Forex Robots

Waiting Night EA Review: A Mediocre System

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Waiting Night EA

Waiting Night is a fully-automated EA that utilizes a night scalping technique that involves price action. The robot is compatible with FIFO brokers and has built-in risk management settings. Traders can use it with a minimum deposit of $100. We will review this bot below to see if it can be a good source of profit for the general community.

Marat Baiburin is the author of the EA who resides in Russia. He has a trading experience of 1 year and only 2 subscribers on the MQL 5 marketplace. The lack of extensive expertise is concerning here as the financial industry demands years of market knowledge for proper trading.

Waiting Night strategies and tests

The developer comments that the expert advisor uses price action techniques and a custom indicator to trade. It can analyze multiple currency pairs, use a fixed stop loss, and take profit for each position.

From the history on MQL5 records, we can observe that it trades towards the end of the New York session. The algorithm uses a scalping approach with an average holding time of 1 hour.

The history of the system on MQL 5

The history of the system on MQL 5

Features

The service has the following features:

  • It includes a built-in volatility filter.
  • The EA works with any account: STANDARD, CENT, and ECN.
  • The robot complies with all FIFO rules.
  • It does not use averaging orders, martingale.
  • The system works with a total of 12 currency pairs.

Backtesting

Backtesting records for the GBPUSD currency have been given for:  2003.01.01-2022.03.19, for the 5-minute timeframe. The results show that a deposit of $10000.00 was turned into a total net profit of 10836.30. Gross loss was reported as -$6298.40, which is quite high.

The maximal DD experienced during this period was 0.81%, which is very implausible in a market as volatile as forex. The most significant profit trade was valued at 59.70, while the largest loss trade was written as  -101.20, much higher than the profitable one. The system executed 3862 trades, of which 19.60% were loss trades having a profit factor of 2.72.

Backtesting results for GBPUSD on the MQL5 website

Backtesting results for GBPUSD on the MQL5 website

Waiting Night live trading account review

Live trading results have been provided on the MQL5 website. They correspond to the trades started from 2022.03.27 till date. The robot shows a growth of 26.79% and the max drawdown value is 6.6%. The balance amount stands at 126.79 USD, and profits are depicted as 26.79 USD, which is not that high.

The algorithm has completed 163 trades of which 22.09% were loss trades. The recovery factor is described as 4.05, and the profit factor is 2.05. While the drawdown and the current growth may seem captivating it is vital to note that the current records are for a short duration. The profitability of the EA varies each month between 1-20%.

Monthly gain chart on the MQL5 website

Monthly gain chart on the MQL5 website

Live trading results on the MQL5 website

Live trading results on the MQL5 website

Pricing

Traders can purchase the robot for 199 USD for lifetime usage, or they can opt for a free demo as a trial. Payments are accepted in various formats, including PayPal, UnionPay, Visa, MasterCard, and Web Money. The sold version only works with Windows. This is a limitation and can restrict cross-device compatibility.

Vendors provide no details about the availability of 24/7 customer service, a detailed user manual, or a money-back guarantee, all of which are important features of a reliable robot. This raises some serious concerns about this EA.

Pricing of the robot on MQL5

Pricing of the robot on MQL5

Is Waiting Night a good system to rely on?

Waiting Night does not come with proper backtesting records and has few details on the strategy. The algorithm has been live for a short duration, which is insufficient to analyze its true performance.

Waiting Night EA

5

Waiting Night lacks clarity about its operational strategy. The seller also fails to provide prospective customers with proper contact info. Due to the night scalping approach, traders should be beware of their brokers' spreads as they are generally high post New York session.

  • Provides backtesting results
  • Little transparency of the developer
  • Relatively new in the market
  • No information provided about a money-back guarantee/refund
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