Robot Review: Daily Waves EA

Today I’m reviewing a new Forex robot built to help make life easier for the average trader, Daily Waves EA. This software was first released on December 5th, 2017, and was last updated on August 22nd, 2018, to version 1.7. It’s a positive sign to see that the developer is still updating the software frequently, with the last update coming just under a month ago. Developers that update their software is, are more likely to provide traders with long-term trading solutions.

The software is owned and operated by Luis Alejandro Diaz Vidal, who is located in Spain. He has been actively developing expert advisors since 2014, and trading live in the Forex marketplace since 2009. In order to get in touch with support, traders can direct message Luis via his MQL5 profile, or Skype him at luis_arti.

Daily Waves EA Review

The Daily Waves robot is built to open a set of trades every single day at the open of the Tokyo market. These trades will utilize a low level of risk which is managed by the “maximum risk daily” parameter, which can be modified by the client. Luis also tells us that it’s “strongly recommended that you use a broker without Sunday candles,” and a GMT+2 timezone for the best possible results. He refers traders to comment #58, which better explains how to configure the expert advisor to the best possible data feed. This information leads me to believe that the robot is complicated, and doesn’t work out-of-the-box without some tweaking by the client.

The developers claim that they are utilizing a solid pattern-based Forex trading strategy that is been successful since 1993. They do not rely on any scalping, martingale or breakout elements. Unlike other expert advisors, traders do not require a fast VPS.

There are surprisingly low amount of parameters available, with maximum risk daily, average EURUSD spread of broker, and magic numbers for each strategy. This means, you have very little control over how the EA trades, which isn’t always a bad thing. I usually prefer EA’s with a few more parameters, like you can see in my best Forex robot review page, and in my recent reviews of StoneBreaker EA, and Fix Up EA.

Breakdown

• Type: Forex Robot
• Price: $30,000
• Strategy: Pattern-based
• Timeframe: Daily
• Pairs: EURUSD
• Minimum Deposit: $500

Yes, you are seeing it correctly, the developers of the Daily Waves EA have it priced at an exorbitant rate of $30,000 per license. If you look closer at the pricing structure, you will see that the vendor clearly want the community to rent to the software, as renting the software while still expensive, is obviously more affordable than the original $30,000 price tag. Traders can rent the software for $33 per month, $89 for 3 months, $175 for 6 months and $349 for a year.

There is also the option to test the software on the free demo account before making up your mind. This is highly recommended if you have any interest in the software.

Trading Results

Like many other MQL5 developers, Luis fails to provide us with a Myfxbook account running his Daily Waves EA. Instead, there are screenshots of the software on the chart, as well as different strategy tests. They also provide a link to their MQL5 signal service, which shows how the software has performed. The signal service shows that the software has traded 7 times, all of them winners, which has led to a profit of €66, on an initial deposit of just under €400.

Considering the software is being sold for $349 a year, it’s difficult for me to take this vendor seriously when he hasn’t even proven that the software can make more than €66.

I believe we are in a waiting pattern with this robot.

Client Feedback

In terms of client feedback, the EA has had 15 reviews, where 14 of them are 5 star reviews, and one is a 2 star review.

Here are a couple examples of the reviews:

Conclusion

I’m interested in a few elements provided by the Daily Waves EA creators. I am intrigued by their trading strategy, and believe that the EA does have some potential, but without verified trading results, we really have to wait and see how the community response to this system before we decide to dive in.

If you have anything you would like to add to the review, please do so now.