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Forex Flex EA Review

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FXSherlock /
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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:

  • Price$330
  • Currency pairGBPUSD, USDJPY, USDCAD, USDCHF, EURUSD, AUDUSD, EURJPY, EURCHF, EURGBP, NZDUSD
  • Number of real licenses1 - 2
  • Support24/7
  • Refund30 days money-back guarantee if the customer is not happy

Conditions for trading:

  • Minimal deposit amount$1000
  • Minimal leverage -
  • Time frameH1, H4
  • TerminalMT4
  • BrokerAny

Live performance of Flex EA taken from Myfxbook

Disclaimer

*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.

Forex Flex EA live performance statistics

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:

Forex Flex EA live statistics

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.

Forex Flex EA live performance statistics

And this is what the account’s full trading history:

Forex Flex EA live trading statistics

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.

Forex Flex EA live trading statistics
Forex Flex EA live trading statistics

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.

Forex Flex EA live trading statistics

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:

Forex Flex EA live trading statistics

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.

Summary

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.

Final marks

So let’s finish this review by giving appropriate assessments to the Flex EA based on the analysis of its work, statistics, and other factors
Price VS Quality
2.5/5
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Profitability / Drawdown
3/5
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Statistics duration
5/5
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Backtests
0/5
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Authors’ rating
2/5
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AVERAGE
2.5/5
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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.

Automated ForexStore rating is

3.4/10

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!