North East Way EA

North East Way EA - Review

Updated: Sep 16, 2022
1 Comment

North East Way EA

North East Way EA - Review

Profitable
Based on backtest and analysis

User Rating:

4.2 (5 ratings)
Platform:
MetaTrader 4, MetaTrader 5
Market place:
MetaTrader Market
Price:

12483 USD

Latest tested version:
1.306
Latest tested date:
Sep 16, 2022

Description from vendor:

North East Way EA is a fully automated "pullback" trading system that is particularly effective when trading popular "pullback" currency pairs: AUDCAD, AUDNZD, NZDCAD. The system uses the main pattern of the Forex market in trading – the return of the price after a strong movement in any direction.

Checklist

  • Real signal available & profitable
    • Total Equity of real signal > 5 000 USD
    • Real signal older than one year
  • Buyer reviews credible & coherent
  • Passive & balanced marketing strategies
  • Sincerity & honesty of provider convincing (no signs of fraud)
  • Avoidance of dangerous strategies
  • Explanation of operation adequate
  • Backtest feasible
  • Set files available or not required

Notes on the checklist:

If even only one point has to be answered with no, caution is advised. Furthermore, the presence of a profitable demo signal has a low significance for us. Because even if a demo signal exists and is profitable, no profitability on the real signal can be derived from it. Only if the existing demo signal is unprofitable, the real signal will be unprofitable with very high probability.

The checklist is based on the hints that can be read here: How to Detect and Avoid Expert Advisor Fraud and Scams

Table of Contents

Please note:

Be careful with recently released Expert Advisors

Avoid dangerous strategies

How to detect and avoid Expert Advisor fraud.

General

The overall impression regarding the appearance on the product description is very solid. Unfortunately, regarding the strategy, it is only mentioned that the North East Way EA is based on the Pullback method. Only in the settings of the Expert Advisor it becomes apparent that the Martingale strategy is used, which can, however, be deactivated. Therefore, the Expert Advisor should be handled with care and caution. Furthermore, no further details regarding the strategy are listed. We would like to see more information regarding the algorithm. We find it very positive that the seller actively offers help with North East Way EA setup. Furthermore, there is a closed Telegram group aimed at buyers. North East Way EA is available in both MT4 and MT5 versions. We liked the fact that the seller uses almost no marketing strategies to boost and sell the Expert Advisor.

Buyer reviews

At the time of writing this review, the MT4 version of North East Way EA has 66 reviews on the product page with an average rating of 4.81 stars. Based on the rankings of the buyers, it can be seen that both beginners and experienced traders buy the Advisor. There are no other abnormalities in the ratings.

Live signals

The Expert Advisor was released on March 30, 2020. Even before the release in 2018 and 2019, the seller has created several live signals, all of which are successful. The seller is trading with real money. The highest account balance at the time of the review is around $84,000, which shows a very high confidence of the seller in the North East Way EA developed by him.

Live signals of the provider:

Backtests

The backtests were created for the period January 1, 2005 – September 16, 2022. According to the seller, the Expert Advisor uses only open prices internally, so the backtests can be created with "Open prices only". We applied "Every tick" for accuracy reasons. The backtest procedure and all necessary settings are described in detail here. The following settings and currency pairs recommended by the seller were used.

  • Timeframe: M15
  • Base currency pairs: AUDNZD, NZDCAD, AUDCAD
  • Additional currency pairs: EURGBP, EURUSD, GBPUSD, USDCAD, GBPCAD, EURCAD

We have adjusted the default settings as follows.

  • Lot size: 0.01
  • Recovery Mode: off
  • Martin ratio: 1

Backtest Results

The figures below show the equity of the backtests of all currency pairs for the period 2005 – 2022.

North East Way EA - North East Way EA Backtest 2005.01.01 2022.09.16 single strategies
North East Way EA - Backtest 2005.01.01-2022.09.16 (single strategies)
North East Way EA - North East Way EA Backtest 2005.01.01 2022.09.16 portfolio
North East Way EA - Backtest 2005.01.01-2022.09.16 (portfolio)

Tick Data Shift

To detect possible fraud, we created backtests with tick data shifted into the past (Tick Data Shift). The comparison of the backtest results with and without tick data shift shows that they are almost identical.

Raw backtest results

We have tested with the lot size = 0.01.

In the backtest reports shown below, we have removed the individual trades for better presentation and readability. You can download the uncut raw reports as a zip file.

Complete raw Backtest reports without truncation: North East Way EA – Backtest 2005.01.01-2022.09.16.zip

Click on one of the tabs below to open the corresponding backtest. The backtest results are best viewed on high-resolution screens.

Statistical analysis

Single strategies (balance and statistical results)

The two following figures show the single strategy balances with unchanged performance results (left) and results modified taking into account the risk and independence factor (right). Due to the normalization the final balance results of the left and right figure are irrelevant, what counts is that the balance of the strategies with higher risk and higher correlation is weighted lower.

North East Way EA - North East Way EA Default Recovery Mode off Martin ratio 1 2022.09.16 balance single strategies
North East Way EA - North East Way EA Default Recovery Mode off Martin ratio 1 2022.09.16 balance single strategies norm ind
SetfileSortino RatioDownside DeviationIndependence Factor
North East Way EA AUDCAD.csv0.39824.6981
North East Way EA AUDNZD.csv0.6112.2951
North East Way EA EURCAD.csv0.17745.8631
North East Way EA EURGBP.csv0.09651.9251
North East Way EA EURUSD.csv0.46628.7711
North East Way EA GBPCAD.csv0.12383.0281
North East Way EA GBPUSD.csv0.035110.7961
North East Way EA NZDCAD.csv0.49220.3961
North East Way EA USDCAD.csv0.02196.6881

Portfolio (balance and statistical results)

The two following figures show the portfolio balances with unchanged performance results (left) and results modified taking into account the risk and independence factor (right). Due to the normalization the final balance result of the left and right figure is irrelevant, what counts are the slightly smoother balance curve and the statistics.

North East Way EA - North East Way EA Default Recovery Mode off Martin ratio 1 2022.09.16 balance portfolio
North East Way EA - North East Way EA Default Recovery Mode off Martin ratio 1 2022.09.16 balance portfolio norm ind
Portfolio related factors (on monthly basis)UnweightedWeightedImprovement
Sortino ratio0.2690.692157.22 %
Return/Drawdown ratio4.0512.333204.513 %
Calmar ratio0.0220.067204.513 %

Weighted: Downside Deviation and Independence factor

Final assessment

The North East Way EA shows itself to be a robust and, most importantly, a profitable Expert Advisor. The results are solid. We consider the use of dangerous strategies, whose influence can be strongly limited in the settings (Recovery Mode = off, Martin ratio = 1), to be negative. We have taken this into account and applied it in our backtests. However, the price at the time of writing this review of 12 483 USD seems too high to us. Regardless of the price, the Expert Advisor is recommendable in our opinion.

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Philip

wow, its a really good review, people using this ea with martingale on, but you guys still figure out a safer method on using the ea, brilliant!

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