News Scope EA Pro is an expert advisor that was published by FXAutomater. This is a quite known company on the Forex market. They have also developed other trading systems including BF Scalper EA, Omega Trend EA, Grid Master Pro, Gold Scalper Pro and many others. The devs claim that News Scope EA is “one of the most successful expert advisors.” Although it sounds good, we cannot trust them blindly. Therefore, we have prepared a detailed News Scope EA Pro review.
News Scope EA Pro strategies and tests
It’s time to figure out if the system has all required details and information explained to let us know what we have to expect from the system.
- The system can work for us completely automatically.
- The system has a trailing stop and backtick detection features.
- We may work with it in a semi automatic mode.
- It executes orders with low drawdowns.
- The tick data was chosen from a 17 years period.
- There’s a news detection filter.
- We have a “NFP and FOMC only trading mode.”
- We have email and push notifications applied.
- The system can switch between trading a single order at a time and a Grid of orders.
- The advisor can work on the M1 time frame.
- There are five pairs to work with EURUSD, GBPUSD, AUDUSD, USDCAD, and USDJPY.
- We can rely on provided details files.
- It uses money-management in trading.
- As usual, the system is delivered with the full list of settings.
- Now, we know how to test the system properly.
There’s a EURUSD report that was tested based on data from the 2015-2020 period. The time frame was M1. The modeling quality was 99.90% with variable spreads. The initial deposit was $5,000. The total net profit amounted to $8,929. The profit factor was 4.54. The system executed 213 deals with a win rate of 72%.
News Scope EA Pro demo trading account review
The developers decided not to risk their funds. So, they have deployed a demo account to show that the system works well. Alas, it’s not quite right.
The system has been running a real USD account on the Alpari broker. The leverage wasn’t mentioned. The account has a verified track record. It was created on January 28, 2021, and deposited at $3,000. The absolute gain has become 14.27%. An average monthly gain is 1.45%, while the peak drawdown was 8.22%.
We have 118 orders closed by the system with 313.1 pips. An average win is 11.03 pips when an average loss is only 7.28 pips. The accuracy is 52% for longs and 55% for shorts. An average trade length is one minute. The profit factor is 1.63.
We have five mentioned cross pairs traded. USDJPY is ahead in trading with 28 orders closed. Most of the profits were gained on EURUSD.
The only one hour to trade actively is 3 p.m – opening of the Asian session.
It focuses on trading two days a week: Wednesday and Friday. It’s not typical. Usually, the most traded days for EAs are Tuesday and Thursday.
The advisor has lost many orders in a row. It’s dangerous.
The last two months were closed with losses. The advisor is going to lose November 2021 as well.
We have a price of $97 discounted. The devs claimed that the original price was $147. The advisor has the next features in the pack: one real account, only three demo accounts, and the best possible support. The pack includes a 60-day refund policy.
Is News Scope EA Pro a scam?
Now, it’s not, but at the same time is not a sure bet. The system must be updated ASAP to run an account stable on the market.
We have no testimonials written about this system. It makes it difficult to understand how it works on the real clients’ accounts.