Forex Robots

Athena EA Review: A Grid-Based Bot With a High Price Tag

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Athena EA

Athena EA consists of 2 systems that work together: one for placing the buy orders and the other for initiating the sell orders. For the most part, the EAs run in tandem on many EURUSD charts using varying timeframes. Athena purports to have an outstanding 5-25% monthly profit potential based on 2+ years of live trading. Apart from using the system to trade on your account, the vendor also offers to manage your account at zero cost.

Elite CurrenSea is the company that came up with this product. The organization concentrates on providing software trading tools, conducting market research, and offering Forex education. Zeus and Ultima EA are the other EAs developed by the vendor. Nenad Kerkez, Chris Svorcik, and Mykyta Barabanov are the individuals that run this company. They have different expertise levels ranging from trade analysis, Forex trading to growth marketing, business development, and investing.

Athena EA strategies and tests

These are the features that define the EA:

  • It only trades on the EURUSD currency pair.
  • The EA comes with an installer and setup handouts.
  • It has a risk management system.
  • The recommendation is to use an account with 500:1 leverage and nothing lower.
  • The system provides access to a free VPS.
  • You must work with a broker that supports hedging.
  • It’s easy to use.
  • For cent accounts, the minimum trading capital is $50. Rental and PAMM accounts have minimum deposit requirements of €4000 and €400, respectively.

Athena EA relies on technical analysis to find trading opportunities. It also opens multiple long and short positions daily. Entry and exit points are normally based on a combination of oscillators, moving averages, and price swings. The devs further reveal that the system is a scalper having a TP of only 4 pips. This makes it very sensitive to spreads.

The backtest results of this tool are not shared. It is highly likely that the vendor didn’t test the viability of the EA’s strategy on historical data.

Athena EA live trading account review

The live account below has been active since January 2021, and the last trade was conducted on March 26, 2022. Using a deposit of €21669.95, a total of 21552 trades were implemented. As a consequence, a profit of €17243.78 was realized. On average, the EA makes monthly profits worth 7.37%. Cumulatively, the account has attained a total gain of 185.59%. The drawdown, which is 33.73%, is not very high to raise serious concerns about the safety of the user’s capital.

To date, the reported win rates for long and short positions are 69% and 73%, respectively. The losses made amount to -10994 pips, and the traded lots are 758.38. Generally, the system holds a position for 5 hours and 18 minutes, and sadly, it tends to end up with more losses than wins. This is illustrated by the average loss (-18.04 pips), that is nearly thrice higher than the average win (6.44 pips).

Live trading results on Myfxbook

Live trading results on Myfxbook

The stats on the table below indicate that the account is not at risk of being wiped out.

Risk of ruin

Risk of ruin

You can see on the trading history below that the robot works with the grid strategy and varying lot sizes. The EA has made some profits but has suffered a series of losses as well.

Trading history

Trading history

Pricing

The system has 4 different packages. To get the Rental plan, the vendor asks that you pay €799 annually. A Rental Sponsored plan is available at €499 yearly and features quick-on boarding and no capital limits. The Lifetime option, which costs €999, affords you a personal copy of the EA with total access to all settings. Lastly, a Managed Account offer is available at €0. It only requires that you have a supported broker account.

Is Athena EA a good system to rely on?

True to the vendor’s claims, the EA’s average monthly profits fall within the 5-25% threshold. Unfortunately, the application of grid strategy by the system can present significant threats to a user’s capital. It is possible to lose large amounts of money if the market price keeps running in a single direction rather than ranging.

Customer reviews

This EA lacks customer reviews. Even though the vendor has an active page on Forex Peace Army, we could not find any review that talks about Athena. So, we don’t know how customers perceive the system.

 

Athena EA

4

On the one hand, Athena EA is easy to use, provides user manuals, and has a live account on Myfxbook. On the other hand, the system is overpriced, has neither customer feedback nor backtest reports. Furthermore, the grid strategy being used is risky as it can potentially cause an account to suffer considerable losses.

  • Live trading stats are present
  • Easy to use
  • Provides user guides
  • Highly priced
  • No backtest report
  • Grid on the board
  • No people feedback
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