There’s a London Breakout expert adviser on the MQL5 forum. Let’s talk about it.
The robot has been activated five times and demo-downloaded 119 times. It was designed by Samuel Eurfyl and published on June 16, 2020. The last update (1.1) the EA received July 10, 2020.
The EA costs only $30. We can rent it for one month for $10, for three months for $15, for half a year for $20, and for a year for $25. There’s also a free demo version available.
London Breakout Trading Strategy
The strategy is based on trading breakouts in three markets: Asian, European, and American. The EA performs a well-known break out strategy.
The support strategy is Martingale to increase profitability, increasing risks as well.
The robot works based on Price Action and doesn’t use Indicators like Moving Average, RSI, and others.
London Breakout Features
- The robot trades three periods of time for EUR/GBP, AUD/JPY, and GBP/JPY.
- We have to manually set time periods for trading, so there are no GMT offset auto settings.
- The broker should be IC Markets (?) or something of its caliber.
- The EA can be optimized for trading any pair.
- It can close Martingale deals at the end of the day automatically.
- The Lot Size should be 0.01 for each 100 GBP of funds per currency.
- The losing streak is three deals. For a martingale-based EA, it’s so much! It’s simply minus half of the account.
There’s a sheet of parameters in the comment section.
London Breakout Backtesting Results
There are many backtests, but most of them have errors and no modeling quality. This one is of a no-name currency pair on the no-name time frame. The modeling quality was 90.00%. An initial deposit of $1000 has become $9525 of the total net profit. The maximum drawdown was high (40.51%). The robot traded 257 deals with an impossibly low win-rate (50%-54%). A win streak of 2 deals equals the lose one.
London Breakout Live Real Trading Results
We’ve got a real USD account on IC Markets. The robot trades with little leverage of 1:25 on the MetaTrader 4 platform. The account was registered on December 05, 2017, and deposited at $2004. Once, it was withdrawn at $1000. For three years, the absolute gain has become only +9.47%. An average monthly gain is +0.26%, with a little maximum drawdown (6.36%). It is tracked by 93 users.
The closer the present, the higher drawdowns we have.
The EA has performed 819 deals with 1884.7 pips. An average win (40.43 pips) equals an average loss (-44.66 pips). The win-rates vary. Longs one is 48%. Shorts one is 62%. The robot keeps deals on the market for over twelve hours. The Profit Factor is incredibly low (1.10).
As we can see, EUR/AUD and GBP/AUSD have brought significant losses.
The EA opens trades mostly between 11 a.m. and 1 p.m.
All days trade equally.
The robot runs an account with quite high risks to the balance.
The sheet shows how three deals got their drawdown period.
The last page of trading results shows that the EA reaches TP quite often.
October 2020 was a profitable month after five months of consecutive losses.
London Breakout Reputation
The robot, as well as its owner, has no reputation. He has only a 255 rate and only one designed product.
There’s only one positive feedback in the review section from two comments total.
We’d not trust a developer who just half a year ago asked a newbie question.
London Breakout Review Summary
- Strategy – score (3/10)
- Functionality & Features – score (1/10)
- Trading Results – score (1/10)
- Reliability – score (2/10)
- Pricing – score (6/10)
Conclusion
Let’s be honest. A well-designed robot can’t be that cheap because the hourly rate of any MQL5 developer starts from $20. We’re sure that the EA’s price should start from $200, not less. The robot has received just a single update for half a year. Does this mean there are no problems? Of course, no. There are, but the developer doesn’t care because no one buys it. These backtest reports with no modeling quality and with many errors were introduced as something revolutionary and must have. Let him design something new, and more complicated and well-worked – LondonBreakout is not an EA to go with.
