In this post I will be reviewing the popular Forex Flex EA (expert advisor) that isn’t just great for having perhaps the best forex robot artwork that I have ever seen! The Forex Flex EA is a well-established, long running, fully automated forex trading system that runs in the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. I know for a fact that the developer has spent countless hours over many years coding and testing Forex Flex EA and offering top-class customer support to help ensure that it remains one of the best forex robots commercially available today.
What is the Forex Flex EA?
For those of you who may not understand the terminology, an EA (expert advisor) is the term that the MetaTrader platform uses when describing forex robots. A forex robot will automatically scan the forex market looking for trading opportunities on behalf of the user.
These trading signals are found according to the robots built-in trading algorithm that usually contains a combination of technical indicators for market analysis. Some forex robots also implement fundamental and price action analysis.
Once a forex robot such as the Forex Flex EA finds a trading signal, it will place a trade without the user needing to do anything. The robot can then manage the trade and close it according to the money management settings.
To clarify, the Forex Flex EA works as follows:
- Download the MetaTrader 4 platform
- Install the Forex Flex EA on the charts
- Forex Flex EA trades automatically
- Check the performance
Forex robots are popular for traders who may not have the experience or knowledge required to trade manually by themselves. They do not require any additional input from the user other than the initial setup. Users can purchase a forex robot, set it up on their account and then leave it to buy and sell forex currency pairs on their behalf, with the view to making a profit on auto-pilot. Of course, there can be no guarantee that any forex robot will be profitable but you may consider testing them on a demo trading account to begin with to see if you feel comfortable using them and understand how they work.
Most forex robots come with predefined settings which have been optimised by the developer. These are usually the best settings as the developer should know the robot more than anyone else and would have usually spent a vast amount of time and resources to find suitable settings. They will also have set currency pairs and timeframes that they have been specifically designed for.
You can use the Forex Flex EA with the out of the box settings or you can customise it according to your own needs. What’s great about this particular forex robot other than the long-term performance, is the fact that there is an online community where the developer and other traders share set files with each other. This helps to ensure that the Forex Flex EA is up to date and running according to the latest market conditions, hence the “flex” in the name.
That being said, you can use it straight out of the box as it is. That is the beauty of having the settings made externally customisable; those with experience can optimise according to their own needs, whereas others can just use the default settings with their own choice of risk set.
How well does the Forex Flex EA perform?
The Forex Flex EA developer has kindly shared multiple real live verified by MyFxBook trading results so that you can check the historical and most recent performance of the Forex Flex EA. At the time of me writing this Forex Flex EA review, there are accounts running various settings at various brokers, all showing very good results over the long term.
In my humble opinion, the returns are very good and drawdowns acceptable based on past results. Whilst past results are no guarantee of future performance, the developer’s dedication to this robot over many years and the vast amount of data available showing positive results means that this is certainly one of the few forex robots that I would consider running on my own live trading account.
The following screenshot taken directly from the Forex Flex EA website shows some of the live trading results of the Forex Flex EA that have been published on MyFxBook. For those of you who don’t know, MyFxBook is one of the most popular social trading platforms with thousands of traders making use of their wide range of features every single day, including the ability for users to track, compare, analyse and share their trading activity. Please feel free to read my MyFxBook review for more information.
As you can see, there is a generous amount of trading accounts running the Forex Flex EA. If you visit the Forex Flex EA website and click on any of the graphs, you will be able to analyse the results in more detail if you so wish to do so. This will show you some important statistics worth considering when choosing a forex robot including:
- Total Gain
- Daily/Monthly Return
- Deposits / Withdrawals
- Average Win
- Average Loss
- Profit Factor
- Currency Pairs
- Much more!
You can browse through the accounts at your leisure if you would like to know more about the style of the Forex Flex EA. Some users also use the published accounts as a way to compare their own results with the Forex Flex EA.
Forex Flex EA Trading Strategy
The Forex Flex EA uses a unique and innovative automated trading concept where it will place virtual trades to analyse the market behaviour until it finds an entry point to place an actual market entry trade. This is not an idea I have been aware of before but I can certainly see how it would beneficial and ensure that the system is trading dynamically dependant on the current market conditions. Therefore, the Forex Flex EA is constantly adapting to the forex market and even uses an automatic update system to ensure you have the latest version of the Forex Flex EA running.
I have found that some forex robots can be too rigid and not take into consideration the various different market conditions that do not just occur over the weeks, months and years, but also during different hours of the day. It looks like the developer has tackled this to try and help ensure that the Forex Flex EA lives up to its name and thus is “flexible” according to the current state of the market.
