The SmartFX Ultimate EA is a custom-built forex robot designed to trade the lower time frames with a scalping strategy. This EA is optimized for use on the MetaTrader 4 trading platform and has been programmed to identify market trends based on a set of custom indicators and a proprietary price action method.
In this review, we will examine the strengths and weaknesses of the SmartFX Ultimate EA and provide traders with the information they need to decide whether or not to use it in their own trading activities.
SmartFX Ultimate EA Strategy
The SmartFX Ultimate EA is a forex robot developed specifically for use on the MetaTrader 4 trading platform. The EA is optimized for scalping the lower time frames, which implies that it is designed to identify and exploit short-term price movements in the market.
The SmartFX Ultimate EA’s strategy is based on a set of custom-built indicators and a proprietary price action method. It uses trend detection, candle heights, wave patterns, and oscillators to identify potential trading opportunities. The exact rules and code behind the strategy are not disclosed, but it is known to enter trades based on the most significant movements, be they small or big.
The EA is optimized for trading on the 1-minute charts of the EUR/USD and GBP/USD pairs, but it can also work well on other currency pairs and time frames such as M1, M5, and M15. The EA only trades under perfect market conditions and avoids trading in sideways price action.
One of the strengths of the SmartFX Ultimate EA is its multiple customization options and settings, allowing traders to tailor the robot to their trading preferences. Additionally, all trades are protected by a stop loss and take profit order, ensuring that losses are minimized.
However, like any trading system, the SmartFX Ultimate EA has its weaknesses. One of which is the fact that its strategy is optimized for scalping, which means that it may not perform well in markets with lower volatility or during news events that can cause sudden price movements. Additionally, the exact rules and code behind the strategy are not disclosed, which means that traders may have difficulty understanding how the EA operates and how to optimize its performance.
In terms of risk management, the SmartFX Ultimate EA is designed to protect trades with stop loss and take profit orders. However, traders should also be aware of the risks associated with automated trading systems and should always use proper risk management techniques, such as setting appropriate lot sizes.
It is recommended to run the SmartFX Ultimate EA on a forex VPS to ensure continuous operation, and traders should always test the EA on a demo account before using it on a live account. This allows traders to get a better understanding of how the EA operates and to optimize its performance before risking real money.
SmartFX Ultimate EA Features
- The SmartFX Ultimate EA is designed for use on the MetaTrader 4 trading platform.
- It is optimized for scalping the lower time frames.
- The EA uses custom-built indicators and a proprietary price action method.
- The strategy is based on trend detection, candle heights, wave patterns, and oscillators.
- The EA is optimized for the 1-minute trading charts of the EUR/USD and GBP/USD pairs.
- The EA is designed to only trade under perfect market conditions and avoid trading in sideways price action.
- It offers multiple customization options and settings for traders.
- All trades are protected by a stop loss and take profit order.
- The exact rules and code behind the strategy are not disclosed.
- The EA enters trades based on the most significant movements, be it small or big.
- It works for any currency pair and should work well for M1, M5, and M15 charts.
- It is recommended to run the EA on a VPS for continuous operation.
SmartFX Ultimate EA Settings
- Magic – Unique identifier for trades placed by the EA
- Lots – Lot size for trades placed by the EA
- Take Profit in percent – Percentage of profit target for trades placed by the EA
- Take Profit in money – Fixed monetary value of profit target for trades placed by the EA
- Take Profit – Profit target for trades placed by the EA
- Stop Loss – Stop loss level for trades placed by the EA
- Buy Limit – Pending order to buy at a specified price level below the current market price
- Buy Stop – Pending order to buy at a specified price level above the current market price
- Sell Limit – Pending order to sell at a specified price level above the current market price
- Sell Stop – Pending order to sell at a specified price level below the current market price
- Use FXID – Option to use a unique identifier for trades placed by the EA
- Period 1 – Time period used for indicator calculations
- Period 2 – Time period used for indicator calculations
- Period 3 – Time period used for indicator calculations
- Stochastic – Technical indicator used for identifying market momentum
- Overbought – Level of the Stochastic indicator above which a market is considered overbought
- Oversold – Level of the Stochastic indicator below which a market is considered oversold
- K period – Time period used for calculating the %K line in the Stochastic indicator
- D period – Time period used for calculating the %D line in the Stochastic indicator
- Trigger open – Setting for triggering the opening of a trade by the EA
- Candle – Setting for identifying candlestick patterns for trade signals
- Pending – Setting for identifying pending order signals for trade entries
SmartFX Ultimate EA Summary
The SmartFX Ultimate EA is a MetaTrader 4 forex robot optimized for scalping the lower time frames, using custom indicators and a proprietary price action method. Its strengths include multiple customization options, stop loss and take profit protection, and avoidance of sideways price action. However, as a weakness, the exact rules and code behind the EA are not disclosed, and it only trades under perfect market conditions. Demo testing and applying good risk management settings are essential before using it in real trading. It is suitable for traders seeking a scalping strategy for EUR/USD and GBP/USD, and it should be run on a VPS. It is also a considerable option for traders looking for a scalping tool to add to their trading arsenal.
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.
