IndEX EA is a powerful and fully automated Forex robot that trades in seven different currency pairs. It promises to transform your trading experience by using a unique and efficient trading method. As per vendor claims, it has a guaranteed monthly win rate of 75%.
How IndEX EA Works
On the official website on IndEX EA, the vendor introduces the robot, describing in detail how it functions and what advantages it offers. We have a list of the main features, along with strategy explanation, live trading results, backtesting data, as well as a video stream showing live trading. Finally, we have the details of the pricing plans, some customer testimonials, and a contact form for sending messages to the service team.
Overall the presentation looks extremely professional and detailed, and it certainly makes us expect high standards from this robot. It has been developed by Phibase, a company that has been developing Forex automated systems since 2012. However, we don’t know where the company is located and the identities of the developers and traders remain a mystery.
This Forex robot is easy to install and can automatically configure different parameters like MarketWatch, GMT Offset, etc. It mainly trades in pairs like XAU/USD, EUR/GBP, GBP/USD, EUR/USD, USD/JPY, EUR/JPY, and GBP/JPY. There is a unique HUD dashboard where you can view everything related to opened and closed trades.
IndEX EA works on the MT4 trading platform and you need to attach it to one chart only. It has a risk/reward ratio of 1:2 and aims for a 250-400 pip gain per month.
IndEX EA uses different strategies based on the currency pair, which we think is a great approach. For the XAU/USD and GBP/JPY pairs, the robot uses the H1 timeframe and trades the volatility based on the interactions between the currencies. The USD/JPY, on the other hand, is traded based on reversals and breakouts.
A swing trading strategy is used for pairs like EUR/GBP, GBP/USD, and EUR/USD. For the EUR/JPY pair, a strategy based on trend and momentum is chosen.
This backtest was conducted on the GBP/JPY pair starting from 2007 to 2018. A total of 545 trades were carried out, out of which 213 were won. As we can see, the win rate wasn’t too high at 39%, but the risk/reward ratio was decent at 1:2.7.
The total pips gain from this backtest was 16,460, while the maximum drawdown was 1181 pips. Overall, it doesn’t look that impressive, and we need to take a look at the live trading results to determine whether this robot can perform well in a live trading scenario.
IndEX EA Trading Results
This is a live trading account for IndEX EA that has been verified by the FXBlue website. This particular account has a trading history of 1152 days and to date, it has accumulated a profit of -82.39, which is frankly quite disappointing. We can see that the monthly and weekly returns are -0.2% and -0.1% respectively, while the profit factor is 0.98.
Now, anytime the profit factor for a system is less than 1, we know that it is not likely to generate gains consistently. It is evident that this account has suffered some sizable losses along the way, and after a long trading history, its profit is negative. We are extremely disappointed at the trading performance of IndEX EA and we don’t think this is a reliable system.
Pricing & Refund
IndEX has Quarterly, Semi-annual, and annual plans priced at $270, $378, and $540 respectively. The number of pips offered during the subscription period for these plans is 600, 1500, and 3000 respectively. The vendor mentions that the plans are not covered by a money-back guarantee. They are not cheap by any account, however, and the absence of a refund policy makes us wary.
We found the following customer reviews on the official website. Here, the customers have praised the performance of the robot while appreciating the efficient support provided by the company. It is difficult to verify the authenticity of these reviews, however, and the vendor could have easily manufactured them. Since authentic reviews on third-party websites are missing, we can assume that not many people know about IndEX EA as of now.