In this post I will be reviewing the FXConstant EA which is an automated forex expert advisor developed to trade automatically within the popular MetaTrader 4 and MetaTrader 5 platforms which are used by millions of forex traders all over the globe. The software can scan currency pair charts for forex signals according to the trading algorithm programmed within the MQL code of the EA. If it finds what it believes toe be a valid trading signal, it can enter the market on behalf of the user. Alternatively, you can even set forex robots in the MetaTrader 4/5 platforms to manual mode in which instance they would send an alert notification via email or SMS and then you can decide if you would like to take a manual trade or wait for the next setup. This may be a preferable option for those forex traders who prefer to maintain full control over their trading.
This is another forex robot from the same development team who have a range of other forex software that I have previously reviewed including Forex inControl, FXCharger, FxDiverse, Forex Truck EA, FXParabol EA, FxStabilizer, FXQuaser EA, FXHelix, FXZipper EA, FXTrackPRO, FXRapid EA and the FXCipher EA.
You may ask yourself why do these developers sell so many forex robots when they claim each of them can perform so well. Surely, they should be using them on their own accounts and raking in pips rather than selling them and dealing with customer support issues.
Hopefully this FXConstant EA review will help you decide if these claims are backed up with solid trading strategies, top-quality backtests and verified real account results. We will look at the most important aspects to consider when choosing a forex robot to see if this is a forex expert advisor (EA) that you would consider running on your own trading account.
FXConstant EA Trading Strategy
The FXConstant EA implements a unique trading algorithm which involves conducting forex market analysis without using any technical indicators. This is quite rare when it comes to the majority of forex robots that tend to always use some forex of technical indicator whether that be a moving average to try and determine the overall market trend or an overbought/sold oscillator to try and pinpoint turning points in the market for reversal trades.
The trading algorithms of the FXConstant EA directly analyse the nature of price movement, also known as price action analysis. Depending on the movement of the current price, a corresponding candlestick pattern could be forming. These patterns can be used as signals to enter the market and are used to spot areas of potential support/resistance for breakout trades or continuations of trends. The software has been designed specifically with the AUD/USD and EUR/USD currency pairs in mind.
FXConstant includes 20 independent chart analysis patterns, which are constantly being compared to the current forex market conditions. If a pattern that the EA identifies is matched up with the existing market behaviour according to the software’s built-in instructions, it will then activate and open a trade in what it deems to be the potential direction which price is moving.
Depending on which of the 20 patterns incorporated within the EA are activated, the trading system uses a separate trade management algorithm that has been designed specifically for each pattern. Therefore, with different patterns there are different algorithms that are used. Each of the algorithms are developed to try and indicate the following: in which direction to open a new trade, when to consider finishing the trading of a selected pattern and finally when to close a trade.
One of the main advantages I see of the FXConstant strategy is that it does not solely rely on technical indicators that can be lagging and only show market movements after they have already occurred. Instead, this forex robot is based on price action which many forex traders believe is a powerful form of analysis as it shows what the market is doing at any given moment rather than being a result of historical information.
It should be noted that the FXConstant EA strategy is based on really specific situation occurring and therefore does not trade that frequently. For those of you who like more action, you may wish to take a look at my best forex robots for alternative options that trade on a more frequent basis. This particular forex trading strategy has too much drawdown for my taste.
FXConstant EA Features
Let’s take a look at some of the key features of the FXConstant forex robot.
The FXConstant expert advisor is fully automated which means that it can do everything from conducting in-depth market analysis to placing, managing and closing trades on behalf of the user. This makes it an option for beginners and experience forex traders alike. However, you should make sure that regardless of your prior experience with forex robots, there are great risks involved and you should therefore never risk more than you can afford to lose.
FXConstant EA Settings
The software is provided with optimised settings based on the developers testing over a number of years. Whilst you can use the out of the box settings, many of the inputs can be adjusted according to your own trading style. This includes the position size which should always be amended according to the individual trader’s risk tolerance level. If anyone does with to experiment with settings, I would always say to do so on a demo trading account to begin with in order to see how things go.
The FXConstant robot can run on both the MT4 and MT5 platforms. This is useful as many forex robots are usually programmed in MQL4 or MQL5, for one or the other platforms. This can be frustrating for users who are on the other terminal. However, by having both options included, you can use either version of the MetaTrader platforms. Just keep in mind that you will need to use the MetaTrader desktop platform to run on forex robot. If you cannot always have the desktop terminal up and running then you might want to consider a Forex VPS which can run applications around the clock remotely without you needing your own computer or laptop switched on.
The robot can be used on any forex broker that has the MT4/5 platforms. That being said, I would look for a forex broker with tight spreads, low fees and reliable trade execution speeds. This can help to save on forex costs in the long run and ensure the broker has a suitable trading environment. Other important things worth considering when it comes to which broker to choose are regulation, education, tools, customer service, accounts and funding. You can see my best forex brokers for some inspiration if you like.
FXConstant EA Packages
Anyone who purchases the EA will get one real account license which can be changed online at any time. The software costs $295 which gets you both MT4/5 versions, detailed instructions for a quick setup, 24/7 technical support, free updates and a 30-day money back guarantee.
FXConstant EA Back Testing
Backtesting can give us a rough idea of how a particular trading robot may have performed based on historical data. The developers of have shared FXConstant backtests that are based on 20 independent patterns for a period of a few years. You can see the backtests using aggressive and normal settings on the EUR/USD and AUD/USD currency pairs on the 1-hour charts. If you have the experience and knowledge, you could always verify these backtests for yourself or even optimise your own unique settings for the EA in the MetaTrader strategy tester.
It is nice to have some FXConstant EA backtests as it helps to get more of an idea about the forex strategy that it used. However, the modelling quality of the tests are only limited to 90% modelling quality. Therefore, we can assume that despite their experience and capability to do so, did not use tick data or variable spreads whilst they also did not account for commission within the backtests. I wouldn’t consider these backtests to be accurate based on that and would like to see them update results to show 99% modelling quality backtests which shouldn’t be a problem for a serious EA developer.
FXConstant EA Results
Let’s be honest, anyone considering a particular forex robot is going to want to see up to date results. Thankfully, at the time of me writing this FXConstant Review, there are verified Myfxbook accounts showing the most recent performance of the EA. You can see the latest results on the graph and click it for more detailed information. Personally, I find the drawdown quite high and would prefer it is the EA was using a tight stop loss but that is just my ow individual preference. You can check the results and judge for yourself.
FXConstant EA Summary
The FXConstant EA is not constantly trading despite its name. In fact, it does trade less frequent when compared to some other forex robots that I have reviewed. It does use a price action strategy which means that is can dynamically adapt to different forex market conditions. The developer has shared verified Myfxbook accounts which do have significant drawdown and risk in my humble opinion. I would also like to see better quality backtests. Personally, I would only use this on a demo account for a sustained amount of time if at all. You could always try it on a demo account to see if the results live up to your expectations. Otherwise, please feel free to browse my forex robot reviews for some alternative options.
- Automated forex trading robot
- Multiple Currency Pairs
- Customisable Settings
- MT4 and MT5 platforms
- Myfxbook verified accounts
- Backtests Available
- Free updates
- Includes instructions
- Full 24/7 support
- 30-day money back guarantee
- Limited Backtest Quality
- High Drawdowns
- Poor Money Management
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.