Medusa X is a Forex expert advisor that was launched on December 28, 2020. It is compatible with the Metatrader 4 trading platform. The developer claims that the robot delivers terrific performance by following statistical and mathematical methods.
Oon Kar Lee, the developer behind this system, is a resident of Singapore. They claim to possess more than 15 years of experience in Forex trading, but there is no way we can verify this. There is very little background information on this person and they haven’t shared any contact information. Other EAs from this developer include Corsa, Goldtron, Quantica, Immortal X, and Blassik V2.
Medusa X strategies and tests
Medusa X is based on a momentum and pullback algorithm. It specializes in low-spread major pairs like USD/CHF and GBP/USD. Provided there is a valid signal, the EA trades frequently during the day. The developer claims that the system is easy to use. It does not use fake strategies or curve-fitting.
It has volatility filters, RSI, and Trend EMA highly optimized at the backend. Usually, the EA takes a TP of 5 pips with single entries. Similar to a pro trader, the system uses additional averaging techniques. This means it conducts 2 or 6 trades with the same lot size to gain an advantage over the market. It avoids using risky techniques like Martingale.
The vendor recommends using the EA to trade in two pairs on the same account for stronger performance. You should load the EA on H1 charts. The minimum account balance is $500, but it is recommended that you use $1000 for optimum results.
Medusa X is best used with a decent ECN broker offering low spread and commissions. It is strongly recommended that you use a VPS with this system. Before using the EA for live trading, you should run it on a demo account with virtual money.
After purchasing and downloading the robot, you should open MT4 and load it on an empty chart for the USD/CHF pair. You need to make sure that the auto-trading functionality is turned on. Medusa X can automatically calculate the size of the trading lot, but you can choose to set it manually also.
For this backtest, the EA conducted 3421 trades between January 2016 and December 2020. It used an initial deposit of $10,000 to generate a profit of $64903.28 with a win rate of 90.38%. The profit factor during the testing period was quite high at 1.86, while the relative drawdown was 70.78%. Looking at the extremely high drawdown, it is obvious that the robot was following a high-risk trading strategy.
Medusa X live trading account review
There are no verified trading accounts for this expert advisor on trusted third-party websites like Myfxbook, FXBlue, or FXStat. Here we have a live monitoring account on MQL5 that was launched on December 7, 2020. The EA has had 228 trading days so far, during which it has closed 1456 trades. The win rate for this account currently stands at 93.13%, which is slightly higher compared to the backtest.
There have been 69 maximum consecutive wins and 4 maximum consecutive losses for this trading account. It has a profit factor of 2.23 and a maximum drawdown of 39.3%. The drawdown indicates a high risk of ruin. The average profit and loss are 1.22 SGD and -7.41 SGD, respectively.
Currently, this EA is available for $399. There are two rental options as well. While the monthly rental option costs $80, the 3-months rental comes at $150. There is a free demo version but the vendor does not offer refunds.
Is Medusa X a good system to rely on?
There is no verified track record for this expert advisor. The vendor is relatively unknown and they do not offer users the protection of a money-back guarantee.
Unfortunately, there are no user reviews for this EA on third-party websites. On MQL5, there are a handful of reviews, but we cannot consider them authentic.