Today I’m reviewing another Forex robot hosted on the MQL5 marketplace that’s built to instinctively analyze market trends, R747 BreakOut EA. The software first hit the market on June 7, 2018, and is now up to version 1.57 with its most recent update coming on 20 August, 2018. So, it’s apparent that the developer is active in updating the software, which is a good first step. Now, let’s get into the review and analyze everything that they have to offer the community.
The software is owned and developed by Radek Reznicek, located in the Czech Republic, and the head of the 747 Developments company. Radek currently has 2 products on the market, his breakout EA, and a “BreakLevels” indicator which is built to automatically detect support and resistance levels to assist traders and analyzing market trends. In order to get in touch with support, traders can direct message Radek via his MQL5 profile, or leave a comment on the sales page.
R747 BreakOut EA Review
The sales page informs the community that the R747 BreakOut EA “contains a smart algorithm to determine the sport support and resistance levels based on the latest market trend.” This information is used to determine potential breakouts, and provide accurate entries on the right side of the trend. The strategy does not utilize any martingale, hedging or any perceived to dangerous trading methodologies. It comes with slippage protection and is designed for multi-currency trading.
The vendor recommends that traders utilize the software with a true ECN broker, that has a low spread. Radek also tells us that the software should always be customized by the trader based on back test verification. So, don’t use the out-of-the-box settings immediately, do your own tests before setting up your risk settings.
The EA comes with 35 different parameters, which makes it fully customizable. These parameters include money management, break even, trailing stop, trading time and trading days. There is a lot you can do with this EA, but in order to take advantage of most of these settings, you will need adequate experience in the Forex market. This trend is consistent with other robots I’ve recently reviewed, as you can see in my reviews of Dark Hole EA, Hamster Scalping, and Forex Force EA.
- Type: Forex Robot
- Price: $250
- Strategy: Breakout
- Timeframe: H1
- Pairs: EURUSD
- Minimum Deposit: $100
Going for $250, the R747 BreakOut EA is priced in the more expensive range for expert advisors. Yet, I’ll consider any robot priced under $300 for the most part, so this isn’t a major concern at all.
You may also have noticed that in my past couple of reviews I have included the minimum deposit in the breakdown. This is a frequently asked question by my readers, so I figured I would add this to the reviews when it is available. Keep in mind, that this information isn’t usually provided by the vendor, but I’ll continue to include it when possible.
In terms of client feedback, there are currently 34 reviews which adds up to a 3.5 out of 5 star rating. Out of the 34, 20 are positive, and the other 14 are negative. There is quite a split between the client base, with the majority of the clients claiming that they love the EA, while another segment of the clients are claiming that it’s a scam.
Here are some of the most recent reviews for your perusal.
The vendor provides us with a short video of the strategy tester process, and a R747 BreakOut EA backtest from the beginning of 2017, to July 2018. This back test shows a profit of over $7000, with a max drawdown of just under 8%. While these numbers are impressive, it’s important to understand that this is just a back test, and back tests are relatively useless in 2018.
Sadly, despite my efforts, I’ve been unable to find any real trading data, as the vendor hasn’t uploaded any of their trading accounts to Myfxbook. I don’t purchase any system that doesn’t utilize statement sharing services to verify their trading results. Hopefully this edition can be made in the near future.
While I am impressed by the trading approach being utilized by the R747 BreakOut EA, I can’t recommend it to the Forex Robot Nation readers today. Without any verified trading results, we would be paying $250 to blindly trust a vendor that we have no experience with. Hopefully, some real trading results are on the way, and once I get a chance to analyze these, I’ll change my rating.
If you have anything you want to add to the review, leave your comments below the article now.