Today I’m providing a brief analysis of new automated Forex expert advisor based on trading the Commodity Channel Index, CCI Scalper. This software is relatively new to the market, being published in late April 2018. Despite being brand-new, it’s garnering quite a bit of attention, so I feel it’s important that we take a closer look today and inform the Forex Robot Nation community how it works, and what we can expect moving forward.
The developer of the expert advisor is Ramil Minniakhmetov, the lead coder for OrangeForex.ru. Ramil is located in Russia, and currently has 10 products available on the MQL5 marketplace. Other products include EA Black Star, Hamster Scalping, and Forex Star Premium. I won’t be going into much detail with either of these products today, but rather analyzing them in the near future. In order to get in touch with support, traders can direct message Ramil, via his MQL5 profile.
CCI Scalper Review
Using the Commodity Channel Index, the CCI Scalper monitors oversold and overbought areas in order “to catch the rollback of the main trend.” Outside of this information, the strategy isn’t described in full detail, but does include a built-in news filter, and a handful of different settings that can be modified to make the software suit a multitude of trading needs.
The vendor is very clear and telling us that the software is built for long-term trading, and in turn avoids any usage of martingale, grid or any other dangerous basic trading approach. Due to this approach, we are made aware that the software “can have drawdowns, bad days, weeks or months.” This honesty is refreshing, and not something we usually hear from expert advisor vendors, so I do applaud Ramil’s efforts to provide some sort of transparency in this manner.
I would prefer if there were more information about the strategy, but at this point we will just move on to the other areas of the review.
- Type: Forex Robot
- Price: $99
- Strategy: Long-term
- Timeframe: M5
- Pairs: EURUSD, USDCAD
The current price point for the CCI Scalper is very affordable at just $99. You can also test the EA for a single month at $45, or download the free demo. The demo has already been downloaded over 1000 times.
The system currently trades to pairs, but in the comments section of the sales page the vendor did leave the door open for the possibility of more pairs being added.
In terms of trading results, the CCI Scalper is quite lackluster. The vendor does not utilize any statement sharing service providers, and instead relies on one back test. While the back test is impressive, and uses 99.9% modeling quality, it isn’t enough for me to assume that this software works well on alive account.
Ramil should certainly look into testing the software himself, and uploading his statements to FX Blue or Myfxbook. In 2018, there is no reason why vendors should be relying on old historical data to sell a software, when the majority of the market is providing actual trading statements.
Even though the time period has been short, the CCI Scalper is receiving mostly positive reviews in its first few weeks of existence. There are 17 reviews, which account for a rating of 4.5 out of 5 stars.
As far as I’m concerned, these clients should be leaving reviews just yet, considering they been using the software for such a short period of time. I’ll check back in on these reviews in a couple of months, to see a more in-depth analysis from the community. I don’t really trust these reviews now.
There are positive aspects to the CCI Scalper, but just like the trading results, and the client feedback, I believe that time is our friend in this scenario. What I mean by this, is that we should take our time and really see how the software performs for the community before we decide to jump in. With no real trading results, and client feedback providing positive reviews despite only using the software for a few weeks, I think we need to take a step back and give this software some time to breathe. If it continues to perform well, and the trading results surface, then we can consider signing up. In the meantime, I suggest testing the demo.
If there is anything else you would like to add to the review, please leave your questions and remarks below the article now.