one of the trading accounts. It is a Real USD account working on the MT4 platform under FXOpen brokerage. It trades with 1:500 leverage. The account was launched on February 27, 2020, and deposited at $ 1000 (total deposit exceeds $6K). The track record of this account is verified. The account is tracked by 49 users.
For 11 months of trading, the account has gained a 498, 79% gain with a monthly gain of 18, 16%. The peak drawdown was acceptable and equaled 19, 90%. From February 2020 till the mid of January 2021, the account’s profit has grown to $8060. A trader withdrew $8790 and now its balance equals $5, 619.54.
The robot traded 723 trades and 4976 pips. The average win ($27, 52) is mostly the same as the average loss (-$24, 16). The average loss in pips is higher than the average win: -38, 29 pips and 27, 82 pips. The win-rate is 70% for Longs and 66% for Shorts. An average trade length is 15 hours and 1 minute. The Profit Factor is 2.46.
It trades 10 currency pairs. The most traded currency pair is GBPUSD – 74 trades ($2507 of profit).
It trades with low risk to the account balance.
The 2020 results look like this:
Its gain ranged from 9, 94%-37, 9%. There was no losing month last year.
Although the year has just started, the robot demonstrates stability in terms of monthly gain:
Flex EA Reputation
The developer of this Forex tool is an experienced coder known as Admin Steve in the Flex member forum. He has over 10 years of trading experience in the Forex market. To tell the truth, we are impressed with it, as the dev does work for quality, not for quantity and Forex Flex is the main proof. Forex Flex website was created on April 4, 2014, and since that time it has been regularly updated. It means that the dev does appreciate its work as well as clients who trade with Forex Flex.
To get in touch with support traders need to fill in their online contact form.
To check out what their clients say about Forex Flex we’ve decided to conduct additional research and read customer reviews on a third-party website. As a result, we’ve found 74 reviews on Forex Peace Army. The software has a 4,2 out of 5-star rating based on traders’ reviews on FPA. There are both positive and negative reviews:
Most traders claim that the EA is profitable as well as are excited with ‘experienced customer support’.
We’ve also found several negative reviews from traders. It’s one of them:
The trader complains that he did not receive a money refund, not updated trading results in 2020, poor productivity of EA, and adds that ‘configuration/settings are to blame’. However, we also see that the Forex Flex team does not ignore negative reviews and answers every negative review with respect and clarity.
Flex EA Review Summary
- Strategy – score (7/10)
- Functionality & Features – score (7/10)
- Trading Results – score (7/10)
- Reliability – score (7/10)
- Pricing – score (5/10)
Conclusion
We do like the Forex Flex presentation, its optimized settings, and trading results. Undoubtedly, this EA is worth attention. However, we’d like to see more transparency in terms of backtesting results. It would be great if the dev provided more details about each trading strategy the EA uses. The other drawbacks of this trading system are restrictions in trading actions, complicated software algorithms, unclear switching between currency pairs, and incomprehensive indicators. You can trust this EA, as many traders use Forex Flex EA. However, always check all the information provided by the devs and use this EA with care.
