Advanced Fibo Levels is an FX robot that uses the Fibonacci method for its trades. It is a fully automated expert advisor developed by Ho Tuan Thang. The Fibonacci approach is not considered a profitable one as it relies on ratios that do not relate to the individual trade. As per the developer, the FX EA has undergone stress tests for the long term and has emerged with a beneficial profit to drawdown ratio.
Is investing in Advanced Fibo Levels a good decision?
In this review, we have analyzed the features, trading approach, performance, and other characteristics of this FX EA. From our evaluation, we find that the developer does not provide adequate info on the system to make a proper analysis. Moreover, the info present is very minimal making us suspect the reliability of the system. Our initial conclusion about this FX robot is that it is not worth trying. Let us look at the individual features that have made us arrive at this conclusion.
Ho Tuan Thang is the developer of this MT5 tool. He has published this FX robot on the MQL5 site in July 2021. The current version of this ATS is 2.0 and it was last updated in July 2021. Under the developer’s profile, we find he is from Vietnam and has created 6 products and 12 signals.
In the experience section of his profile, the site mentions he has no experience in the field, which is a bit puzzling. He can be reached via the messaging option on the MQL5 site and through the Telegram channel link provided on the site. Other products of the developer include Advanced Bollinger and Advanced Hedge. The inadequate support and insufficient vendor info make us suspect this is not a reliable FX EA.
We could find only the bare minimal details related to this EA as the developer fails to provide the required info. From the data present on the site, we find that this ATS uses the advanced fibo levels indicator for trade entry. It works on the EURUSD and the GBPUSD pairs using the M15 timeframe.
The system has been tested since 2019 and the settings can be chosen from the set files or the default option. As per the developer, this EA is not sensitive to slippage and spread changes and is compatible with any broker. The minimum deposit recommended is $3000. We could not find an explanation of the strategy or backtesting results which raises a red flag for this EA.
You can purchase this FX EA for $49. A free demo account is present. As we wonder about the cheap price, the developer mentions that there are just two left at this price and further three copies will be available at $149 and all other copies following the sale will cost $249.
Thus, the price is on par with many of the competitor products in the market. There is no mention of a money-back guarantee. We look for the refund policy as it implies the developer is sure of the efficacy of the product. Without the guarantee, the reliability is always suspect.
Although the developer mentions that this system has been tested from 2019, there are no backtesting results and no verified live trading results. However, a live signal of the EA is posted by the developer on the MQL5 site as shown above.
From the screenshot, we find that an initial deposit of $900 has generated a profit of $9878.04 and equity of $8275.97. The profit factor is 2.36 and the growth percentage is 1234%. We could not find info on the drawdown and the high profits look suspicious.
We prefer trading results verified by reputed third-party sites like myfxbook, FXBlue, and FXStat as they provide unbiased and more info on the trading. The lack of verified results and the suspicious- looking stats raise a red flag for this EA.
We could not find user reviews for this FX EA on sites like Forexpeacearmy, Trustpilot, etc. The lack of reviews indicates this is not a popular system.
Advanced Fibo Levels claims to provide a beneficial profit to drawdown ratio with its proven approach and performance. Unfortunately, the developer does not provide proof of the claims. We could not find backtests or a verified track record for the FX robot. Further, the lack of user reviews and inadequate support are other downsides that confirm our suspicion that this is not a trustworthy expert advisor.