Thorex Review

Thorex  is an expert advisor developed by Lorenz Vauck, a Germany-based developer with many Forex products listed on the MQL5 marketplace. The system combines 15 separate algorithms in one single product and has combined equity growth stability greater than 99%, as claimed by the seller. This review will give you a detailed account of the robot to help you with the purchase decision.  

Is Thorex profitable?

This algorithm has a live trading result and a backtesting record available on the MQL5 platform. The developer says that this EA is the product of 35 years of high-quality historical data from 1986 to 2022. There are multiple set files to choose from for risk management settings.

Vendor transparency

Lorenz Vauck, a German individual, is the developer behind this expert advisor. He seems to have a rating of 4,3 stars based on 2449 customer reviews. However, Lorenz’ profile indicates that he has held zero formal jobs in the past. He fails to show any credentials that can verify his knowledge of the industry. Lorenz has only 2 Forex products and 2 signals listed for sale. Customers can only contact the vendor through the live chat option on MQL5.

Strategy

The developer states that the robot can trade on multiple currency pairs and does not use night scalping, martingale, and grid strategies. The trading history on the MQL 5 marketplace shows us that the system trades on the H1 time frame as the positions close at the end of the hourly candle. With an average holding duration of 7 hours, we can say that the robot is a day trader.

How to start trading with Thorex

To start trading, traders have to follow the following steps:

1. Purchase the system from the MQL5 website
2. Download the EA files onto the desktop
3. Launch MT5 platform
4. Drag the robot files onto the charts section and enable auto-trading

While observing the markets, the robot will use the coded information to scan for profitable trades and open trades consequently.

Price

This robot is sold in various packages. Customers can pay 449 USD upfront for lifetime access, or they can purchase it for 192 USD, but for three months only. A six-month package comes at 307 USD, while a yearly subscription costs 424 USD. We found these prices to be a bit higher than the market rates. Payments are accepted in multiple modes, including PayPal, Mastercard, Visa, Union Pay, & Web Money. There is no information about the availability of a money-back guarantee or 24/7 customer service. 

Thorex backtests

Backtesting records have been shared as screenshots which cover a year range of 1986-2022. These records were generated using a fixed lot size of 0.01. Starting balance was 1000 USD, and total net profits were written as 4258947950025.42 USD. The drawdown value stood at 6.36%.

The profit factor was reported as 1.69, while the recovery factor was 41.85. The bot made 50194 trades, of which 34.97% resulted in a loss. The system had a sharpe ratio of 6.16. 

Trading results

Live trading results are present on the MQL5 website that cover the trades from 2022.04.23 till the current date. These are in the EUR currency, with a leverage of 1:500. The growth rate is shown as a negative value of -0.44%, depicting a poor performance. The maximum drawdown value is 31.8%, stating that the system can lose more than a quarter of the balance while trading.

The bot made 522 trades where the best trade had a value of  6.71 EUR, and the worst trade had a value of  -8.09 EUR. This difference points out a bad risk-reward ratio visible from the value of the profit factor standing at 1.0.

People feedback

The algorithm (MT5 version) has a 5-star rating for 6 customer reviews, and a 3,67 rating for 3 reviews (MT4 version), which is not enough to analyze the general viewpoint of the market. A negative comment that rates the product as a one-star item seems blank, making us wonder what they wanted to reveal about this EA.