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Price: $0

Euronis

Added on April 2, 2013 05:59 AM
(4 / 5)
Trading style: scalping
Money-back guarantee: none
NFA compliance: No
License: 1 real account

The Euronis EA is a scalper strategy based EA from Russia which has been in the market since 2008.

The website is still in Russian, though you can easily change the language settings to English.

Basics and Underlying Strategy

The Euronis EA follows an Asian scalping strategy. It is 100% automated, which means the trades shall be triggered automatically by the EA. Although the developers claim it to be an investment tool, in reality, it is a trading tool. After all, no scalping strategy based EA can ever be called an investment tool. 

It trades various currencies (EURGBP, EURCHF, GBPCHF, EURCAD, GBPCAD, CADCHF), in the SpotFX market in the M15 timeframe. It basically looks for any trend variation in price movements. Short term targets are then set based on the 15 min candle.

The disadvantage in any scalping strategy based EA is that it fails to hold on to any long term trend and hence each trade is unable to get the maximum possible profits.

The developers do not support the idea of a demo account and hence all results are based on live accounts. According to the developers, the Eurnois EA is capable of giving an average of 5% returns in a worse market and up to 35% if the conditions are favorable.

Although the Euronis EA has been designed to work with a variety of currency pairs, the developers recommend that it be run on a maximum of 3 pairs if a low risk setting is used and only on 2 currency pairs if a medium risk setting is used.

The best currency pairs that can be traded using this EA are the EURGBP, GBPCAD and EURCAD. There are two trade modes available – direct mode and cross mode. The cross mode is basically a hedging kind of strategy, details of which are not relevant for the common user.

The Euronis EA, though fully automated, is a highly parameterized EA. However, the user has the flexibility to use the default settings provided in the .set files. It is also very user friendly when it comes to on-chart display and displays details such as trade times, last trade details, error messages, current and average spread and so on. It is also robustly coded – thus the EA retries a failed trade and also manages to automatically detect the min lot and lot increments. The user manual is also fairly detailed, with each parameter and its effect on the EA’s operation being described.

Back Tests

The back tests show very different results depending on the settings used, the currency pair chosen and the period for which the test is run. One back test at eareview.net using the EURCHF currency pair and default settings for the period Jan 1 2009 to Oct 01 2009, showed good results, though the drawdown was fairly large at around 20%. However, for the same period, if the lot sizes were kept constant at 5%, then the drawdown could be brought down to 6%. Other currency pairs tested also gave similar results with drawdowns maintained at 4% to 6% levels.

Modeling quality hovered around the 90% mark – any higher and there would definitely be doubts on whether curve fitting is being done to better the results.

This EA does not seem to have been subject to curve fitting and that is good news. Also, none of the back tests gave more than 1 consecutive loss, which means the EA is quick to learn from its mistakes. Consecutive wins were high with an average of around 17 to 20 wins across tests, showing that, it is also able to identify winning trades and repeat them.

The number of loss trades was on an average around 30% of total trades initiated, and that is not a bad number. As is the case with most scalping strategy based EAs, even this one did not give good results in the 2008 crisis period. As recommended by the developers, the EURCAD and the EURGBP currency pairs gave better results than other currency pairs during the back tests.

Forward Tests

The EA did not give a stellar performance for any forward tests using demo accounts. However, one live account from the developer, which is being tracked at mfxbook.com gives a better idea about this EA. The account was started on Feb 2010 with an initial deposit of $2000. It has given a very impressive gain of 168.76% which means the account has more than doubled and has $5800 currently. It has a monthly gain of 3.18%. However, just as in the case of back tests, the problem with the EA seems to be huge on the draw downs. The good thing about this EA is that, it has enough risk mitigation strategies in place, and the EA has managed a nice pull back every time there is a huge draw down. Thus, without killing the account, it is able to provide neat profits for investors. The performance chart page in the website of Euronis is a good source of information – as it has live and verified accounts and the results are all displayed graphically. All gain charts are verified by myfxbook.com, so there is no doubt on whether the results portrayed are authentic or not.

Most months have shown healthy returns, with February 2013 being really spectacular and offering nearly 45% returns across all brokers. Since 2012, there has been only one month with absolute losses, and that shows how robust the underlying strategy is.

Conclusion

The Euronis EA has really good security features which protect the original version with the help of a key file that locks every account and is encrypted with the account number and name, so as to disable multiple users from misusing the license. It is currently available free of cost and is a very profitable EA that has been around for quite some time now.

Hence, you can trust this EA to be profitable in most situations and give you good returns. However, though the licensing model is free, the catch is that you have to sign up with one of the brokers mentioned in the site itself. That is the profit model for the EA. Once the user signs up for an account through the affiliate link, he gets a free key for Euronis that is tied up with the particular broker account. Thus you can use one Euronis license with one broker account only.  

The Euronis EA runs on the meta trader platform, thus making it compatible with almost all major brokers worldwide. However, because of its unique licensing model, you will have to create a fresh account with their recommended list of brokers, if you want to get access to this EA. This need not be too much of a problem, after all, it is a solid EA and you would any way need a broker account for forex trading, so why not sign up through your EA provider? Also, you would get 70% of your commissions back from your trading account – now that is not so bad is it? Use it and monitor it regularly. If you feel that it is not performing as per your expectations, you can always cut your losses and stop trading.

Price and Guarantee

Euronis EA is not on sale. You need to open an account with a minimum balance of $3000 with their suggested brokers to trade with Euronis. Since this EA is totally FREE, the question of money back guarantee does not arise.


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