News Scope EA PRO Review: Things to Consider Before Investing

News Scope EA PRO

News Scoper EA trade on the high news by using short-term scalping techniques. It currently supports multiple currency pairs and has built-in trailing stops and exit systems for protecting profits. The developer states that the robot relies on the improved conditions by the brokers to function appropriately in the market. 

The highlights of News Scope EA PRO

According to the provider, the News Scoper EA has the following features that set it apart from other algorithms in the market.

News filter

The algorithm can detect high-impact economic events and place pending orders at the right moments. Traders have to insert the company’s website URL in the MT4 terminal for the function to work. 

Advanced time management

The robot places orders only during those seconds when the news is active for short-term scalping. It helps to catch the moves that traders desire. 

Trading strategy of News Scope EA PRO

According to the developer, the robot places pending orders when the news events are incoming. It trades using pending executions and scalps the market. Traders can use it for multiple currency pairs and set the high spread detection with trailing stops. From the live records on Myfxbook, we can see that the developer trades using a high stop loss with no take profit. The average trade duration of 1 minute confirms the scalping approach. Moreover, the EA applies a grid technique trading with different lot sizes. 

The trading history
The trading history

Backtesting reports

Backtesting results are available for EURUSD fixed lots where the relative drawdown was around 18.11%. The winning rate was 68.12%, with a profit factor of about 6.42. All the tests were done on the 1-minute chart with a starting balance of $2000. The robot tanked an average profit of $40787.00 during this period. 

There were 690 trades in total where the best trade was $807, while the worst one was -$170.

The backtesting records
The backtesting records

Trading results in real time

Verified trading records are available on Myfxbook. From January 28, 2021, till the current date, the system has made an average monthly gain of 2.2%, with a drawdown of 8.22%. The risk-reward is 4:1, requiring a high winning rate of more than 50% for the robot to stay positive. The winning rate stood at 60%, with a profit factor of 2.03. 

The best trade was $101.79, while the worst was -$38.48 in a total of 163 trades. The developer made $3000 in deposits on a demo account. It is impossible to achieve real results on such a portfolio as they do not respect real market liquidity and slippage.   

The live records
The live records

News Scope EA PRO price

The company sells the algorithm for $117, with one license available for a single MT4 live account. There is a 60-day money-back guarantee.

The pricing model of the company
The pricing model of the company

Customer support

Traders can only contact the developers by filling out a form on the website. There are no emails or phone numbers that can be used, and the turnaround time is not known.

Are traders happy with News Scope EA PRO?

There is a single review present on Forex Peace Army where a trader states that he has used one of the robots from the company. He says that he will continue testing it and submit another feedback after a few weeks. The feedback was written back on July 27, 2013.

Customer review at FPA
Customer review at FPA

News Scope EA PRO

News Scope EA PRO
3 5 0 1
News Scope Pro EA trades on a demo account, showing good results for scalping algorithms, especially during news trades. However, traders can face difficulties entering or exiting the markets on live portfolios due to lack of liquidity on volatile economic events. The developer is not clear on customer support and there are no comments present on review forums that could guide us on the efficiency of the robot.
News Scope Pro EA trades on a demo account, showing good results for scalping algorithms, especially during news trades. However, traders can face difficulties entering or exiting the markets on live portfolios due to lack of liquidity on volatile economic events. The developer is not clear on customer support and there are no comments present on review forums that could guide us on the efficiency of the robot.
3/5
Total Score
  • Functionality
    3/5 Neutral
  • Trading Strategy
    3/5 Neutral
  • Live Results
    4/5 Good
  • Customer Support
    3/5 Neutral
  • User Reviews
    3/5 Neutral

Advantages

  • It has live records on Myfxbook

Disadvantages

  • Lack of customer support
  • No transparency of developer
  • Live records on a demo account
Total
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