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Elemental EA Review

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Elemental EA

Elemental EA is a fully-automated Forex expert advisor that was launched on 9th November 2021. It is compatible with multiple currency pairs, and the vendor claims that it is suitable for inexperienced traders as well.

How Elemental EA works

On the MQL5 product page, the vendor has briefly explained what the robot is about and how it functions. We have information on the broker and deposit requirements and the vendor has clearly outlined the EA parameters. There are several screenshots of live trading setups and backtests. We can also find some customer reviews and comments from the developer on this page. 

Elemental EA is sold by a developer called Evgeniy Machok. This person is based in Russia and has their own website called DoMyForex.com. Neither on this website nor on the MQL5 profile can we find any background information on the developer. They have been selling their products on MQL5 for more than eight years. Some of their other expert advisors include Silent Master, Yellow Free, SZ Scalper, and South Night.

Elemental EA protects its trading positions using DD parameters and Stop loss. The vendor recommends signing up with a broker with swift order execution and small spreads. Also, you should install the EA on separate charts to avoid delays. To get started, you need to make a minimum deposit of $100. The currency pairs supported by this robot include EURUSD, USDCHF, USDJPY, USDCAD, AUDUSD, EURJPY, EURCAD, and CHFJPY. You can load the EA on M5 charts. 

You can specify the lot size in the EA parameters. Alternatively, you can enable the AutoLot parameter. When this parameter is set to true, the EA calculates the lot size based on the account balance. You can also set the risk percentage and the maximum drawdown percentage. The EA can automatically calculate the take profit value.

Applied strategies

The main assumption behind the trading strategy of this robot is that all trends have their boundaries, after which the price reaches equilibrium. This EA uses dynamic support and resistance levels to determine the boundary of the trend, which are updated at each candlestick. For additional slippage protection, it performs trades with pending limit orders. It does this to deal with the limited market liquidity of night trading.

Backtesting results of Elemental EA.

This backtest was conducted from January 2018 to September 2021 with 100% history quality. The EA used an initial deposit of $100 and placed a total of 3997 trades, generating a profit of $1523230.44. It had a win rate of 81.59% and a profit factor of 2.60, which can be considered decent. The relative equity drawdown for this backtest was a little high at 22.49%, which is an indication of a high-risk strategy.

Elemental EA trading results

Trading results of Elemental EA.

Unfortunately, the vendor has not shared the live trading results on trusted third-party websites like Myfxbook, FXBlue, and FXStat. Here we have the live signals on an MQL5 account with a trading history of just 40 days. During this time, the robot has placed only 87 trades, winning 73 among them. Thus, it currently has a win rate of 83.90%. The total profit for this account currently stands at $20.76.

Drawdown chart of Elemental EA.

Looking at the drawdown chart, we can see that the EA reached a maximum drawdown of 13.3% on 21.10.2021. To date, it has managed 15 maximum consecutive wins, and there have been a maximum of 2 consecutive losses. The profit factor for this account is 2.85 and the recovery factor is 3.64.

Pricing & refund

Elemental EA is available for the price of $398. For a recently-launched expert advisor, it is not very cheap. There is a free demo version you can download for testing purposes. However, the vendor does not offer refunds under any conditions. 

Customer reviews

Customer reviews for Elemental EA on MQL5.

We were unable to find any reviews for this expert advisor on third-party websites. It seems that this system does not have too many regular users. On the MQL5 page, there are a few reviews, but we have no way to verify their authenticity.

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