The Forex Flex EA has an impressive 12 strategies implemented. Some forex robots rely on one trading strategy which may only be suitable in certain market conditions. For example, if the forex robot was based on moving averages, it would likely depend on a trending market in order to be successful. On the other hand, a forex robot that implemented an RSI indicator, may be reliant on ranging markets in order to try and sell high and buy low. The fact the Forex Flex EA has 12 trading strategies incorporated within its complex algorithm again goes to show how it has the possibility of adapting to different market scenarios, whether that be a trending or range bound market.
Forex Flex EA Features
As mentioned above, one of the key features of the Forex Flex EA is that it can be setup to trade just about any trading strategy imaginable. All 3 memberships will include all 12 different setting configurations that offer 12 unique trading strategies that you can plug and play at the click of a mouse.
The Forex Flex EA has innovative market monitoring virtual trade technology that aims to deliver precision entry points that no stand-alone indicator can compete with. The default settings use 6 virtual trades per currency pair to monitor the current market conditions. Lowering this number will result in less accurate entry points, but higher trading frequency. Raising this number will do the opposite. When the market shifts, this is the one of the main settings that end up changing. If and when that happens, the developer will send out automatic update notices to everyone so you’re never left behind.
The Forex Flex EA has a built-in news filter to avoid trading around news releases. It is very rare these days to find a forex robot which actually considers economic news, which is an important aspect of forex trading as news releases can have a significant impact on the volatility of currency pairs within the market.
By avoiding the news, the developer has tried to eliminate the impact of getting caught on the wrong side of a news release not to mention the very high spreads and slippage that can occur around major news releases. Whilst this does not completely eliminate the risk of unexpected “black swan” events such as the scrapping of the CHF peg back in 2015, it does a lot more than most other forex robots I have reviewed do. This to me shows that the developer has given extra care and attention to details that may often be overlooked by others. It also means that users do not allows have to be “tip-toeing” around news releases as the Forex Flex EA will handle it for them.
The Forex Flex EA has a built-in martingale money management control. This is to try and minimise the potential drawdowns and losses. You can set your own risk to a level that you feel happy with. As with any trading system, you should never risk more than you can afford to lose.
By default, money management is turned on, and calculates lot sizes based on your account balance (or can be changed to equity). You can turn the money management off and select a manual lot size to trade with as well if you prefer.
Some of the key Forex Flex EA features include:
- Money Management – Automatically adjusts lot sizes based on account balance
- News Filter – Avoid any and all high impact news events by ‘xx’ number of minutes. Highly configurable you can either turn it off or avoid news for as many minutes/hours before/after as you want.
- Equity Trailing TP – One of the core take profit methods of Flex EA. This doesn’t require a physical pip based TP on each trade, instead it follows all trades from each pair in a “basket”, and when one basket reaches a pre-defined percentage, it will trigger this EquityTrailTP to start, locking in half the profit and it will begin trailing it up, while maintaining the safe guard of having the TP locked in. This is a very powerful feature that some customers will buy just to manually trade and have this feature alone control their take profits.
- DD Stoploss – A fail safe, set a percentage of your account balance to close all trades at a certain drawdown percentage in a worst-case scenario.
- Session Filters – You can decide if you want to trade 24/5, or avoid certain sessions like Asian, New York, or London.
- Indicators – The EA has a choice of indicators including EMA crosses, TDI, Support & Resistance, Bollinger Bands, ADR, Stochastic, RSi, Candle sizes, Momentum, and more. All of these indicators can be independently toggled on/off and configured highly.
- Indicator Closures – Close trades based on indicator configurations, want to close at an EMA cross? No problem. Close when RSi reaches a certain level? and much more!
- Time filters – Avoid certain times of the day or certain weekdays.
- Hedging – Turned off by default but available with many configuration options at your fingertips. This is not used by a lot of strategy/set files as not all brokers allow hedging, but it is available in Flex for those who want it.
- Hide from broker – Don’t want your broker knowing how you trade, use this feature.
- Currency filters – This will limit your exposure to specific currencies. For example, it will limit that max number of USD pairs to be able to trade at the same time to 2 by default, but this can be changed to whatever you want.
- Much more – These are just “some” of the key features of Flex EA to give you an idea of what is available to users.
Forex Flex EA Setup
The Forex Flex EA developer has made it as simple as possible to setup. The robot is ready to go with out of the box settings so that users can simply plug and play. It’s literally a matter of attaching it to a chart, selecting the strategy you want to use from a drop-down list and clicking OK, that’s it!
In order to use this forex robot, you will need a trading account with a forex broker and the MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platform. With so many brokers to choose from, I have conveniently compiled a list of my best forex brokers to help you quickly and easily choose a broker that meets your needs. I would personally be using an ECN forex broker for tight spreads and plenty of liquidity for reliable execution speeds.
You can download MT4/MT5 free of charge from most online forex brokers. You will need the desktop or laptop version of the platform to use an expert advisor such as the Forex Flex EA. You can always track the progress of the Flex EA from the mobile app version of the MetaTrader platform should you wish to do so.
