The installation process of the Flex EA on MT4 is pretty simple. You only need to download the installation files of the robot to your computer and put them into the right folders of your MT4. Learn how to install and run EA on MT4 and trade with Flex EA without problems.
Forex Flex EA Review
The Forex Flex EA developer claims that it has been the number 1 performing verified profitable Forex ea since 2012 with a continued evolution year after year of updates and improvements. In this Forex robot review, we'll try to figure out whether this is true or it is just another Forex scamming system.
Basic information about Flex EA:
- Currency pairGBPUSD, USDJPY, USDCAD, USDCHF, EURUSD, AUDUSD, EURJPY, EURCHF, EURGBP, NZDUSD
- Number of real licenses1 - 2
- Refund30 days money-back guarantee if the customer is not happy
Conditions for trading:
- Minimal deposit amount$1000
- Time frameH1, H4
Live performance of Flex EA
*The backtests are taken from the developers’ website
*The subsequent analysis of the adviser is based on live analytics from the Myfxbook website. We’ll go through the pluses and minuses of the trading system as well as the profit and drawdown analysis.
Live performance analysis of Forex Flex EA
Forex Flex EA has got a number of different Myfxbook accounts. Some of them are customer’s accounts, some are the accounts of the developer. We’ll focus on the developer’s accounts because it is the official accounts that should be the quality guaranty for the costumers.
There are three new strategies available with the 4.93 version of the EA which is claimed to be new 2020 strategies (look on the screenshot from the developer's website below) and they really look like the new once, but there is one small thing that might not everyone see or recognize.
When opening provided statistics we can see that there is this small banner says: " This account uses a custom start date - for a full history, analysis use the "Custom Analysis" tool.” It looks like this:
It is a special setting that is able to hide some costume parts of the Myfxbook statistics of the account. This is actually often used to hide some blown up account statistics or to make the stats look better. So, when we go to the custom analysis tool, we can access to the full live trading history of the account.
Let’s compare the statistics that Forex Flex EA developer wants us to see and the full history of the so-called “new 2020 strategies”.
Here we have an account named “Flex EA - H1 DefaultTDI + Dynamic allCharts". The first graph is the one that we see without custom analysis.
And this is what the account’s full trading history:
Here is another account called “Flex EA - New EMA Far Apart v3 2020”. Let’s do the same, first screen - without custom analysis, and the second – full trading history.
I hope, you've got the logic. As it turned out, all three accounts that have been represented with the new 2020 strategies are actually old blown up or almost blown up accounts that the developer decided to resurrect.
There are also other live trading accounts of Forex Flex EA that have been doing better. The one named "Flex EA - Default - Acct4" has been showing really good results. It has been out for 80 months already and has collected 10 486% of profit with the average drawdown of 36.53%. Unfortunately, we can’t base the review on it because it is a Demo account.
It is clear that the system uses compound interest as we see that it increases a lot size proportionally to the deposit size, so we can calculate the average profitability to drawdown ratio correctly based on the Myfxbook official monthly gain number. And the results of the system are positive even though it might have been trading with the very high risks and we can see that the Forex Flex EA has faced a number of fixed drawdowns probably caused by the stop-losses that decreased its deposit by more than a third. But, once more, we can’t base our conclusions about the profitability of Forex Flex EA on the statistics of this account.
Unfortunately, there is no available official backtests of Forex Flex EA which makes me think that either the system hasn’t been tested properly or the results were not good. In any case, this fact does not add any positives to this Forex trading system.
Talking about the trading style of the EA I can’t miss the main feature of the Forex Flex EA called by the developer “a newly developed innovative technology involving "virtual trades". Basically, this technology runs virtual trades in the background, using them to constantly monitor the market to help determine the entry point for the real trades. It is difficult to draw any conclusions about this technology since we know very little about the principles of its calculation of the entry point.
The developer claims that the EA has got 12 selectable strategies built-in the system. It is not clear what exactly the strategies and what’s the difference between them but with such a wide range of currency pairs that Forex Flex EA can trade on (developer claims that Forex Flex EA supports ALL currency pairs) and with the variety of the built-in tools it is obvious that the idea of this EA is to reach as many different traders as possible instead of concentrating on one or a few specific trading strategies to bring it to perfection.
