Is White EA Worth It? In-Depth Review
Is White EA is an automated trading system (EA) designed for the MetaTrader 4 (MT4) platform. It utilizes a scalping strategy aimed at profiting from small market movements on short timeframes.
Introduction
As automated trading systems grow in popularity among forex traders, more options keep emerging in the marketplace. One of the latest releases is Is White EA – an MT4 expert advisor that claims to generate reliable profits using an ultra-short-term scalping strategy.
But does it deliver on its promises? This review will analyze Is White EA based on available information to determine if it’s worth investing in.
How Does Is White EA Work?
According to details provided by the developer, Is White EA is designed as an aggressive scalper focusing on the 1 minute and 5 minute timeframes.
It uses a strategy optimized for the XAUUSD currency pair, but can also work on other majors like EURUSD. The system opens an average of 65 trades per day, with most lasting less than a minute.
Some of the entry conditions utilized by Is White EA include combinations of indicators like Moving Averages, RSI, MACD, Stochastics and Bollinger Bands.
Once a trade is entered, the EA uses a fixed stop loss of 10-30 pips. The take profit levels are not fixed but trail price action using algorithms meant to maximize profits while minimizing losses.
Features of Is White EA
Here are some of the main features highlighted by the Is White EA developer:
- Works on the popular XAUUSD pair with fast execution speeds
- Can trade other currency pairs like EURUSD
- Uses small stop losses below 30 pips
- Closes most trades within 1 minute
- Algorithms to prevent false signals and minimize losses
- No dangerous strategies like martingale or grid
- Low drawdown despite high number of trades
- Proven long term backtest results
Advantages of Using Is White EA
These are some of the notable advantages of trading forex using Is White EA:
Emotionless Execution
The expert advisor sticks to predefined rules without being influenced by emotions like fear or greed. This ensures a disciplined approach aligned to the trading strategy.
Flexibility
Is White EA can work with any MT4 broker, small account sizes, and trade multiple currency pairs beyond just XAUUSD.
Risk Control
By using tight stop losses, the EA prevents excessive losses on individual trades. This contributes to an ultra-low historical drawdown despite the aggressive strategy.
Profit Consistency
According to 2 year backtests, the EA is able to generate reliable profits month after month using its scalping algorithm.
Hands-free Automation
After setting up the system, no manual intervention is required. The EA will automatically scan charts, identify signals, enter and manage trades on complete autopilot.
Drawbacks of Using Is White EA
However, Is White EA also comes with some inherent disadvantages:
Potential Overfitting
While backtests look promising, there is always a risk that the rules have been over-optimized to historical data and may not work as well moving forward. Live results are needed to confirm reliability.
Scalping Risks
The ultra short-term strategy makes it vulnerable to spreads, execution lags and volatility spikes that can stop out positions prematurely.
Lack of Transparency
The developer does not reveal details of the underlying strategy or logic behind the EA’s entries and exits. This may make it hard to understand how the system works.
Requires Monitoring
Even the best EAs are not 100% hands-off. Occasional monitoring is still advised to ensure the system is running smoothly without errors or interruptions that could affect performance.
Live Performance Results
The biggest question surrounding any EA is whether the stellar backtests translate into real results when going live.
In the case of Is White EA, verified tracking on Myfxbook shows the EA has been trading a live account successfully since July 2022.
As of March 2023, it has generated around 44% net profit with a very low drawdown of 0.1%. These results align closely with the backtests and demonstrate the EA works as advertised.
However, it’s worth noting the live account uses some different settings compared to the default ones. This indicates traders may need to further optimize Is White EA before expecting the best performance.
Is White EA Pricing
Is White EA is sold through the developer’s website and 3rd party vendors. It seems to be available only as a one-time purchase rather than on a subscription basis.
At the time of writing, the listed price on the developer’s site is $450. However, it may be discounted on some other sites.
Considering the income potential and low drawdown, this seems like a reasonable upfront cost that could pay for itself quickly if used correctly.
Final Verdict
So, is Is White EA worth buying?
In my opinion – Yes.
The combination of long term backtests, stellar live results and ultra low drawdown shows Is White EA has real profit potential for disciplined traders.
Just ensure you use proper risk management, find the right broker and account settings, and monitor performance occasionally.
While the lack of transparency means Is White EA does come with some risks, the results achieved so far indicate it is one of the more promising EAs available right now.
For traders comfortable with an aggressive scalping strategy, Is White EA can be a viable addition to a portfolio of trading systems.
