FXParabol comes with a detailed user manual and 24/7 support from the developers. The developer claims that the robot has a 70% average win rate which got our attention, convincing us to verify the statements through our extensive review.
The vendor provides live trading of over 20 months and includes backtesting records to prove the efficiency of the system. We cannot trust it blindly, and to check up on the veracity of the vendor’s claims, we have decided to review the system by analyzing its drawdown and profitability.
Is FXParabol good?
The robot is not broker-sensitive. There is no clear information about the timeframe it trades on and the minimum deposit amount. However, from the live trading account, we observe that it uses a leverage of 1:500 and initial funding of $1000.
Features of FXParabol
The FXParabol comes with the following feature:
- It can trade on both MT4 and MT5 platforms.
- The EA is compatible with all brokers and account types.
- It’s easy to set up and install.
- The algorithm is 100% automated.
- The system comes with free updates and upgrades.
- The devs promise a reliable drawdown control and a 24/7 technical support.
|30 days (only if the drawdown is above 35%)
|1 ; 500 ( from Myfxbook live records)
What strategy does FXParabol use?
The developers state that the algorithm uses Parabolic SAR and Bollinger Bands to detect the current market trend on USDJPY and USDCHF. Special systems are built within to maintain the drawdown.
We observe grid and martingale strategies from the live records on Myfxbook. If the floating drawdown increases, the algorithm will open trades in the initial trade direction. Once the market faces a pullback, it will close the positions. The robot is a swing trader with an average trade duration of 10 days.
Backtesting vs live trading results
The developers of FXParabol provide the traders with backtesting records from 2015.01.01 to 2022.01.25. The backtesting was done in USDJPY with an initial amount of $10000. This backtest was performed on the H1 timeframe. The system made a net profit of $956728.63, where the relative drawdown was seen as 96.23%, with a profit factor of 2.73. The algorithm had a gross profit of $1510528.23 and a gross loss of -$553799.60. The expert advisor participated in 406 trades and lost 104 out of them.
Verified live track records of FXParabol are available on Myfxbook for USDJPY currency pairs. The initial amount of deposit by the developer was $1000 with $0 withdrawals. The profit factor is 2.30, with a total gain of 455.66%. This system participated in 142 trades, from which 97 were winners, with a percentage of 68%. The average drawdown value of the system stood at 26.31%, which is considered as average. The total profit of the robot is $4556.57, and the current balance of the account stands at $5556.57.
Although the developer claims a reliable drawdown strategy, it is contradictory to the backtesting records, in which the relative drawdown value can be seen at 96.23%. From the trading history, we observe that it uses grid and martingale strategies which can be detrimental as soon as the market trends in the opposite direction.
The core team
There is no information available about the developer on the official website. The vendor provides no contact information; traders can get in touch only by filling out an online questionnaire.