The Gold Rush Pro EA is a Forex Expert Advisor that utilizes volatility breakout strategies to place pending orders based on recent support and resistance levels. Designed for use on the XAUUSD currency pair, the Gold Rush Pro EA is equipped with a range of safety features to protect trades, including time-stop, stop-loss, and stop on bar closing.
While the Gold Rush Pro EA has its strengths, it is important for traders to carefully evaluate the EA’s features and limitations before incorporating it into their trading strategy. In this article, we will provide a comprehensive review of the Gold Rush Pro EA to help readers decide whether it is the right tool for their trading needs.
Gold Rush Pro EA Strategy
Gold Rush Pro EA is a Forex Expert Advisor that is designed to trade by placing pending orders based on the most recent support and resistance levels on the M1 timeframe. It is a volatility breakout strategy that is based on resistance and support level breakouts. The EA was tested on real ticks and requires a Pro account with a good broker like IC Markets that offers Market Execution for its correct operation.
While it can work with any pair, XAUUSD is recommended for the best results. One of the major advantages of this EA is that it does not employ risky strategies such as grid trading, hedging, scalping, or martingale, which are notorious for their implications of high risk and volatility. Additionally, the Gold Rush Pro EA is equipped with a filter of volatility and a mean-reversion filter that helps to protect trades with time-stop, stop-loss, and stop on the bar closing, thereby ensuring safe and secure trading. With a recommended timeframe of M1, this EA can be backtested by bars or every tick.
While the Gold Rush Pro EA has its strengths, it also has some drawbacks. One of the main disadvantages is that it only works effectively with the XAUUSD currency pair, limiting traders who prefer to trade other pairs. Additionally, the EA trades only on the M1 timeframe, which may not suit all traders’ trading strategies.
Another downside is that the EA’s strategy is based solely on support and resistance level breakouts, which may not always be reliable during periods of low volatility or sudden market changes. The mean-reversion filter may also not be sufficient to filter out false signals, leading to potential losses.
Overall, while the Gold Rush Pro EA has some strong features, it may not suit all traders’ needs and preferences. It is important for traders to thoroughly test and evaluate the EA before incorporating it into their trading strategy.
Gold Rush Pro EA Features
- Volatility breakout strategy: The EA is based on a volatility breakout strategy, which involves placing pending orders on the most recent support and resistance levels on the M1 timeframe.
- Works on XAUUSD pair: The EA is designed to work with any currency pair, but it is recommended to use it on the XAUUSD pair for best results.
- No martingale elements: The EA does not use any martingale or martingale elements, which can be risky and lead to large drawdowns.
- No grid, locking, or scalping: The EA does not use any grid, locking, or scalping strategies, which can be complex and difficult to manage.
- Volatility and mean-reversion filter: The EA uses a filter for volatility and mean-reversion to help identify strong trading opportunities.
- Protection for trades: The EA includes stop-loss, time-stop, and stop on the bar closing features to protect trades from large losses.
- Backtesting: The EA can be backtested using bars or every tick for accurate results.
Gold Rush Pro EA Settings
- Lots: Trading lot size.
- UseMM_Balance: Value in deposit currency for automatic lot calculation based on deposit percentage.
- EET_offset: EET offset setting for brokers on EET timezone.
- TakeProfit%ofPrice: Profit target in percentage of the entry price.
- StopLoss%ofPrice: Max stop-loss in percentage of the entry price.
- MagicNumber: Unique ID for EA’s orders.
- LotProc: Deposit percentage lot.
- Lot: Fixed lot.
- DTime: Pending order removal time if not triggered (calculated in bars).
- MagicB: Buy deals identifier.
- MagicS: Sell deals identifier.
- SymbolSuffix: Symbol suffix.
- ShowAccInfo: Show/hide account information.
- News filter: News filter setting to avoid high-impact news events.
Gold Rush Pro EA Summary
Gold Rush Pro EA is an automated trading system designed to trade on the MetaTrader 4 platform. The EA is specifically designed for trading the XAU/USD (gold) currency pair. One of the strengths of Gold Rush Pro is its use of multiple technical indicators, including Moving Averages, RSI, MACD, and Stochastic. This provides a well-rounded approach to analyzing the market and making trading decisions. The EA also has a flexible lot size management system, allowing traders to choose between fixed lots or using a percentage of their account balance.
However, one potential weakness of Gold Rush Pro is its dependence on trend-following strategies. This means that the EA may struggle in markets with choppy or sideways price action, leading to losses or reduced profitability. Additionally, while the EA has been backtested, past performance is not necessarily indicative of future results, and there is always a risk of unexpected market events that could impact the performance of the EA.
Demo testing is recommended before using Gold Rush Pro with real money, and good risk management practices should be employed to minimize losses. This includes setting reasonable stop loss and take profit levels, as well as monitoring the EA’s performance regularly.
Gold Rush Pro can be purchased for a one-time fee of $299, with no recurring monthly costs. It is suitable for traders with experience in automated trading and a good understanding of the gold market. However, it may not be suitable for beginner traders or those looking for a quick and easy solution to profitable trading.
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