Advanced Fibo Levels utilizes the Fibonacci system for ensuring successful returns. It works on multiple currency pairs. This is a fully automated system that uses the proprietary indicator for the entries.
Ho Tuan Thang is the author of this FX EA. As per the info on the MQL5 site, the author is based in Vietnam and has no prior experience in developing FX tools. He has 7 products and 6 signals to his credit. Other products of the developer include Advanced Gold Trading, Advanced Hedge, and Advanced Bollinger.
For support, you can use the direct messaging feature on the MQL5 site and the Telegram Channel link the developer provides. This FX EA is available for $199. A free demo account is present. The developer does not provide info on the features available with the package. There is no refund offered for the product which raises doubts about the reliability of the system.
The important features of this MT5 tool that make it competitive as per the developer are listed below:
- It works on the GBPUSD, EURUSD, XAUUSD, BTCUSD, and more currency pairs.
- A timeframe of M15 is used by the ATS.
- The minimum recommended deposit for using the FX robot is $150.
- It is not affected by broker conditions like slippage and spread.
- The FX EA is compatible with all brokers.
As per the author, the system has been tested since 2016 and he asks users to contact him to receive the best set file. We could not find info on the recommended leverage. While the vendor mentions that the system has been tested there are no backtests present.
Advanced Fibo Levels trading approach
Besides mentioning the use of the proprietary indicator which is available for free with the EA, there is no mention of the strategy used or an explanation. The lack of explanation prevents us from understanding the efficacy of the FX robot.
No backtesting results are present for the FX robot. Backtests help to get a better insight into the approach used. Since the tests are performed using historical data, they cannot predict a similar performance in the future. However, traders still prefer them to know about the strategy.
Advanced Fibo Levels live trading results
A live trading result is present for the FX robot on the MQL5 site. Here is a screenshot of the trading stats:
From the info present, we can see the account uses the Weltrade broker and the leverage of 1:500. Since it was started on January 25, 2022, it has been only a couple of days since it has been trading. A growth of 0.36% and a profit of $1.80 are present. The initial deposit is $500. For a total of 2 trades, the drawdown is 7.8% and profitability is 100%. Due to the low number of trades and the short span of trading, evaluation of the quality of the trading is difficult.
What are the risks with Advanced Fibo Levels?
If you are interested in this FX robot, here are some of the influencing factors we identified in the ATS:
- The developer does not explain the strategy used and there are no backtesting results.
- A live trading result is present but of very short duration for it to be useful.
- When compared to the market average the pricing is not expensive.
Unfortunately, we could not find feedback for the FX robot on reputed review sites like Forexpeacearmy, Trustpilot, etc. While the MQL5 site has user reviews we cannot consider them. The reason is that the site is promoting the product and hence there is a chance of the feedback being manipulated.
What are the pros & cons of investing in Advanced Fibo Levels?
|It is a fully automated software||There is no strategy explanation|
|Free indicator||The sample size is too short|
Our analysis of all the important aspects of this ATS reveals that the developer provides info on the features and a live signal result. However, the small sample size and lack of strategy explanation prevent us from analyzing the system fully.
Advanced Fibo Levels Conclusion
Advanced Fibo Levels uses a proprietary indicator for better results. Our evaluation reveals beneficial aspects like broker compatibility and the free indicator offer. A live signal is present. But the sample is too small for us to evaluate the performance. Other drawbacks we found include the lack of strategy explanation and the absence of a money-back offer.