Forex Robots

Gold Extractor Review: A Martingale System

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Gold Extractor

Gold Extractor requires a minimum initial deposit of $500 and works on the M15 or M5 timeframe. The EA comes with a complex panel containing all necessary functions for manual trading. It only works on an ECN account with minimum spreads. To help you decide whether it is a good investment for the long run, we will discuss its characteristics, history records, live trades, and customer feedback in this review.

Sara Sabaghi from Sweden is a professional developer at Ziwox and the owner of the robot. She is the author of multiple trading bots and signals, such as Fundamental Trader, Trend Scalp Pro, etc., and has 641 average demo downloads per product. The author has a rating of 17860 and 40 total subscribers on the MQL 5 marketplace.

Gold Extractor strategies and tests

The algorithm comes with no backtesting records making it hard for us to check its historical performance. The noted approach raises questions about the credibility of the algorithm.

How it works

Traders must follow the following steps to get the system ready:

  1. Buy the robot from MQL5 marketplace
  2. Download the files to your computer
  3. Sign in your MT4 or MT5 account using credentials on your computer
  4. Take the downloaded robot files into the charts section
  5. Enable auto-trading

The system will use the coded information to open or exit trades. The developer has used the MQL4 language to develop the EA.

Features

The algorithm has the following key characteristics:

  • It trades on the MT4/MT5 platform.
  • The installation process is easy.
  • Multiple built-in adjustable settings.
  • It contains auto close and trail functions with martingale recovery.

With the help of the scalping strategy, the expert advisor uses fundamental data, US10Y, and inflation expectations to catch the gold movement. It also uses martingale strategy to recover from losses.

The MQL5 trading history shows that the algorithm multiples the lot size by 2x after every losing position. The average holding during is 38 minutes however the incurring swaps show us that it can hold a position overnight.

Live performance of the EA

Live performance of the EA

Gold Extractor live trading account review

The live records are starting from October 2021 till the current date. The algorithm has been trading for 154 days with an average holding time of 38 minutes. The account had an initial deposit of $500 which resulted in a profit of $834.70.

Live performance of the EA

Live performance of the EA

The bot conducted 2305 trades where the profitability stands at 84.20%. The portfolio shows consecutive wins of 37 and a gain percentage of 185.27%. The maximal drawdown value was 49.4%, and the profit factor was 1.95. The high value of drawdown suggests that it can wipe out a major portion of the account while trading.

Live performance of the EA

Live performance of the EA

Pricing

The algorithm is available for a $220 one-time payment and has a free demo option. Traders can rent it for $50 for a single month and $99 for 90 days. The author provides no information on the money-back guarantee on any offers.

Is Gold Extractor a good system to rely on?

The algorithm has a rating of 4.59 based on 38 customer feedback on the MQL5 marketplace. One trader commented that he bought the product a month ago and received a gift that was applicable on a single account. He further adds that the gift had a poor performance in the backtest.

Customer feedback on MQL5

Customer feedback on MQL5

Another customer states that the EA is safe for high-risk trading symbols such as Gold.

Customer feedback on MQL5

Customer feedback on MQL5

Gold Extractor

6

The algorithm has no backtesting results available however there are live trading records present on the MQL 5 marketplace. Due to the use of risky martingale, the EA has a high drawdown. The author provides no details on their refund policy and little do we know about customer support.

  • The algorithm comes with detailed live records
  • Lack of information on customer support and company addresses
  • There is no refund policy available for any of the plans
  • Backtest records are not public for the algorithm
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