Forex Robots

Grey Wolf Review: An Unproven Trading System

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Grey Wolf

Grey Wolf is a Forex EA that was launched on the MQL5 website on 26th April 2021. According to the vendor, this robot never drains your account and generates a 25% profit every month. Since there are many vendors making empty claims about their trading systems, we need to thoroughly analyze the performance of this robot.

This EA is sold on MQL5 by a Cuban trader called Alexander Oropesa Marrero. This person has a dedicated Telegram channel and a Twitter handle, but apart from that, we don’t have any information on them. It is unclear whether this person is a licensed trader or whether he has other people working under him. Apart from Grey Wolf, they have developed other systems like Last Viking, Rey Toro, Big Island, Two Brothers, The Last Pharaon, Dark Shark, Big Atlas, Big Kangaroo, and Treasure Seeker.

Grey Wolf strategies and tests 

You can use Grey Wolf to trade in currencies like USD/CAD and AUD/USD only for the M5 timeframe. It is possible to use this EA with a small deposit of $100. As per vendor claims, the robot works perfectly with $50 as well, but it is advisable that you start with at least $100.

The vendor recommends running the software along with a VPS. If you were to use larger capital, you would need to increase the size of the trading lots. For $100, a lot size of 0.01 is suitable. For larger balances of $500 and $2000, you can use lot sizes of 0.05 and 0.2, respectively.

We should mention that the vendor has provided very little information on the MQL5 page, so we don’t know what features this EA has. You should always be wary of vendors who are reluctant to reveal the technical details for their systems. Most traders would shy away from an EA they know so little about.

At this moment, we have no idea about the trading strategy used by Grey Wolf. The vendor should have provided some technical information related to the strategy, but like many other departments, this one is also a grey area.

Growth chart for Grey Wolf

Growth chart for Grey Wolf

It seems the vendor has not tested the EA’s strategy with historical data. Backtests are something that Forex traders place a lot of emphasis on. They are conducted over several years, thus revealing the long-term performance of the EA and its ability to deal with different market conditions. In the absence of backtesting data, we can say that this is an unproven trading system.

Grey Wolf live trading account review 

Unfortunately, we don’t have the live trading statistics for Grey Wolf. Vendors selling their EAs on the MQL5 website often share the live results on the website itself, but we cannot find them for this robot. Seasoned Forex traders always look for trading statistics that are verified by third-party websites like Myfxbook, FXBlue, and FXStat, and the lack thereof might deter many of them from investing.

Live trading results are important because they reveal vital details about the trading system. Without these results, we cannot say with confidence that Grey Wolf can win you profits in the live market.

Pricing

Grey Wolf is available for the price of $45. The vendor offers a free demo version of the software and you can use it to test the strategy prior to investing real money into your trading account. It should be noted that there is no money-back guarantee for this EA and this makes it an even riskier investment.

Is Grey Wolf robot a scam?

Grey Wolf is definitely a scam service. There is no track record for this EA, so the vendor’s promise of 25% monthly profit is most likely false. The vendor has not provided an explanation for the trading strategy and does not offer a refund either.

User reviews for Grey Wolf on MQL5

User reviews for Grey Wolf on MQL5

We were unable to find any user reviews for Grey Wolf on trusted third-party websites. There is a rating provided by one user on MQL5, but there are no reviews.

Other notes

It seems the vendor does not have much experience in the MQL5 marketplace. There are no ratings for any of their products, so it is clear that they don’t have much of a reputation.

Grey Wolf

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Grey Wolf is a scam EA that you should stay away from. We don’t know how this robot performs in the live market and there is no money-back guarantee offered by the vendor. Investing in such an unproven system, therefore, makes little sense.

  • Affordable price
  • Low starting deposit
  • No money-back guarantee
  • Verified live trading results not available
  • Backtesting data not available
  • Lack of strategy insight

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