This is a Grid Hero Review. The EA has been around the block for quite some time, first busting onto the scene in 2017. It has undergone several iterations and the latest is version 9.8 released in late 2018.

There is a lot of controversy about this forex robot. Developed by Dave, some traders swear by it while others would rather stay as far from it as possible.

Today, we look to analyze this EA. Is it a worthwhile EA? Has Dave finally made a grid EA that works without risking an entire account? Stay tuned; we answer these questions and much more.

What is Grid Hero EA

Grid Hero EA is fully automated and works on the MetaTrader4 platform. The developer has so far put in great work updating this EA, from version 1.1 to 9.2.

In terms of strategy, Grid Hero EA uses a revolutionary Grid algorithm (P.A.M.A.) together with a signature synergy of Price Action trading and an Artificial Instinct Self-Adaptive Processing Unit. The EA is loaded with techniques and approaches. Dave lists them as essence. See below:

Essence

  • Built-in PIPS AVERAGING MATHEMATICAL ALGORITHM (P.A.M.A.).
  • Built-in Fast-In-Fast-Out scalping technique.
  • Has Trend Detection over multiple time frames.
  • Built-in Time Filter, Volatility Filter, and Spread Filter.
  • Has Price Action Troopers Modules.
  • Built-in Artificial Instinct Self-Adaptive Processing Unit.
  • News Filter with News Display Panel.

In terms of pricing, the EA costs $488. Note that you also need $4000 as a minimum deposit.

Grid Hero Review: Price package
Grid Hero Review: Price package

Dave goes ahead to give various settings and recommendations. All this is aimed to assist the trader get profitable results.

Grid Hero EA Recommendations:

  • EA Settings: Use Default Settings or Auto Lot Set files.
  • Symbol: EURUSD.
  • Time Frame: H1.
  • Brokers: ECN brokers, low spread/commission, 1:400 leverage, non-FIFO, allow micro lot.
  • Minimum Deposit: $4000.

Grid Hero Risk Settings

The various risk settings include:

Conservative Risk: Use default EA setting (no need Set file)
Standard Risk:
 Apply Auto Lot Standard Risk Set file
Medium Risk:
 Apply Auto Lot Medium Risk Set file
High Risk:
 Apply Auto Lot High-Risk Set file
Auto Lot On Fixed Funds:
 Set “Enable Auto Lot Sizing On Fixed Funds” to true and set fixed funds amount (no need Set file)

We are extremely pleased that the developer has provided live trading instructions. More so, he has also provided a live trading checklist for traders to follow. But how do you start trading with this EA after you purchase it? Dave has also provided the parameters that traders should set.

Grid Hero EA: Performance Statistics

Again, we are impressed that Dave posts the settings he used for the backtest results. The backtest spanned from 2004 to 2017, a period of 13 years. He gives a visual test for the backtest to guarantee traders that there were no backend manipulations of the result.

The backtest conditions are as follows:

  • Using 13 years of Dukascopy Real Tick Data (Jan 2004 to Sep 2017)
  • Using Real Variable Spread
  • Included $7 Round Trip Commission per standard lot
  • Simulated Execution Delay Slippage of 200~300ms
  • 99.00% Modelling Quality
  • Using Birt’s Tick Data Suite Version 2.2.4.0

The backtest results show that this EA has a profit factor of 2.72, which is impressive. From an initial deposit of $3,000, the EA made a net profit of $120,883. The relative drawdown stands at 31%, which is a bit concerning.

Grid Hero Review: Backtest Results
Grid Hero Review: Backtest Results

Backtest results are good, and we are happy that in this case, the developer provided the settings. This is great for transparency.

To cement backtest results, we typically look at real live verified accounts, hosted on either FX Blue or Myfxbook. However, we are disappointed to tell you that Myfxbook real account is deleted.

Grid Hero EA: Community Trust Levels

There are a lot of views on this EA. What’s more, there is no concrete stance amongst traders. Everyone seems to have their own opinion.

Grid Hero Review: User feedback
Grid Hero Review: User feedback

Verdict

Since the views on this EA are really polarizing, we realized we need to do more to settle this case. Therefore, here is a list of the pros and cons of this EA.

Advantages

  • Solid backtest results
  • Transparency on backtest settings
  • Comprehensive FAQ guide to trading with the EA.
  • At some point, Dave actually responds to traders questions.

Disadvantages

  • No updates on real accounts since 2018
  • Account wipeout is possible
  • The refund policy is not specified
  • Dave stopped responding to customer enquires online
  • The EA is pricey.

To get yourself this EA and try it out, you must be sure of the proper settings. Otherwise, you may lose all your money. Start with the demo account. Try different settings, including the one provided by Dave. Find the sweet spot, and only then, move your account to the live account.

Conclusion

Those who understand how to use this EA swear by it. Others have lost their investment.

We always like to safeguard our readers’ money. We advise new forex traders to avoid this EA completely. Note that robots that depend on grid strategy always face the risk of blowouts.

However, for seasoned traders, we reckon you should use your experience to fine tune the settings. Try them first on demo account and see how it works. It may be worthwhile. Finally, as we say, always trade what you can afford to lose.

If you have used this EA, please leave a comment below and tell us your experience.