True Range Pro is an EA that was deployed on September 9, 2020, and since then, thousands of customers have tried out its demo version. However, a majority of them have not come out to purchase it. This is highly suspicious. It is very likely that traders have realized that the system doesn’t perform well as purported.
How True Range Pro works
True Range Pro automates trading decisions. In this regard, the following features have been incorporated to enhance its functions:
- High spread protection.
- Dynamic basket takeprofit.
- Supports the EURUSD and GBPUSD pairs.
- Hard stop loss for each position.
- Fixed and auto volume.
- The recommended accounts include IC Markets Raw Spread, Weltrade and ForexChief Direct FX.
- M5 and M1 time frames are used.
- The suggested leverage is 1:100 or above.
True Range Pro is the invention of a Russian developer, Aleksei Ostroborodov. He is the one who founded a company called Smart Forex Lab that provides professional Forex solutions. Absolute FX, Euphoria, True Range Smart, and Good Morning are also some of this company’s creations. Aleksei’s degree of competency as a Forex developer cannot be ascertained since he doesn’t provide us with evidence that shows his qualifications.
Applied strategies
True Range Pro uses a combination of night/intraday scalping and smart grid strategies. Unfortunately, the vendor does not explain these methods. But one thing is clear-the grid system can fail when the EA gets into a directional market that runs against it.
On another note, the scalping approach can especially be frustrating for traders who want to make large amounts of profits. It can also be risky. If the trade moves adversely, the EA can incur constant and substantial losses.
In this case, the system supported the EURUSD currency pair and traded with a leverage of 1:400 from 2017 to 2020. During this period, it had a profit factor of 3.54 and a drawdown of 10.83%. From 1914 trades, the system managed to win 80.54% of the short trades and 85.50% of the long ones. Although this performance was above average, they were nowhere near excellent.
The initial deposit was $3,000, and by the time the testing period was ending, a total net profit of $65,363.12 had been made. The average loss trade, i.e., -$78.25 was higher than the average profit trade of $57.48 by about $20.77.
True Range Pro trading results
Here we have an account that started trading on March 24, 2020 and, to date, the gain made is 211.45%. We can also see that the balance of the account increased from $2076 to $6141.28. All this while, the EA has been generating profits at rates of 0.12% daily and 6.53% monthly. The drawdown (23.11%) is higher than the backtest data. It highlights the effects of the risky approach integrated into the system.
Based on the table above, the system has taken part in 702 deals. The traded lots, which are 53.07, are large and increase the account’s risks of incurring losses. The high likelihood of losing trades is further evidenced by an average loss of -18.88 pips, which is higher than the average win of 13.84 pips. The win rates for long and short positions are 86% and 81% respectively.
The EA has been making profits consistently since January. However, we are a bit troubled because the profits began decreasing in May, and this trend has not improved till now.
The grid approach is evident. Big lot sizes, i.e., 0.19, 0.21, 0.22 and 0.23 were in use. Minor profits were made.
Pricing & refund
True Range Pro is $195, but a money-back guarantee is not provided. Based on the small profits that this EA makes, we do not think traders can get value for their money. This may also not be the Forex solution for traders who want to make higher profits.
Other notes
There are a total of 9 customer reviews on mql5, and most of them do not say anything unpleasant about True Range Pro. However, feedback from third-party sites like Trustpilot and FPA would be more believable since they are unbiased.
