In today’s post, we carry out the PZ Day Trading review. This is another EA by Arthur, a developer who runs a company called Point Zero Trading.
At the time of publishing this review, the EA is at version 6.0. Consequently, we will carry out an in-depth analysis of the strategies this robot uses. Moreover, we look at the stats and user feedback. We end this post by giving you our verdict.
What is PZ Day Trading?
This forex robot trades untested breakouts of variable periods. It is useful when the market is orderly and behaving predictably. It is oriented towards short-term trading. More so, it relies on the fact that volatility increases by orders of magnitude when the market reaches previously untested price levels, allowing for a quick profit or a small loss based on a time expiration.
The EA performs well in orderly markets and suffers in very small timeframes or thinly traded instruments.
The strategy for this EA is broken down below.
- The robot trades using pending orders at bar closing.
- The EA will not trade if a weekly or daily gap has not been closed.
- It sets appropriate stop-loss and take-profit orders based on market levels.
- The EA will by default close all pending orders on Friday night and end the week flat.
- The EA uses pending orders to trade. Slippage should not be a problem.
- Session and time filters are not evaluated if the EA is trading D1 or above
- High spreads will decrease the trading frequency of the EA.
- Easy to set up and supervise
- No optimization or analysis needed
- Stop-loss and take-profit levels are automatically set
- No averaging, no grid, no hedging, and no martingale
- Orders are closed on Friday night
- Offers time and session filters
- NFA-FIFO compliant
- MT4 EA file
- Free software updates
- Lifetime technical support
You also get guides such as:
- Installation guide
- How to install updates
- Troubleshooting help
Lets have a look at the performance results.
PZ Day Trading Performance Stats
The developers provide backtest results with a modeling quality of 99%. For this test, the developer uses the EURUSD currency pair. The timeframe for trading is H1. Data for the test is from 2010 to 2015, a span of 5 years.
From an initial deposit of $1000, the bot was able to net $1,647,321 which is impressive. The profit factor is 2.13 while the drawdown stands at 12%.
With the backtests displaying outstanding results, we looked for Myfxbook account. We found a real live account that stopped being updated in 2014. That is a long way back so we shall not analyze that.
However, Arthur has screenshots of results from a verified real account. Please note that we cannot verify if the information shown on the screenshot is true.
The overall gain for the account stands at 598% while the monthly growth is at 2.6%. The drawdown is relatively moderate at 25%.
The last update for this real account by Arthur was in 2016. The fact that the latest version for this EA was in 2019, these results are out of date. Therefore, we cannot endorse this EA to our readers solely based on these results.
Arthur should go ahead and provide a link to a verifiable link to a real account.
PZ Day Trading Review: User Feedback
We found reviews online from a reputable third-party website. The users seem to endorse the PZ Day Trading EA. Note that the user feedback was written in 2017. Therefore, we believe that it is not prudent to fully rely on them since the EA has gone through some updates.
Our Final Thoughts
PZ Day Trading is designed to work in predicated markets. Arthur shares backtest and previous real accounts, which show impressive results.
However, a few concerns stand out. The latest update for this EA is in 2019, while the results shared are for 2016. The difference between when these years is wide. More so, even the user feedback we found dates back to 2017.
So is this EA a good choice? Presently, we think not. This unless the developer shares updated results.
If you have ever used this forex robot, kindly leave your comment below.