Once you have a trading account with a forex broker and have downloaded the MetaTrader platform, you will be able to run automated trading systems around the clock.
There is no need to be overwhelmed by the hundreds of unique settings available that come with the Forex Flex EA. The highly optimized set files take the built-in strategies a step further so you don’t have to spend your precious time tweaking. Users can download a .set from the members area, load it into Flex (as simple as clicking File -> Open) and done! Forex Flex will now load all the appropriate settings from that .set file. Not only are there highly optimized .set files from the Flex team, but also some very strong performers shared by many forum members with lots of discussion and help provided.
The developer states that you can start with just $10 on a nano account, $100 on a micro/cent account or $1000 on a standard account. I would say to trade with that makes you feel comfortable, even if on a demo account to begin with and never risk any more than you can afford to lose.
Forex Flex EA Currency Pairs
The Forex Flex EA can run on nearly all major pairs, including the EURUSD and GBPUSD. These are 2 of the most popular currency pairs that have some of the largest trading volume. This more often than not means that these pairs can have tight spreads which can help save in trading costs in the long term. The high amount of trading volume also means that they have plenty of liquidity and provided you are using a good forex broker with a deep liquidity pool; you can get your trades executed at some of the best prices available in the forex market.
The developer does stats that the Forex Flex EA works best on the following pairs: GBPUSD, USDJPY, USDCAD, USDCHF, EURUSD, AUDUSD, EURJPY, EURCHF, EURGBP and NZDUSD. but can be traded on virtually any charts. There are a few pairs that they recommend avoiding in the setup guide.
The number of trades can depend highly on the number of charts you run, the strategy you select, and market conditions. If running 5 charts on default strategy, you can expect 4-8 trades per week. If 10 charts, expect 8-16.
Forex Flex EA Community
Another good aspect of the Forex Flex EA is the online community it has where everyone can share, discuss, brainstorm and help each other out. This is something that I haven’t actually seen from any other commercially available forex robot and does show confidence in the software from the developer. The community has plenty of set files along with results if you wish to try out what others are using or you can just use the default settings.
Forex Flex EA Customer Support
Whenever I use a product or service, if ever I need support, I would expect to speak directly with someone who knows what they are talking about. The Forex Flex EA support is the developer themselves! It doesn’t get any more direct than that. Not only to you get to pick the brains of the developer and their years of experience, they are also very prompt and polite in their responses. I have personally found the Forex Flex EA support to be second to none and a big part of what has made this such as successful forex robot over the years.
Along with the convenience of speaking directly to the person that codes the EA and knows it inside out, you can also request custom features. Many of the additional features incorporated into the Forex Flex EA over the years, have been requested by clients themselves.
Another sign of a good product is customer feedback. Forex Flex EA has a very high rating over at Forex Peace Army which in my opinion takes an exceptional product or service. Some of the customer feedback you can see in the screenshots below:
Forex Flex EA Back Testing
The Forex Flex EA website has 99% modelling quality using tick data – this means that the back-testing results are as accurate as possible in the MT4 strategy tester. It is impossible to get 100% accurate back test modelling quality due to many factors such as broker spreads, slippage, commissions, liquidity, server speeds, latency, market conditions, etc. However, the Forex Flex EA back tests I would consider to give a fair idea of historical performance. I see many developers share back tests of forex robots with only 90% modelling quality which means that they are not as reliable. This again goes to show that the Forex Flex EA developer knows what they are doing.
Forex Flex EA Verified Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
Forex Flex EA Summary
Overall, the Forex Flex EA is a very innovative and established forex robot with a large base of satisfied clients and good testimonials around the web from users. The developer has been dedicated to delivering the best forex robot possible for many years and is always open to feedback. The community is very beneficial to share settings and experiences with other Flex users.
Forex Flex EA is ready to use straight out of the box but can also be customised/optimised should the more advanced trader wish to do so. It includes an easy to follow instruction manual for a quick and easy setup making it suitable for traders of all experience levels. You also get lifetime licenses, free updates and dedicated 24/7 support from the developer themselves.
The Flex EA Features include:
- NFA And FIFO Compatible
- MT4 / MT5 Compatible
- Includes Optimized Settings
- Free Updates
- Popular Members Only Forum
- Works On Any MT4 Broker
- Avoids Major News
- 12 Selectable Strategies
- Can Trade Any Style
- Money Management Feature
- Supports All Currency Pairs
- 24/7 Support
You can head on over to the Forex Flex EA website for the latest results, further information and to get started using the robot in a matter of minutes. It is a one-time payment for a lifetime license with instant access to the software and community. The developer is so confident in the Forex Flex EA that they even offer a 30-day money back guarantee.
From my vast knowledge and experience in the field of forex robots, I can say that in my humble opinion, the Forex Flex EA is a clear leader. I would certainly consider using it on my own trading account.