True Range Pro from Smart Forex Lab is an expert advisor that promises top performance. The range-following FX robot uses night scalping and a smart grid system for its trades. Alexsei Ostroborodov is the founder of the Smart Forex Lab. The company specializes in providing professional Forex solutions.
Ostroborodov is from Russia and has four years of experience in the field. He has created 11 products and 18 signals. Other products of the author include Euphoria, Candelabrum, and Absolute FX. To contact the vendor, a Telegram channel link is provided. The messaging option on the MQL5 site is another support method available for users.
You can buy this FX EA for $495. A rental package is available that costs $45 per month. The developer also offers a free demo account. There are no further details on the features available with the package. We could not find a money-back guarantee for the product which raises doubts regarding its reliability.
Some of the significant features of this system that the author focuses on are:
- It works on the EURUSD and the GBPUSD pairs.
- A monthly profit of 5 to 10% is assured for the EURUSD pair using the M5 timeframe.
- For the GBPUSD pair, the author assures a monthly profit of 20% to 40% using the M1 timeframe.
- The robot uses 100% automation for the trades.
- It uses hard SL and dynamic basket TP for each position.
- High spread protection is present.
- Fixed and auto-volume adjustment features are present.
- It has backtesting results done from 2010 to 2020 using the Weltrade broker.
- The leverage of 1:100 and use of brokers like IC Markets, Raw Spread, Weltrade, Direct FX, and ForexChief are recommended by the developer.
True Range Pro trading approach
Besides mentioning the use of a precise night scalping and smart grid method for playing, the author does not divulge info on the method used. The lack of an explanation makes it difficult to understand the approach and its efficacy.
The above image shows the backtesting result for the EURUSD pair using the M5 timeframe from 2017 to 2020. From the stats, we can see the total net profit was $65363 and the relative balance drawdown was 10.83%. For a deposit of $3000, the total number of trades executed was 1914 and the profit factor was 3.54. Profitability of 82.81% was present. From the results, we can see that the profits were high and the drawdown was low indicating an effective performance. However, since the test is based on historical data, we cannot predict a similar result in real-time trading.
True Range Pro live trading results
A real USD account using the Forex Chief broker and the leverage of 1:400 is present for this FX robot. The screenshots of the results verified by the myfxbook site are shown here:
From the above stats, we can see the initial deposit of $2096 has resulted in a total return of 199.63% and an absolute return of 196.14%. For the account that started in March 2020, the daily and monthly profits are 0.16% and 4.97% respectively. A drawdown of 33.57% is present. For a total of 933 trades, the profitability is 81% and the profit factor is 1.72. Lot sizes of 0.10 and 0.11 are used for the account. From the high drawdown and big lot size, it is clear that the strategy used is risky. Further, comparing the results with the backtests we find the high performance in the backtest is not replicated in real trading.
What are the risks with True Range Pro?
Our evaluation of the various characteristics of this FX EA reveals the following factors that can influence its reliability:
- While the strategy used is mentioned, there is no explanation present which makes it difficult to understand the approach and its effectiveness.
- Backtests and verified trading results are present that show good profits. But real trading results show a high drawdown that denotes a risky approach.
- The pricing of the product is expensive when compared to the market average. Further, there is no refund policy which makes us suspect the reliability of the package.
Unfortunately, we could not find user feedback for this FX robot on reputed sites like Forexpeacearmy, Trustpilot, etc.
What are the pros & cons of investing in True Range Pro?
|It is a fully automated software||High drawdown indicates a risky approach|
|Verified real trading results||The pricing is expensive|
Our assessment of the system reveals the pros and cons above that will help you decide on the suitability of the system for your trading style.
True Range Pro Conclusion
True Range Pro promises monthly profits ranging from 10% to 40% with its automated system. Our analysis of the various characteristics of this FX robot reveals that although the system is profitable, it is associated with certain risks that can put your capital to harm. Further, the expensive pricing, lack of user feedback, and the absence of money-back assurance are other shortcomings you should consider.