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Amaze is a Forex robot being sold on the MQL5 website that was launched on 23 May 2021. As per vendor claims, this system has multiple protection features against slippages, spreads, and gaps.
This EA is sold on the MQL5 website by a Russian trader by the name of Anton Kondratev. We don’t have any information on this person and their background. It seems like they haven’t built any other systems apart from this one. Thus, we can say that this robot suffers from a lack of vendor transparency.
Amaze Strategies and Tests
To use this EA, you should use a minimum deposit of $50 and leverage of 1:500. It trades in the EUR/USD pair for the H1 timeframe. The vendor recommends using it with brokers that have low or zero spreads and ping of less than 5ms.
Amaze has a news filter but to use it, you need to add an URL to the MT5 terminal. This EA does not place trades during the night and uses only 1 trade for a single currency pair. It has features like trailing stop and virtual stop loss that you can activate manually. Additionally, you can choose to activate the optional Grid system with stop loss and perform the averaging.
According to the vendor, this robot analyzes your broker and takes measures to adapt to delays and slippages. It has an in-built mechanism for averaging historical quotes and it does not take the help of any indicators while trading. You also have the option of including only buy trades or sell trades. The vendor also mentions that you can tweak the settings to make the EA suitable for other pairs.
We don’t know exactly what kind of trading strategy this Forex EA uses. We know that it has an optional Grid system, but the vendor has not clearly explained the default strategy used by Amaze. Without some kind of strategy insight, it becomes difficult to objectively assess the system’s profitability. Many Forex traders might not feel confident about investing in a robot that uses an unknown strategy.
Here, we have the results for a backtest conducted on the EUR/USD pair with 100% history quality. Using an initial deposit of $2011, the robot generated a total net profit of $282,117.87 during this backtest. It placed a total of 414 trades, winning 413 out of them, and this means it had a win rate of 99.76%.
Now such a high win rate is unrealistic, and there is no way the robot can win more than 90% of its trades in the live market. For this backtest, the EA had a profit factor of 18.78. It seems highly likely that the backtesting results have been manipulated to make the system more profitable than it really is.
Amaze Live Trading Account Review
Live trading results are something that every Forex looks for before purchasing a robot. Reputed EA vendors always publish the results on third-party websites like Myfxbook, FXBlue, and FXStat. When the results are verified by these websites, you know they reflect the true performance of the system, since the vendor has no chance of manipulating them.
Unfortunately, we don’t have the live trading results for Amaze. Without them, there is no way we can trust this EA to win us profits in a real-time trading scenario.
Pricing
You can purchase this Forex EA for the price of $335. This is too high a price for a robot that was launched only recently and that has no verified trading statistics. There is a rent option for this EA where you can use it for 3 months by paying $275. The vendor offers a free demo version of the software for testing purposes, but no money-back guarantee is available.
Is Amaze Robot a Scam?
We think that Amaze is a scam EA because it has no verified track record of its performance. The vendor seems to have manipulated the data for the backtesting results, this is enough reason to avoid it.
There are no reviews for Amaze on trusted third-party websites. On the MQL5 page, there are a few user reviews, but we cannot consider them genuine.
Other Notes
This EA checks the broker constantly, and if the spread is too high, it makes adjustments to the strategy and places the order a bit further away. In case the spread is low, it opens the trade earlier.
Pros
- Low minimum deposit
- Broker slippage protection
Cons
- No money-back guarantee
- Verified trading results are not available
- Lack of strategy insight
- Overpriced
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