True Range Pro is specifically designed to trade the GBPUSD and EURUSD currency pairs. It was made accessible to the public over a year ago. So far, it has 10 activations, and thousands have downloaded its demo version. Can this Forex robot be beneficial to traders? We intend to answer this question in this review. Now let’s get down to business.
The developer is selling True Range Pro at an exaggerated price of $495. Several renting packages are available. So, if you want the EA to serve you for a month, then you have to pay $95. Alternatively, for it to trade on your behalf for longer periods-3 months, 6 months, or a year, you will have to part with $195, $295 or $395, respectively.
True Range Pro trading strategy
The EA uses a combination of two strategies-night scalping and the grid. In a nutshell, it looks for trading positions from small price changes that mainly occur at night. It also maps out entry and exit orders at set intervals from the present market price. These trading methods can produce detrimental results especially when prices fail to run in sustained directions.
True Range Pro features
The features of this EA are listed here:
- Runs on the MT4/5 trading terminals
- Works on two main timeframes; M5 and M1
- Hard stop loss for every position
- Protection from high spreads
- Fixed & auto volume
- Dynamic basket takeprofit
- Fully automated
- The leverage used is 1:100+
- Works with different brokers: IC Markets, Weltrade, and ForexChief DirectFX.
True Range Pro backtesting results
The performance of True Range Pro’s inbuilt strategy was tested using the GBPUSD currency pair. The EA traded with a deposit of $3000 between 2019 and 2020. In the end, a profit of $27159.52 was produced. Even though this income was impressive, the drawdown, which was 37.43%, indicated that the robot carried some significant elements of trading risks. We had a profit factor of 2.74 with win rates of 70.68% for short and 71% for long positions.
True Range Pro live trading results
As you can see in the above live stats, the EA isn’t profitable compared to its testing period. It only generates 6.72% monthly profits. From February 18, 2019, the gains made are $15012.68. The drawdown of 29.22% portrays the high-risk approach on board, information that was also communicated in the backtest report. A total of $7,609.69 has been withdrawn.
We have 1344 trades completed so far. The performance of long (78%) and short positions (80%) in the live market are better than the backtesting period. However, the profit factor value (2.50) is poorer. There are 11312.8 pips with an average win of 15.86 pips and an average loss of -20.50 pips. The EA has traded with many lots to date — 210.17.
The system is very active during the wee hours of the morning (between 1am and 5am). Its activities begin to dwindle from 4 pm.
Consistent profits were made between January 2021 and October 2021. Even then, the gains were low and pitiful.
The EA placed some grid of orders and traded with large lot sizes of 0.19. Small time frames which are synonymous with the scalping method were used.
True Range Pro reputation
This product is the development of a Russian known as Aleksei Ostroborodov. He is the founder of Smart Forex Lab, a company whose address, mission, and reputation are not in the public domain. Aleksei has also published some other products on mql5. We have Euphoria, Good Morning, Absolute FX, and True Range Smart, and many others. Unfortunately, there’s no information about Aleksei’s trading experience or expertise.
There are a handful of customer reviews for the EA on mql5. However, they aren’t credible. This is because many of the reviews on this site are known to be biased and one-sided. In this case, all the traders are singing the praises of True Range Pro. So, we need feedback from third party sites for us to get an impartial view of the EA’s true performance in the eyes of real customers.
True Range Pro review summary
- Strategy – 2/10
- Functionality & features – 4/10
- Trading results – 4/10
- Reliability – 3/10
- Pricing – 3/10
True Range Pro is not a worthy trading choice. The strategies used are unprofitable and dangerous. They will bring you small earnings and then eat them away. Surely, this is not something you would like to experience.
