Medusa X trading robot comes with built-in risk management settings and customizable stop loss/take profit options. The algorithm has been recently published on the MQL 5 marketplace and is available to purchase at $399 and has two renting options. This article will review the bot’s performance, reliability, and functionality with the integral approach of real forex trading scenarios.
Medusa X has the following key features:
- It can trade on the Metatrader 4 platforms.
- The robot does not use any dangerous strategical approach.
- Easy to set up and use.
- The robot comes with backtesting records.
- The algorithm is 100% automated and doesn’t require any human intervention.
Medusa X trading approach
Medusa X uses momentum and pullback trading strategies and places executions on low-spread USDCHF and GBPUSD symbols. The developer claims that the ATS doesn’t use a dangerous statistical strategical approach such as grid, martingale, averaging, etc. Instead, it uses RSI, Trend EMI indicators, and volatility filters. The developer has the following recommendations on the website:
- Min deposit: $500
- Recommended deposit: $1000
- Timeframe: H1
- Two Symbols: GBPUSD and USDCHF
- Leverages: 1:1000, 1:2000, 1:500
From the history of MQL 5 signals we observe that the robot strictly opens trades on the close of the hourly candle. It uses a small take profit of 10 pips and has no stop loss attached onto trades.
One-hour backtesting stats are available on the GBPUSD symbol from 2016.01.04 to 2020.12.07. The duration of three years of experimental statistics is not enough to judge the performance of ATS.
The records are based on 117603063 modeled ticks with a 99.90% modeling quality. The system made 3421 trades, of which 3092 were winners, and 329 were lost. The total profit of the expert advisor was $64903.28, with average loss trade of -228.53 and a win at $45.31. From the high difference between mean winning and loss trades, we can deduce the use of a poor strategy.
The value of relative drawdown was 70.78%, which shows that the system traded with high risk. The gross loss was -$75187.49, with a profit factor of 1.86. The risk value is quite high on these stats showing that the algorithm can nearly cause a margin call on your portfolio.
Medusa X live trading results
The expert advisor does have MQL5 live records. Still, they are not considered reputable because of their non-affiliation with any third-party website.
The records on MQL5 of the robot show that the developer deposited an initial amount of S$500. The algorithm placed its first execution on 07.12.2020, has been live for 74 weeks, and comes with a profit factor of 2.29. The EA participated in 1627 trades with a winning percentage of 93.50% and a loss of 6.95%.
The bot stands at monthly growth of 217% and a recovery factor of 23.29. The average holding time of an order is one day. The account’s equity stands at $483.07 with a total balance of $1633.08, making the floating profit at a negative $1150.01.
The drawdown of Medusa X stands at 78.2%, which is highly unstable, and the account is at a brick of blowing up.
The MQL5 platform states that the drawdown is exceptionally high and doesn’t permit the trades from subscribing to the signal.
What are the risks with Medusa X?
We can observe the following risks while trading with the robot:
- Vendor transparency
The vendors of the ATS are very shy in sharing their personal information, such as team members, certifications, office addresses, phone numbers, etc.
- High drawdown
Live trading and backtesting analysis show a high drawdown value that exhibits the algorithm’s risky strategical pproach.
- Customer feedback
No user reviews were present on reputed review websites like Forexpeacearmy, Trustpilot, etc.
- Strategical approach
There is no precise data regarding the robot’s strategy.
The asking cost of the EA is a bit expensive.
Eleven positive customer testimonies are present on the MQL5 platform. It’s surprising how traders got convinced with no clear insight on strategical approach, money-back guarantee, overpricing, and disastrous unverified live trading stats to purchase the EA. A trader comments that they are receiving profits while trading with the bot.
What are the pros and cons of investing in Medusa X?
|100% automated trading solution||Little information on strategy|
|A high value of drawdown in backtesting and live testing records|
|No refund policy|
Medusa X Conclusion
Medusa X is a relatively new automated trading system. Although it comes with backtesting of three years of historical data, the short duration is not enough to analyze the performance of the EA. The unverified live trading records are available with a high drawdown value, exhibiting the algorithm's high risky strategical game plan. The lack of vendor transparency, money-back policy, and the bot's high price tag should also be considered before buying this expert advisor.