Spoiler: There is smth worthwhile, but not in the top 10.
Biggest disappointment: The “Dark Venus MT5” has 1381 reviews, mostly positive. But, unfortunately, it stops out in April due to its last big drawdown.
I seriously wanted to believe that there might be a good free EA out there. So I looked at the best of the market. It was an evening of frustration…
If there are good free EAs, they are not among the top. Look beyond! Check this free EA “Your False Hope”!
1/ NODE Neural EA for MT5 bad
2/ RangeBreakout EA MT5 bad
3/ Dark Venus MT5 bad
4/ Cannon Trend bad
5/ Gold Trend EA bad
6/ Stratos Zephyr mt5 bad
7/ Grid Scalper MA MT5 EA bad
8/ RSI GridMaster Mini bad
9/ Break of Structure BoS SMC EA bad
10/ Neon Shadow MT5 bad
…
Your False Hope good
1/ NODE Neural EA for MT5
112 reviews (approx. 1120 total downloads)
Last update December 2024
Test on real ticks since last update: +4.05 Net Profit, 16.97% Drawdown
Pros:
– Nothing.
Cons:
– It trades only EurUsd.
– Size of the file 49KB, which suggests it is the simplest tree of decisions that randomly places grids.
Conclusion:
No real profit since the last update, that is for the last 5 months. First place on the market?! How come?! The author sells other EAs. This one is to advertize what else they have. Enough talk.
2/ RangeBreakout EA MT5
51 reviews (approx. 510 total downloads)
Last update January 2025
Test on real ticks since last update: +1578.00 Net Profit, 80.25% Drawdown
Pros:
– Does not hold trades too long.
– It should be able to trade multiple symbols. Not sure, it does not make profit on any symbol.
Cons:
– Size of the file 46KB, which suggests it is just that simple.
– Apparently, not a neural network. We know now, a linear strategy cannot work on Forex.
– Default settings will surely blow the account.
Conclusion:
A very bumpy progression – it often jumps up, and then abruptly falls down. Not a strategy, a roller-coaster.
3/ Dark Venus MT5
1381 reviews (approx. 14K total downloads)
Last update September 2024
Test on real ticks since last update: -2698.28 Net Profit, 122.31% Drawdown
Pros:
– Can trade multiple symbols.
– It is a 15-min (or even 5-min) scalper. The promise is this: You won’t have to wait with this strategy.
Cons:
– In reality, it places trades and waits for ever to make them profitable.
– Won’t survive in a long trend.
Conclusion:
It trades by placing a very risky bet following the Bollinger Bands. If it is negative after 15-30 minutes, it places another. And then another. Up to 10 trades within 200 pips. If the market still goes in the wrong direction, this blows out the account. So it did on EurUsd in April 2025.
4/ Cannon Trend
45 reviews (approx. 450 total downloads)
Last update March 2025
Test on real ticks since last update: -1539.27 Net Profit, 82.93% Drawdown
Pros:
– It should be able to trade multiple symbols. Did not bother to test after it failed abruptly on Gold.
Cons:
– A 5-minute scalper on Gold?! Give me a break.
– Default settings will surely blow the account.
Conclusion:
At least, I know why this has been in the top 10 for quite a while. It trades the volatile Gold. Gold has been uprising since the early 2024. You do not need a strategy for that. Just buy and wait. Until March… Yes, Gold starting rolling back in March 2025. And all this fancy stuff, which betted on the ever-growing trend, abruptly failed.
5/ Gold Trend EA
77 reviews (approx. 770 total downloads)
Last update March 2025
Test on real ticks since last update: +132.92 Net Profit, 7.85% Drawdown
Pros:
– It trades on volatile Gold.
Cons:
– Size of the file 63KB, which suggests it is just that simple.
– Could not understand the strategy behind this EA.
– Recommended timeframe H1. Not really recommended for Gold by serious traders.
Conclusion:
Depending on when you stop the test, you have either a negative profit or a positive profit. It is simply up and down, up and down.
6/ Stratos Zephyr mt5
170 reviews (approx. 1700 total downloads)
Last update September 2024
Test on real ticks since last update: -1113.52 Net Profit, 83.22% Drawdown
Pros:
– It should be able to trade multiple symbols.
– Funny pictures of animals among the author’s products.
Cons:
– This and other EAs from this author have pictures of real signals growing like crazy. But no actual links to those signals.
– It is that simple neural network which fits the history until the last update.
Conclusion:
For whatever reason, I think this guy is a school pupil. He likes funny pictures of animals – check his other products. The author made a simple neural net for multiple symbols. Never really bothered about validation or val_loss or whatever. The result: A nice historical chart up until the last update. Not a single profitable trade since then.
7/ Grid Scalper MA MT5 EA
15 reviews (approx. 150 total downloads)
Last update March 2025
Test on real ticks since last update: +130.97 Net Profit, 6.25% Drawdown
Pros:
– Nothing.
Cons:
– Size of the file 68KB, which suggests it is just that simple.
– It is a grid. It is not a strategy, just tossing a coin.
Conclusion:
The author suggests it should be run on 5-minute AudUsd. This set cannot survive since the last udpate. So I tested different sets. The good one for March-April was 1-hour EurUsd. Only this set cannot survive 2024…
8/ RSI GridMaster Mini
13 reviews (approx. 130 total downloads)
Published March 2025
Test on real ticks since last update: -135.33 Net Profit, 13.33% Drawdown
Pros:
– Nothing.
Cons:
– Looks like a neural network, that works bad even on history because, apparently, it is a dense neural network.
– Like the “Dark Venus MT5” EA, it places trades one after another, betting that the subsequent trades can cover up the floating loss produced by previous trades.
Conclusion:
It only started its journey on the market and it already has 13 reviews! How do they do it?! Apparently, it cannot survive a long trend. Because it opens trades and simply waits for ever to make them profitable.
9/ Break of Structure BoS SMC EA
17 reviews (approx. 170 total downloads)
Last update March 2025
Test on real ticks since last update: -43.77 Net Profit, 21.67% Drawdown
Pros:
– Shortest description of the EA ever seen: only 93 words!
– Smallest size of the file 43KB! Won’t take much place!
Cons:
– Its pros are so funny that I decided against writing the cons.
Conclusion:
This is really a dumb strategy with 17 reviews!
10/ Neon Shadow MT5
46 reviews (approx. 460 total downloads)
Last update April 2025
Test on real ticks since last update: -6.09 Net Profit, 2.61% Drawdown
Pros:
– It should be able to trade many symbols.
Cons:
– A nice historical chart before the last update, and then oops.
Conclusion:
I tried to read and follow the installation guide… Guys, it is an EA. Automatic trading, huh? Make it simple: put it on a chart and you’re ready to go. The installation guide is just blah-blah-blah. And then, that idea that it pulls the best settings from their server – what is this about? Can it trade because it has a strategy, or are you manually sending signals when it goes almost blown out? After all, it applies the best settings for a nice historical chart, while there is no Internet connection in historical testing.
Your False Hope
19 reviews (approx. 190 total downloads)
Last update January 2025
Test on real ticks since last update: +251.09 Net Profit, 12.56% Drawdown
Pros:
– It can trade many symbols.
– It uses a recurrent neural network LSTM, that is most suitable for processing timeseries data.
– It combines data from different symbols to diversify training and trading.
Cons:
– Needs a longer testing period.
Conclusion:
A good EA lost out there among so many others. Like a very good poet, simply out of luck (Ch. Bukovsky).
www.mql5.com (Article Sourced Website)
#Top #Free #EAs #Market