Profit Lab EA is compatible with EURUSD, GBPUSD, NZDUSD, and AUDUSD currency pairs at the 15 min time frame. The developer claims that the bot requires no trading experience and finds it to be profitable in any kind of market conditions. The algorithm identifies the optimum opportunity to increase earnings by combining characteristics such as maximum lot size and trades. To check if the system is reliable, prosperous, and efficient in the long run, we will examine its pro, cons, and customer feedback.
How Profit Lab EA works
Traders must first purchase the product from the website. Bringing the ex4 file into the expert area and connecting it to the chart on the MT 4 platform will complete the installation. Because of its automation, the system relies on coded information to initiate and complete transactions. The developer used the MQL 4 coding language to build the system on the MT 4 platform.
The algorithm comes with the following characteristics:
- Multiple purchasing plans
- 30 days money-back guarantee
- 24/7 technical support
- Free updates are available
- The algorithm trades on the MT 4 platform
- It has an easy installation method
The author is not transparent in their portfolio. The information related to company location and members is not available on the website. Users can submit questions via filling out the form present on the website or by contacting them at their email address.
The developer states that the EA trades on multiple currencies at the M15 timeframe. There is no further information on the strategy, which is a poor practice. The history on FXBlue shows that the robot is using grid and martingale strategies for trading. The lot multiplication method is arithmetic. 0.1 lots are added to the overall position once it crosses the threshold of 30 pips.
The robot has no backtesting records, making it hard for us to evaluate its past performance. The observed stance by the author is very unprofessional and inadequate as a market like forex requires transparency.
Profit Lab EA trading results
Live records are available on FXBlue from 2022/05/23 till 2022/06/09. The algorithm has traded for 22 days, as seen on the FX Blue website, where its risk/reward ratio stood at 0.36. It uses the USD as a currency pair and has a weekly return of -92%.
The stat shows that the account has deposits of $4827, resulting in $2658.51 profit and -7,484.03 losses.
The EA took part in 110 deals, winning 56 and losing 54. The low win rate is coupled with a poor risk-reward ratio observed from the average win of 47.47 and loss of 138.59.
Pricing & refund
There are three purchasing plans available, including standard business and premium. The cheapest offer costs $99, whereas the business deal is available for $149.
Users must pay $249 for the premium plan. Each membership includes free updates, lifetime access, and round-the-clock technical assistance.
The product has no feedback on 3rd party review platforms such as Trustpilot and Forex Peace Army. The noted act shows that the traders lack interest in the algorithm. Evidently, the robot has a high drawdown value and is not profitable in the long run.