RedShift is a Forex expert advisor recommended for intraday trading on the M15 timeframe. Redshift is providing an EA that will allegedly guarantee a very high rate of winning trades based on the MACD indicator.
This Redshift EA review looks at the features, performance, and characteristics of the Redshift Forex robot.
RedShift EA Review
The developer of Redshift expert advisor is Marco Solito at MQL5. He wants Forex traders to know that this EA has been backtested using 99.9% tick data, the actual spread, and additional slippage. This is just another marketing gimmick that does not convince professional traders like us.
Two things that we look at when we review an automated trading software like Redshift are the actual performance result at a 3rd party firm and parameters available for customizing the EA. The vendor provided a couple of backtesting videos and screenshots, but we prefer a myfxbook.com account, which we saw outside the robot sales page.
The Redshift automatic robot for MT4/MT5 was first published on 31 December 2020 and has now been updated to version 1.8 on 19 February 2021. The EA Redshift allows for 5 activations and so far 3 708 free demos are going through tests.
Below is a screenshot of all the parameters for setting the robot.
See how vast the EA can go.
Redshift EA Breakdown
There are a couple of features and recommendations that are being advertised alongside this Forex robot. Among the features being advertised include:
- The Recommended Timeframe is M15.
- The Expert can go on EURUSD, GBPUSD, USDCAD, AUDUSD, and USDJPY.
- Start Backtest from 2004
- Not broker sensitive, but Ecn broker is always better
- A low-latency VPS is always recommended.
- The recommended Leverage is 1:10 or more
- The recommended deposit is 100 USD.
The website does not provide key insights on how this robot trades.
Apart from telling us that the ”The basic strategy starts with Market order in counter trend and trend following, based on EA analysis”, the vendor fails to paint a complete picture of their product. We just don’t want to purchase a robot or recommend it based on a couple of words on actual trading strategy
Therefore, this is something we’re hoping that the vendor will fix. If they want to be transparent, they should definitely consider solid reasons why they think their robot is the best Forex robot.
There are a couple of Redshift backtesting results and Myfxbook.com accounts circulating online. Backtesting is very basic and most of the time can be manipulated by vendors.
The myfxbook.com account is new and was hosted on FXChoice brokerage. The total gain is 10.2% with a monthly gain of 9.62% starting January 2021. However, you can see that the drawdown is now at a level of 30.11% just within a few months of account trading.
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It is important to remember that the popularity of a Forex Robot should not be a critical factor in making a decision in favor of it. A Forex EA should be adaptable to safe and profitable trading, and that’s what really matters.