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.

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.

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:

• North East Way (Offline since December 2022)
• NEW2000 (Blown up in December 2022)
• Fast way (Blown up in December 2022)
• FastWay MT5 (Offline since December 2022)
• MultiWay MT5 (Offline since December 2022)

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

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

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.

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.

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.

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.

Weighted: Downside Deviation and Independence factor

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.