News Scope EA Pro Review

News Scope EA Pro is a new automated trading robot developed for “traders who prefer to trade during high impact news.” When high impact news events occur, the market will very frequently spike in one or two directions simultaneously. The vendor feels that this creates short term scalping opportunities where their system can pick up anywhere from 20 to 100 pips over the span of a few seconds. They feel that in the past, this wasn’t viable due to spread increases, execution delay or slippage, but broker conditions have improved drastically over the past few years making this more viable.

The robot is developed by the FXAutomater team, a group that’s been serving the Forex market for many years. They have developed over 30 robots including the Forex Gold Investor, and Forex Diamond most recently. There is no information provided about their location, or their identities.

In order to get in touch with support, traders can fill out a contact form on the website.

News Scope EA Pro Review

The News Scope EA Pro comes with a handful of different features that the FXAutomater team feel sets it apart from their competitors. These features include a 17-year backtest, low drawdowns, multiple currency pair support, trailing stop, high spread detection, and news detection filters.

The robot also comes with semi-automated and fully automated modes to allow the client more control over the system.

It’s built to work on the M1 timeframe like many scalpers, and comes with .SET files optmized for 5 different pairs. We aren’t sure if they qualify for best Forex robot status yet, but they are taking all of the right steps.

Trading Strategy

As previously mentioned, the News Scope EA Pro system is a high impact news scalper. The robot looks to take advantage of quick swings in the market, and take on easy profits. In our experience with scalpers, we prefer the opposite approach. Usually, ranging conditions are better for scalping, as trending markets can just as easily hit the stop loss, as it can the take profit.

They have clearly thought about this, and developed a strategy specifically around these conditions though, so we don’t want to judge it on our past experiences.

The strategy comes with built in money management, an advanced news filter, trailing stop, and a push notification feature to inform you on your cell phone when trades are active.

Robot Analysis

• Type: Forex Robot
• Price: $117/license
• Strategy: Scalper
• Timeframe: M1
• Pairs: AUDUSD, EURUSD, GBPUSD, USDCAD, USDJPY

The News Scope EA Pro goes for $117, which entitles clients to 1 real account and 3 demo accounts. They promise the best support in the Forex industry and a 60 day money back guarantee.

We recommend emailing support before you purchase to see how fast they respond, and see if their response suits your expectations.

Trading Results

Surprisingly, the vendor only provides backtests and no live accounts or demos. Based on the overall professionalism of the presentation, it’s disappointing that the News Scope EA Pro software doesn’t have any verified results.

The backtests help, but they aren’t enough to trust a trading product in 2020. Most systems utilize an abundance of live data that occurs while the markets are active that can’t even be reproduced in backtests, making them increasingly unreliable.

This entire market is fueled by Myfxbook and FX Blue in 2020. If a vendor is unable to provide verified trading results on demo or live accounts, they are going to have a very hard time competing. Most of the readers here at Forex Robot Nation won’t even bother purchasing a software unless their is some sort of active trading result provided.

Conclusion

The majority of the News Scope EA Pro presentation is very professional and clean. They are upfront about their trading strategy, and even charge a very reasonable price. They provide complete set files for each pair that they offer, and explain each of the parameters in the robot.

The only issue, is the fact that they don’t provide any verified trading results. We do feel it is the vendors job to prove that their system works, before the community buys it. This isn’t an outlandish demand, and one that we stick by. So, at this point we won’t be able to recommend the software, but the FXAutomater team can quickly rectify this by adding some accounts to Myfxbook today.

If you have anything you would like to add to the review, please leave your comments below the article now.