In this post I will be reviewing the News Scope EA Pro software that runs in the freely available MetaTrader 4 platform as a fully automated trading system For those amongst you who may not be aware what an “EA” is, this translates to expert advisor which is the fancy name for a forex robot within the aforementioned MT4 platform.
In order to use an automated trading system such as the News Scope EA Pro, you simply need an MT4 account with a forex broker and then follow the setup instructions to attach it to your charts and it will place/manage trades on your behalf.
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.
News Scope EA Pro Strategy
As the name rightly eludes to, the developers have created this EA for those traders who prefer to trade during high impact news. This is not a strategy for the faint of heart due to the extreme volatility that can occur around news releases, not to mention the widening spreads and slippage broker can be susceptible to around major impact news.
For that reason, one of the major factors that can determine if a news trading system will be successful or not, can be down to the choice of online broker used. Usually, an ECN forex broker will provide the best possible trading conditions around economic releases.
I would say that the News Scope EA Pro is therefore highly dependent on the broker it is running on.
News Scope EA PRO Features:
- Semi-automated and fully automated modes
- Precise time and news detecting filters
- High spread detection filter
- Single or multiple-cascade orders modes
- Exit by a trailing stop, or back-tick detection
- NFP and FOMC only trading mode
- 17-year back test performance
- New, improved, highly effective exit logic
- Email and Push Notification system
- Multiple currency pairs support
The developer has provided individual set files for each of the currency pairs that they recommend which are: EURUSD, GBPUSD, AUDUSD, USDCAD and USDJPY. The recommended time frame is the 1-minute charts.
I personally prefer it when a forex robot is not individually optimised for each pair as this can show that the settings have been “curve fitted” to conveniently suit the historical data of that pair. I much prefer it when a forex robot maintains consistency across all pairs it is trading.
The choice of currency pairs however is decent, primarily due to the fact that they include some major currency pairs which can mean more liquidity and thus tighter spreads than some of the more exotic pairs. This is of course especially important around news releases.
The News Scope EA PRO comes with Money Management System. You can set a risk as a percentage and the robot will automatically calculate the lot size according to the risk and your account free margin.
The News Scope EA PRO is also equipped with an “Advanced News Filter”. This filter means that the EA can place pending orders usually just before the news time. The news filter can be configured precisely from the EA settings.
It is equipped with Trailing Stop and Back-tick detection systems. Both systems can be very useful as they can help to improve the EA’s performance.
With the Time Management System, users can precisely configure News Scope EA PRO to place pending orders only during specific hours and minutes. You can also configure the EA to place pending orders or not on individual week days.
The idea from the developer is for you to be able to place pending orders just before news and events when big movements are expected.
News Scope EA PRO can inform you about all actions performed in your account and send email and push notifications to your mobile phone to inform you about its trading activity.
News Scope EA Pro Back Testing
The News Scope EA Pro official website contains 99.9% modelling quality back tests of the following currency pairs GBPUSD, EURUSD, AUDUSD, USDCAD, and USDJPY. These back tests were conducted within the MT4 strategy tester with Dukascopy real tick data and variable spreads. I must say, I am impressed they have back tested with the best possible conditions, especially considering this is a news trading system that is heavily dependant on factors such as brokers spreads and slippage. That being said, it is almost impossible to get accurate back test results for a system that trades the news due to the fact the brokers conditions around major news releases cannot be replicated 100%. Thus, take these tests with a pinch of salt – real verified trading account results are preferable.
News Scope EA Pro Live Results
To see the latest live verified trading account performance of all forex robots please visit my best forex robots results page.
News Scope EA Pro Summary
Overall, the News Scope EA looks and sounds good based on the information provided by the developer, especially the robots features and impressive back testing results. However, I am very disappointed there are no real live verified accounts being shared as this would have increased my confidence ten-fold.
Considering this is a news trading robot, it could be really affected by brokers wide spreads and slippage around news releases. For that reason, I would personally look for something else that is less broker dependant. I have conducted many forex robot reviews and there are other alternative automated trading options that I would consider over this EA.
It does however have a semi-automated option that may perk the interest of those particularly interested in news trading. It comes with detailed instructions, full support, updates and a money back guarantee.