Robot Review: Night Owl EA

Night Owl EA is a Forex scalper that looks to take advantage of the markets when they are most quiet, during the Asian session. During this period, the markets are ranging, which is perfect for scalping systems that are looking for small market movements, as any large fluctuations will result in drawdowns and stop losses.

The creator of the software is Wim Schrynemakers, a sole proprietor located in Belgium. This developer currently has 14 markets available on the MQL5 marketplace, including Grid King, Advanced Scalper, Swing Trade Pro, Momentum EA and more. It’s clear that the developer has a fair amount of trading and developing skill, considering these released this many products. He is active on the MQL5 website, frequently posting different promos for his expert advisors in order to attract more clients.

Night Owl EA Review

The Night Owl EA concept is simple, but it can be a very effective one. Time restricted scalping is something I really appreciate in the Forex marketplace, as I found this trading approach to be extremely profitable in the cases of Forex Fury and Forex Steam. Focusing on ranging market conditions with a scalping approach is a very easy way to win trades, but the robot still have to have it very unique and intelligent approach in order to be successful in this manner.

One of the main issues with this type of approach is priced spreads, but the vendor claims that this strategy “is programmed to also an handle bigger spreads without too much loss of performance.” We would definitely like to get a little more detail as to their methodology, and how they’ve made this possible.

The strategy isn’t elaborated on outside of the initial explanation, but they do provide an overview of their parameters the parameters include max spread, max slippage, range size, trailing stop loss, take profit, stop loss, breakeven, time filter and more. Like many of the best Forex robots in the market, this system provides many different parameters, and gives traders the opportunity to really modify just the strategy their needs.

Often in systems like these, that have many parameters, a lot of the onus is on the client to figure out what works, but that’s yet to be seen.

EA Analysis

• Type: Forex Robot
• Price: $290
• Strategy: Night Scalper
• Timeframe: M15
• Pairs: EURUSD, USDCHF, GBPUSD, USDCAD, GBPAUD, GBPCAD, GBPCHF, EURCHF, EURAUD, EURCAD, AUDCAD

Going for $290, the Night Owl EA is on the more expensive end when it comes to automated trading. Traders can also access the software for $50 per month, $100 for 3 months or $150 for 6 months. None of these payment options seem worthwhile though considering they are very close to the lifetime price of the robot. Traders can also test the system on a free demo account, which is recommended in this case.

The expert advisor was first published on May 26th 2017, and was last update on April 20th, 2018, to version 1.51. So, it has been nearly a year since the last update, which is a little concerning. Generally, we like to see programs that are being updated every few months, not yearly.

Trading Results

In terms of trading results, the Night Owl EA vendor provides a handful of back tests that show us the performance fomr 2014-2017. While these tests are impressive, we don’t really put much importance on back testing in 2019. The best way to see how a robot performs, is either on a live or demo trading account connected to Myfxbook.

The vendor does provide a MQL5 signal page which is an effective way at showing performance as well. Not as good as Myfxbook, but reliable none the less.

There are currently two of these available with one account showing a 55% gain, and the other showing a -9% loss. The losing account has only been running for 4 weeks, so we will take a closer look at the wedding account, and leave the other account time to get a larger sample size.

The winning account has a maximum drawdown of 18.7%, and has traded 491 times over the course of 49 weeks. The average holding time is 4 hours, and the best winning streak was 20 trades in a row. The software has struggled in 2019 so far, with a -10.48% loss, year to date, but in 2018 was up 72.64% in total.

Client Feedback

There are currently 9 client reviews, which make up a 3.5/5 star rating on MQL5. The majority of reviews are positive, that there are 3 clients they claim the software was losing way too frequently to handle. The most recent reviews have been more positive, with the last 3 reviews all being 5 stars, so it’s possible the system is getting better with time.

Conclusion

There are both positives and negatives when it comes to the Night Owl EA. While we certainly believe in the trading approach, and the Asian scalping methodology, we would like to see more from the community before we come to a final conclusion. We only found one client accounts on Myfxbook, and do is showing a loss of -10%, but we would like to see many more, before we recommend this product to our readers.

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