Today I’ll be reviewing another fully automated scalper, that looks to trade key levels of the price chart, Cortex EA. This trading software is being offered to traders on the MQL5 marketplace, and is doing everything it can to make a name for itself. The system was just released in mid September, and is currently updated to version 1.7.
The creator of the EA is Alla Reznikova, a developer at “IT Art,” located in Belgium. This is the first, and only robot offered by Alla, who doesn’t seem to have much of a reputation in the Forex market. This doesn’t bother me, because often the first system released by developer, is the one they spent the most time thinking about and working on. In order to get in touch with support, traders can direct message Alla via MQL5, or leave a comment on the MQL5 sales page.
Cortex EA Review
One of the first elements that brought to our attention about the Cortex EA, is that it takes advantage of an advanced profit taking algorithm. According to the sales page, the system utilizes tight hidden stoploss orders in order to minimize possible drawdowns. In terms of profit, this robot relies on a “smart multistate strategy allowing to significantly increase the trading profitability.” There is built-in money management, but traders can bypass the money management and trade fixed lot sizes if that suits their trading style better.
The EA does not use any indicators, grid, martingale, hedging or arbitrage strategies. It does seem that most robots are trading in this direction, as we are seeing fewer and fewer systems use high risk strategies. I still feel like there is a role for these types of strategies, but they certainly take very advanced developers, and often advanced traders in order to utilize them in a proper manner.
Personally, I prefer scalping approach when dealing with the best automated Forex robots, so this is right in my wheelhouse.
- Type: Forex EA
- Price: $125
- Strategy: Scalping
- Timeframe: H1, H4
- Pairs: EURUSD, GBPUSD, USDJPY
Normally, when dealing with scalping systems, the timeframe is much lower, so it’s interesting to see that the Cortex EA is recommending H1 and H4 timeframes. I’m trying to find some results so that I can analyze the average trade duration to better understand the approach, but sadly they are only providing us with back tests, which I will get into when we get to the trading results part of the review.
As for the price, the system is going for $125, with options to rent monthly for $50. Considering the price of the robot, it makes no sense to rent the software. Traders also have the ability to test the system on demo before they sign up. There have been 1800 demos downloaded, and 7 copies purchased.
As I mentioned above, the developers of the Cortex EA provide us with a handful of back tests, but nothing really substantial. As you probably know by now, I am most interested in expert advisors that have long trading statements with websites like Myfxbook and FXStat.
The only positive that I can draw from these back tests, is that they are more up-to-date than most of the back tests we see in the MQL5 marketplace.
At of the 7 clients, there are 3 reviews, and each of these reviews is currently providing the developer with 5 stars. This is a good sign, but each of these reviews are very new and essentially claim that it’s going well so far.
There are no reviews from clients that of tested the system for an extended period of time.
I found some negativity in the comments section, with one of the clients claiming that the software will be much more effective if it focuses more on trading breakouts.
I believe that the Cortex EA is showing potential, but that it is still very early in its development stages. My plan is to revisit with this trading software in a few months, and hopefully at this point in time there is more client feedback, and verified trading results with a statement sharing service.
If you have anything you would like to add to the review, please leave your questions and comments below the article now.