News Scope EA Pro has multiple features that the company presents to make the algorithm profitable. It works on the M1 time frame on all currency pairs. Various in-built settings are available for traders to customize according to their liking. Let us see if it is possible to trade volatile market events using a trading robot such as News Scope EA Pro.
News Scope Pro trading strategy
The robot works on the short-term spikes that are generated by news events of a high impact. The company states that the improved trading conditions during the last ten years make the EA profitable. The robot has other features such as trailing stop loss and backtick detection, which can be employed at the trader’s will. From our understanding, the EA places a buy or sell stop at a specific time when the news release is about to happen.
We can see on the trading history at Myfxbook that the EA only holds trades for 1 minute that confirms its nature as a news scalper.
News Scope EA Pro features
The robot has the following features:
- It has multiple settings that can be tweaked
- It uses money management and an advanced news filter
- It has an email and push notification systems
- It contains an advanced time management system that allows it to place orders at a certain duration
Price
The software comes through a one-time payment of $97. It will give a license for one live and three demo accounts. There is a 60-day money-back guarantee.
News Scope EA Pro backtesting results
Backtesting results are available for multiple currencies. For the EURUSD fixed lot, the relative drawdown was around 6.24%. The winning rate was 72.30%, with a profit factor of about 4.54. The tests were done on the one minutes chart with a starting balance of $5000 and modeling quality of 99.9%. The robot tanked an average profit of $8929 during this period. There were 213 trades in total where the best trade was $545, while the worst one was -$125.
News Scope EA Pro live trading results
Verified trading records on Myfxbook show performance from January 28, 2021, till the current date on a demo account. The system made an average monthly gain of 2.31% during the period, with a drawdown of 4.48%. The stated drawdown is twice the monthly ratio which gives us a bad risk-reward scenario. The winning rate stood at 58%, with a profit factor of 2.17. The best trade was $59.22, while the worst was -$33.91. There were a total of 92 trades. The developer made $3000 in deposits and $0 in withdrawals.
Demo accounts do not respect real market liquidity and slippage. A robot that trades on the news can definitely trade better on a demo than a real.
News Scope EA Pro reputation
There are no customer ratings present on Forex Peace Army. A single customer review is available where he states that he is currently testing a system by FXautomater and will post the results later.
Is News Scope EA Pro a good EA to invest in?
The robot does not have good results and only works on the demo account. It is not possible to make news trading algorithms perform efficiently on a live portfolio as there are many slippages. The robot is not a good investment option as of now.
News Scope EA Pro review summary
- Strategy – 5/10
- Functionality and features – 6/10
- Trading results – 2/10
- Reliability – 5/10
- Pricing – 5/10
News Scope EA Pro is not a good algorithm to purchase as it can not perform well on a live account. It can only be useful if there are no slippages and the liquidity is perfect on an economic event which is currently not possible.