As we can see from the live performance of different live accounts of the Forex Flex EA, mostly its trading logic is based on the martingale grid strategy with some sort of money management tools that adjusts lot sizes based on account balance either to control the loses and to grow the deposit. Here we see the lot increase and the grids closing all together:
There are a number of features that developer believes make Forex Flex EA profitable such as money management tool, news filter, Equity Trailing TP, DD Stoploss, Session Filters, a number of indicators (EMA crosses, TDI, Support & Resistance, Bollinger Bands, ADR, Stochastic, RSi, Candle sizes, Momentum), Indicator Closures, Time filters and other.
Forex Flex EA’s developer tries to make the EA look innovative and highly diversified trading system that would kind of fit to almost everyone, but the fact remains that most of the live accounts of this EA either has been busted or has faced deep drawdowns according to a stop-losses, which only confirms my statement that diversification is not the best thing when talking about Forex robots. Together with the absence of backtests the results of the Forex Flex EA look not that good. It is also not clear what is the logic of this innovative feature that the developer believes determines the entry point called "virtual trades".
At the same time, there are some good things about this EA such as money-back guarantee for 30 days, compatibility with all brokers, and frequent updates. All this together with a large number of live trading accounts (unfortunately, mostly it is customer’s accounts) speaks up against the scamming nature of the developers of the Forex Flex EA.
Explaining the final marks of this review I start from the price and quality ratio mark where the Forex Flex EA has got 2 out of 5. The price of the EA is quite high in my opinion especially taking into account all the busted accounts and absence of the backtests.
Profitable to drawdown ratio is one of the most important characteristics to check when looking for the best Forex robot and in the case of Forex Flex EA, this ratio is different from account to account and mostly not high at all if not taking into account demo accounts statistics. There are a lot of strategies and a lot of different accounts of this EA and they are all showing different results. Some accounts have been blown up, some accounts have just stopped updating trading results and some are still alive with good results so I’m giving 3 out of 5 to equalize all the factors.
Some of the accounts of Forex Flex EA has got a live trading statistic since 2015. It is more than five years already since the developer has launched this EA and it is still alive. It is enough to say that the EA deserves 5 stars out of 5.
Unfortunately, there are simply no backtests of Forex Flex EA so I give 0 out of 5 stars for this statistic. And my personal assessment for the Forex Flex EA is quite similar to the objective marks that have already been given. I don’t feel a lot of confidence in this EA if taking into account everything that’s been said previously. So, 2 out of 5 stars it has.
At the moment of writing this review, the automated rating system of the ForexStore rated the Forex Flex EA by 3.4 out of 10. The review mark for this EA is a bit higher than the automated rating system’s one but still, it is what I think the EA deserves for its performance.
I hope this helps you, traders! I wish you profitable trading and luck on the market!
Flex EArating 0/10
- Gain -99.9%
- Monthly -25.89%
- Drawdown 99.97%
- Days in Live 1096
Flex EA uses a newly developed innovative technology involving "virtual trades". Simply put, Flex will open virtual trades in the background, using them to constantly monitor the market to help determine the absolute perfect entry point, at which point Flex will start opening real trades.
No automated system out there can work long-term without consistently updated settings. Flex features an automatic update system, so you can be sure your copy is always up to date with the latest, best performing settings for the current market conditions. Yet another new innovative feature we're bringing to the table.
Information about Flex EA
Ready to go out of the box settings, simply plug and play. It's literally a matter of attaching it to a chart, selecting the strategy you want to use from a drop-down list and clicking OK, that's it!
Works best on (GBPUSD, USDJPY, USDCAD, USDCHF, EURUSD, AUDUSD, EURJPY, EURCHF, EURGBP, NZDUSD) but can be traded on virtually any charts. There are a few pairs we recommend avoiding in the setup guide.
Automated updates, don't get left behind because you're not up to date. When an update is available, you will be notified right inside your MT4 terminal and can update at the click of a button.
New market monitoring virtual trade technology brings precision entry points that no indicator can compete with. The default settings will use 6 virtual trades per currency pair to monitor market conditions. Lowering this number will result in less accurate entry points, but higher trading frequency. Raising this number will do the opposite. When the market shifts, this is the one of the main settings we end up changing. If and when that happens, we will send out automatic update notices to everyone so you're never left behind.
