Red Hawk is a Forex EA that trades in 9 different currency pairs and promises fast execution of trades. It is a 100% automated system that can run without any manual intervention and has a record of several months of live trading with low drawdown and stable profits.
This Forex EA is priced at $349, which is not too cheap. Nevertheless, there are rent options available for 1 month, 3 months, and 1 year, and for them, you need to pay $110, $199, and $249, respectively. The vendor does not provide a money-back guarantee for this robot.
Red Hawk Trading Strategy
Red Hawk follows a mean reversion trading system and places orders when the market is relatively quiet. It trades in the M5 timeframe and works for pairs like USD/CAD, EUR/AUD, AUD/JPY, EUR/GBP, EUR/CHF, USD/CHF, GBP/USD, and EUR/USD. The vendor recommends using the Alpari or ICMarkets broker with this EA.
It is easy to install this robot, and after installation, you need to use it with any M5 chart for the above-mentioned currency pairs. There are different risk levels you can select from, and although the default lot size is 0.01, you can set it to be modified automatically as per the balance or the risk.
The vendor mentions on the MQL5 page that the EA does not use dangerous trading schemes like martingale and grid. But no explanation is provided for the actual trading strategy utilized by the robot, which is quite disappointing. In the absence of strategy insight, it becomes more difficult to evaluate the profitability of the system.
Red Hawk Features
With every trade, Red Hawk users take profits and stop losses. In order to maximize the profits and keep the risk to a bare minimum, multiple trailing stop loss techniques are used. It has several in-built filters that stop it from trading when the market conditions are not ideal. The vendor recommends you turn off the robot on days where major events are scheduled to take place.
All the settings for the optimized pairs are stored in the EA, so you don’t need to add the .set files manually. The GMT setting needs to be modified if the broker has a different GMT offset. You can use the robot with both MetaTrader 4 and MetaTrader 5 platforms.
Red Hawk Backtesting Results
Here you can see the backtesting data conducted for 8 pairs with a fixed lot size of 0.01. From 2012 to 2020, a total of 5388 trades were placed, out of which 76.45% was won, which is a pretty decent win rate. The total profit generated during this test was $1107.45, while the yearly average profit was $126.56.
During this backtest, the largest win secured by the system was $2.63, so we can say that the robot looks to make small profits from every trade. The relative drawdown was 19.65% while the profit factor was high at 2.04. Overall, the backtesting data looks satisfactory, but we cannot form a judgment about the robot’s profitability prior to studying the live trading results.
Red Hawk Live Trading Results
This is a demo trading account for Red Hawk that is verified by the Myfxbook website. It was launched on 24th July 2020 and currently, the total profit generated through it is $1279.96. A total of 384 trades have been placed through this demo account, out of which 275 have been won. This represents a high win rate of 72%.
Currently, the daily and monthly gains of this Red Hawk demo account are 0.08% and 2.57% respectively, the drawdown is incredibly low at 5.83%. The profit factor of 1.46 is not as high as what we saw in the backtest, but it’s still quite decent.
Red Hawk Reputation
This Forex robot has been developed by a Maltese trader called Wim Schrynemakers who works at a company known as Profalgo Limited. From his MQL5 page, we can see that he has developed other robots in the past like Gecko, Grid King, Advanced Scalper, Night Owl, AutoGenEA, etc. We don’t have any other information about the company or its employees.
There are customer reviews for Red Hawk on the web, but this is hardly surprising since it is a new system with a short track record. Most Forex traders prefer robots that have been operating live for years, and it might take some time before this EA earns the trust of users.
Red Hawk Review Summary
- Strategy – 5/10
- Functionality & Features – 7/10
- Trading Results – 7/10
- Reliability – 6/10
- Pricing – 7/10
Conclusion
After analyzing the different system aspects, we have reached the conclusion that Red Hawk is not a scam service. But there are certain areas where it falls short of expectations, namely vendor transparency and strategy insight. Nevertheless, you can give this robot a try, since it has been built by an experienced developer and has impressive backtesting data.
