Leprechaun Review

Leprechaun is an expert advisor that was released on the MQL5 community on September 1, 2020, by Aleksei Zaitsev. The current version is 3.6 from September 23, 2020. It has a mediocre number of demo downloads – 489. 

Is this service a viable option?

The presentation is short and unprofessional. The vendor has a low level of transparency. First, there’s a single robot in his portfolio. Second, we know little about indicators the system uses to trade. Third, the presentation lacks client testimonials. Fourth, there’s no refund policy provided.

• There are several strategies on the board: Grid, Martingale, and Hedge. 
• It executes orders in the trend direction. It’s a lie. 
• It works with Gold – XAU/USD. 
• The time frame is H1. 

How to start trading with Leprechaun

The presentation is short for a professional advisor. We’ve grouped up all information in the following list:

• The robot trades fully automatically. 
• Grid is the main strategy behind the system. 
• It tries trading following the trend move. 
• If the trend changes direction, it executes “reverses the balance of trading positions in the trend direction and closes the whole grid of orders is a plus.” It’s Hedge. 
• It trades during the American trading session. 
• It doesn’t keep orders overnight. 
• The robot uses Martingale to recover after losses. 
• The expert advisor works better during high-volatility periods. 
• It doesn’t use data from the MT4 indicators. 
• If we want to try other symbols to trade, we may do so. 
• The robot avoids trading during a calm market. 
• The minimum deposit requirements are $100.
• We can run the EA on any broker we want.
• The system can trade well even with high spreads.

The offer has changed from $49 to $100. The rental options were removed without any reason. We can use a demo version on the terminal to check the settings and execute a backtest. The robot is delivered without a money-back guarantee.

Leprechaun backtests

There’s a backtest of XAU/USD on the M5 time frame (why not H1?). The period of data was three months. The spreads were set at 50 pips. The initial deposit was $10,000. The total net profit has become $5,787. The Profit Factor was impossibly low – 1.05. It’s too low for a successful trading advisor. Leprechaun closed 388 deals. The maximum drawdown was 49.65% ($5,775.24). The win rate for Short positions was 38.55%, for Long positions – 81.34%. The chart showed that the system was far from being stable before it was released.

Trading results

The robot works on a real USD account on a WELTRADE broker automatically with 1:500 leverage on the MetaTrader 4 platform. The account has a verified track record and verified trading privileges. It was deployed on October 12, 2020, and deposited at $15,000. Since then, the absolute gain has become +277.57%. An average monthly gain is +22.84%. The maximum drawdown is 58.83%. It’s risky to run this robot because we should have much more margin than the developer mentioned. 

Leprechaun traded 1264 deals with 49,722 pips. An average win is 1641 pips when an average loss is twice higher -3168 pips. The win rate is 67% for Longs and 66% for Shorts. An average trade length is three days. The Profit Factor is 1.18.

The robot trades both directions equally by the number of orders.

The robot focuses on trading at the end of the European trading session.

Monday (290) and Wednesday (262 deals) are the most traded days.

The system takes significant risks during the trading activities.

As we can see, there is a huge Grid of orders with Hedge deals and Martingale at the same time. It’s so risky to use something like that.

There’s a Grid that is going to be closed with losses.

April 2021 is almost gone. The robot shows that something goes wrong because no significant profits were obtained in March and April.

Other notes

The developer has a profile with a 567 rate and one product on the board. It’s few for the developer. There are five friends on the friend list.

People feedback

We can see positive and negative comments.

This client mentioned that there are risky strategies on the board.

Wrapping up

Advantages

• Backtest report provided
• Real-account trading results provided

Disadvantages

• No strategy explanations provided
• No settings explanations provided
• Dangerous trading activity
• Low trading results in March 2021
• The offer was doubled
• No refund policy provided

Summary

Leprechaun is an XAU/USD expert advisor that works with three risky strategies at the same time: Grid, Martingale, and Hedge. The last months showed that the system is not stable. Trading results of March and April show few profits trading with high risks at the same time.