Flex EA can be setup to trade just about any trading strategy imaginable. All 3 memberships will include all 12 different setting configurations that offer 12 unique trading strategies that you can plug and play at the click of a mouse.
Most Popular Default, FlexHybrid, BigDefault, ADRDynamic, Scalper
Default - This is a hybrid trading strategy of Super Precise, Half Grid and Trend Surfer.
v2Default - New v2.0 trading algorithm based off the original Default strategy.
Super Precise - This open trades very rarely, but when it does they're often very very accurate.
Scalper settings - Scalps small profits during market corrections.
Full Grid - You're tradition martingale style trading just like Forex Hacked.
Half Grid - Half martingale, so not quite so risky.
Trend Surfer - Similar to Super Precise and Default settings.
Shotgun - This one can be a bit hectic, but when it's working it works really well
FlexHybrid - We're very excited about the potential of this. This uses similar settings as the Default to open it's first trade, but then any additional basket trades after that are only opened after those same conditions are met again, and again. This results in trades being very spread apart in a dynamic fashion within the basket allowing to survive in the worst of times. This is a very safe strategy to use, however expect to have trades left open for days, maybe even weeks in rare cases. FlexHybrid is a good strategy to trade with 10 charts, on 0.1 - 0.5 risk with Max_Charts of 4-5.
x3Retrace - This strategy waits for slightly bigger market movements than Default would, and will only open a max of 3 orders in it's basket while looking for a retrace.
x2RetraceSL - Very similar to the 3xRetrace, but limited to 2 max trade baskets, and uses a SL on all trades. Much safer but not as profitable.
BigDefault - Trades just like Default but with a bigger TP(47) and Pipstep(32) which means it looks for bigger trends and reversals.
ADRDynamic - A more dynamic approach that uses constantly changing settings calculated by each pairs current ADR(Average Dynamic Range) over the previous 7 days. Solid strategy for ever changing markets.
- NFA And FIFO Compatible
- MT4 Build 600+ Compatible
- Highly Optimized Settings
- Free Updates
- Active Members Only Forum
- ECN support
- News & Time filters
- 12 Selectable Strategies
- Can Trade Any Style
- Money Management Feature
- Works With Most Major Pairs
Build Your Own Strategy
The built in strategies above are just part of what Flex can do. There are enough options available for users to create their own unique strategies. Options ranging from built in indicators like customizable moving averages, RSI, TDI, Stochastics and more. Functions like hedging, news filter, support and resistance, reverse mode, equity trailing, pip trailing and much much more!
Is it a one time payment?
What kind of support do you offer?
24/7, and we will usually respond within a few hours on business days.
How soon will it be available after I order?
Immediately, you can login to your members area and download it.
Best brokers to use with Flex EA?
I recommend either Hotforex or FXOpen, they have worked best for me.
How often does it trade?
This depends highly on the number of charts you run, the strategy you select, and market conditions. If running 5 charts on default strategy, expect 4-8 trades per week. If 10 charts, expect 8-16.
What's the minimum amount to trade with?
$10 on a nano account, $100 on a micro/cent account or $1000 on a standard account should be the minimum starting balance.
TradersWay works very well for U.S. traders.
By default MM is turned on, and calculates lot sizes based on your account balance(or can be changed to equity). You can turn MM off and select a manual lot size to trade with as well.
Flex EA - $330
- 1 Live Account License
- Unlimited Demo Accounts
- 12 of 12 Unique Strategies Included
- Full Access To Private Forums with 100s of custom set files
Flex EA + Correlated Hedge EA - $495
- 2 Live Account Licenses
- Unlimited Demo Accounts
- 12 of 12 Unique Strategies Included
- Full Access To Private Forums with 100s of custom set files
- Both Licenses Can Be Used With Either EA
30 day money back guarantee with proof of poor results.
How to install the Flex EA on MetaTrader 4?
What is the profit level of the Flex EA on the real/demo account?
The Flex EA has been able to reach the profit level of -99.9% during the live/demo trading period. These results are proven by one of the respected third-party companies.
What is the drawdown level of the Flex EA on the real/demo account?
The Flex EA has been able to keep the maximum fixed drawdown level of 99.97% during the live/demo trading period.
How much does the Flex EA cost?
The official developer of the Flex EA has announced the price of the Flex EA to be $400.