Diamond AI is a Forex expert advisor that runs on both MT4 and MT5 trading platforms. Both of the versions were released on 18th November 2021. According to the developer, this robot has the latest algorithms that allow it to anticipate market changes.
How Diamond AI EA works
On the MQL5 product page, the vendor has provided a short introduction to the robot, followed by detailed setup instructions. We also have the pricing details, and some screenshots showing the backtesting results.
The developer behind this robot is Marcin Zygala. He is based in Poland and is a newcomer to the MQL5 marketplace, as indicated by his profile. We have no information on this person and the people he works with. It is unknown whether he works alone or as a part of a larger team. Apart from Diamond AI, he has no other products on MQL5.
The developer claims that this robot is the result of more than a decade of coding and reading experience of a team dedicated to building next-generation expert advisors. It avoids using risky strategies like martingale and covers its positions with take profit and stop loss.
While running the EA on a live or demo account, you should attach it to a single chart. The vendor recommends attaching it to a EUR/USD H1 chart. After that, the system will automatically add the other symbols like EUR/GBP, USD/CAD, USD/CHF, EUR/CAD, and AUD/USD. It is imperative that you run this EA on a hedge account.
By adjusting the EA settings, you can change the way it operates. You can change the trade direction, the maximum spread in terms of pips, maximum open positions, and slippage. There is the option to use a fixed lot size with each trade. Alternatively, you can set the lot calculation type to risk percent and make the EA automatically calculate the lot size based on the risk percentage.
It is also possible to program the robot to close all orders at a specific time every day or on Fridays. Once the equity drawdown reaches a specified limit, the robot can close all orders.
Unfortunately, we don’t know anything about the strategy employed by this Forex robot. We don’t know whether it is a long-term and a short-term strategy or whether it involves trading with the trend or against it.
This backtest was conducted from 2010 to 2021 with an initial deposit of $1000 and 1:100 leverage. During the testing period, the EA conducted a total of 4053 trades, winning 76.81% of them and generating a total profit of $452655.43. The profit factor was quite decent at 2.22, while the relative equity drawdown was 18.49%. There were 28 maximum consecutive wins and 5 maximum consecutive losses for this backtest.
Diamond AI trading results
The vendor has not shared the live trading results in any format. We searched several third-party websites like FXBlue, FXStat, and Myfxbook for trading accounts related to this EA, but to no avail. Without trading statistics, we cannot analyze the various performance factors like profitability, profit factor, drawdown, etc. Also, it is not possible to draw a comparison between the historical and live testing performance of the system.
Pricing & refund
The current price of this Forex EA is $299. Compared to other EAs, it is quite cheaply priced. If you don’t wish to pay the one-time fee, you can rent the robot for 1 month in exchange for $49. Also, there is a free demo version of the system you can download for testing purposes. Unfortunately, the vendor does not offer a refund for this expert advisor. Thus, if it fails to make profits, you won’t be getting your investment back.
We were unable to find any user reviews for this expert advisor on third-party websites like Trustpilot, Forexpeacearmy, Quora, and Myfxbook. On the MQL5 website, some users have complained about the EA losing most of its trades. Nevertheless, we have no way of verifying the authenticity of these reviews. There is no official information provided by the vendor. As such, the only way to get technical support is to message them via the MQL5 website.