Gold Way EA: A Comprehensive Review

Gold Way EA is an automated trading system designed specifically for Gold (XAUUSD) trading on the MetaTrader platform. Developed by Anton Kondratev, this multi-currency Expert Advisor aims to capitalize on vulnerabilities in the gold market during evening trading hours.

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Gold Way EA Key Features:

• Fully automated system with no manual intervention required
• Trades 5 currency pairs simultaneously: XAUUSD, XAUEUR, XAUCHF, XAUAUD, XAUGBP
• Fixed stop loss and virtual profit tracking for risk management
• Trades in the evening between 7 PM to midnight GMT
• Protection against unauthorized versions via special .dll files
• Market volatility filter and news filter for timing trades

Pricing:

• Currently priced at $515 for one of the remaining 7 out of 10 copies
• Price expected to increase to $975 after the discounted copies are sold

How It Works

Gold Way EA is optimized to trade on a single XAUUSD H1 (one hour) chart, making it simple to set up and monitor. The algorithm initiates trades during the evening quiet period when volatility tends to be lower.

To determine optimal entry and exit points, Gold Way analyzes market volatility and impending news events using dedicated filters. This allows timing trades to exploit the best opportunities while avoiding excessive risk from spikes in volatility.

Each trade activated by the EA has a fixed stop loss for risk control. Additionally, a Virtual Profit Tracking mechanism hides profit levels from the broker to prevent premature trade closures. The EA is also capable of trading up to 5 currency pairs simultaneously based on signals identified by its strategy.

Performance Metrics

Backtest Results

Comprehensive backtesting reports are not publicly provided for Gold Way EA. Without long-term historical testing data, it’s difficult to independently validate the profitability claims made by the developer.

Live Results

The MQL5 signal account shows a 6% gain over a 2 month period, equivalent to $22.64 profit on a $400 account. Maximum drawdown reached 2.5%. While positive, more trading history would be needed to determine the consistency of performance.

Additionally, over a 13 day stretch in July 2023, the EA did not execute any trades on live accounts due to lack of trading opportunities. This indicates potential issues with the reliability of signals over different market conditions.

Broker Compatibility

For best results, the developer recommends using the system with reputable ECN/STP brokers that offer raw spreads and good execution quality. An ECN broker provides direct access to the interbank market, helping reduce slippage on trades.

Pros and Cons

Pros

• Specializes in gold trading with dedicated optimization
• Trades multiple currency pairs for diversification
• Fixed stop loss and profit tracking for risk controls
• Filters to avoid high impact news events

Cons

• Very limited live track record available
• Periods of prolonged inactivity on live accounts
• Backtest reports not provided for analysis
• Use of pressure tactics to drive sales

Gold Way EA Conclusion

Gold Way EA brings some innovative concepts to algorithmic gold trading, including simultaneous multi-pair capabilities and virtual profit tracking. However, the lack of transparency around its backtesting and concerns around reliability of the trading signals prevents a full endorsement.

More historical trading data would be needed to analyze performance across different market conditions. As it stands currently, traders might be better served evaluating other EAs with longer verifiable track records. The use of pressure sales tactics is also worrisome as it suggests profit motives outweigh providing an honest trading product.

Proceed with caution if considering Gold Way EA until more evidence of long term profitability can be provided by the developer. Be sure to demo test thoroughly across different market environments before risking capital.

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