Bober Lannister is a fully automated trading system that uses a virtual stop loss and take profit for trading on multiple currency pairs. The robot can be purchased from the MQL 5 marketplace, where the developer is keen on providing regular updates. Traders will have to use an account with high leverage of 1:500. We will go through the live and backtesting tests of the robot to see if it can be profitable for us in the long term.
Is investing in Bober Lannister a good decision?
The algorithm is currently using averaging strategies to trade the markets. This cannot be good if the price is trending strongly in one direction, causing a significant drawdown on the account.
Company profile
Arnold Bobrinskii is the author of the EA. He resides in Russia and has a total rating of 5 for 34 reviews. The developer has 3 products published on the MQL 5 marketplace and has 62 subscribers for his services.
MQL 5 website dictates that the author has a total trading experience of more than 8 years. However, we cannot find any certificates that could prove this.
Main features
The robot comes with the following main features:
- Traders can trade in long or short directions only.
- It can work with a minimum deposit of $100.
- It does not use dangerous strategies.
- The working hours can be customized.
To install the EA, use the following steps:
- Purchase the system from the developer at the MQL 5 marketplace
- Login to your MT4/5 account at the platform and download the robot
- Attach the EA to charts to start trading
Strategy
The developer states that the EA uses a virtual stop loss and trades on multiple currencies. It is not sensitive to brokers.
We scan the live results at the MQL 5 marketplace to get further information. From there, we can see that it primarily trades on EURCHF and uses grid methodology where consecutive trades are placed in the initial direction once the position runs into a loss. It has an average holding time of 7 hours.
Price
The robot is available for an asking price of $499. There are no renting options, and no money-back guarantee is available. The cost is a bit high if we compare it with other systems in the market.
Trading results
Backtesting results are available for Unknown currencies and duration. The relative drawdown was around 25.15%.
The winning rate was 65.29%, with a profit factor of about 1.58. The test was done with a starting balance of $10000, where the robot tanked an average profit of $1916908.01.
There were 4953 trades in total, with 9906 deals. The best trade was $33955.87, while the worst one was -$63905.37
Verified trading records are available on MQL 5. We have a performance from March 04 2021, till the current date. The system made an average monthly gain of 10.69% during the period, with a drawdown of 37.8%.
The winning rate stood at 65.39%, with a profit factor of 1.15. The best trade was $9.04, while the worst was -$49.18 in 2800 trades.
Customer reviews
General customer reviews are available on the MQL 5 marketplace, which gives the robot a total rating of 4.8 for ten testimonials. One of the customers says that the EA is only good when the market ranges. When it comes to trend trading it can cause a huge drawdown.
Is Bober Lannister a viable option?
Advantages
- Multiple configurable settings
Disadvantages
- No detailed backtesting statement
- No transparency on strategy
- Uses grid trading
Summing up
Bober Lannister is not fully transparent on the game plan, and when we analyze the live records, we find a bad drawdown due to the averaging approach. The robot costs a high price, and there is no money-back guarantee in case of a loss.
