Gold Veritas is a fully automated gold trading robot for the MetaTrader platforms that comes with customisable settings. You can adjust the Gold Veritas expert advisor to your preferences and risk levels with just six simple settings, or even customize it for your specific broker. The EA includes parameters for four popular currency pairs (gold pairs): XAUUSD, XAUJPY, XAUAUD, and XAUEUR. Please keep in mind that not all brokers offer these currency pairs for trading. This Expert Advisor can be purchased from the MQL marketplace whilst there is a free demo version also available to give it a try before making any commitment. In this article, I will be taking a look at how the Gold Veritas EA works. Hopefully, that will help you to decide if this is a trading robot that you would consider using on your trading account.
Using the Gold Veritas EA
The Gold Veritas EA utilizes a strategy which was designed to work on gold pairs, including XAUUSD, XAUJPY, XAUAUD, and XAUEUR. The built-in algorithm will constantly analyse the gold pairs on which chart the EA is applied, searching the charts for buy and sell signals. When the Gold Veritas expert advisor finds an opportunity, it can place and manage trades on behalf of the user.
The investor should be aware that the Gold Veritas EA does not use any dangerous methods of money management such as averaging orders, martingale or other dangerous trading methods. Each transaction is accompanied by a Stop-loss and Take-profit, as well as a transaction life cap. The EA usually closes all transactions within 3 to 5 hours, hence using brokers with low spreads and low commissions would be beneficial. Furthermore, the EA owner recommends using Gold Veritas on ECN or RAW accounts and with low latency forex VPS.
Advantages of Gold Veritas EA
- It is possible to use pending orders, which reduces slippage considerably.
- The EA does not employ aggregating orders, martingale, or other risky trading strategies.
- All transactions will be completed in 3-5 hours.
- Each transaction is accompanied by a Stop-loss and Take-profit, as well as a transaction life limit.
- Built-in volatility filter that is tailored to each currency combination.
- The EA does not make use of news filters.
- FIFO rules apply to all trades.
Gold Veritas EA Features
- Trades on gold pairs (XAUUSD, XAUJPY, XAUAUD, and XAUEUR).
- Works on all timeframes.
- Can be used on any MetaTrader 4/5 ECN broker.
- Fully automated trading strategy.
- Customisable settings including optimised preset files.
- Built-in money management features.
Gold Veritas EA Settings
- Magic number: Enter any unique number to easily identify Gold Veritas trades in your history.
- Comment: Enter any remark to easily identify Gold Veritas trades.
- GMT: Configure your broker’s wintertime.
- DST: Configure your broker’s DST.
- Lot type: You can select between fixed and automatic calculation.
- Lot: Set a fixed volume or designate the automatic lot calculation stage.
- Trade direction: Choose which paths to trade in (buy, sell, or both).
- The amount of the balance/equity that will be used to raise the lot – If the lot is Auto, specify the procedure for increasing the lot.
Gold Veritas EA Summary
Overall, I see some potential with the Gold Veritas EA for anyone looking to trade gold automatically in either of the MetaTrader platforms. The EA avoids using any dangerous money management and the developer has shared some backtests for you to get an idea of how the Gold Veritas EA has performed over recent years through different market conditions.
All of the parameters required for the most understandable and straightforward optimization are accessible in just six settings. You can tailor the adviser to your needs by adjusting risk levels or customizing it for a particular broker. The EA code already includes parameters for four currency pairs: XAUUSD, XAUJPY, XAUAUD, and XAUEUR. Please keep in mind that not all brokers offer such combinations for trading. You can use the preset settings or change them to your liking.
It is important to note that past performance does not guarantee good results moving forward. Therefore, I would only test the Gold Veritas EA on a demo account using a trial version to begin with. This would allow me to get a feel for how it works and see if it fits within my own trading style. The Gold Veritas EA is also quite expensive compared to some other forex robots which I have previously reviewed.
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.
