By Mihails Babuskins, Greedy Red is an Expert Advisor (EA) designed for the Forex market. It is built around the Volume Profile FR, which calculates volume at price levels, offering a nuanced approach to identifying key market areas that may reverse. But is this EA your ticket to financial freedom or just another flashy tool?
How Does Greedy Red Work?
Greedy Red leverages the Volume Profile FR, different from typical volume indicators that show only candle volumes. By focusing on volume at various price levels, it aims to highlight critical support and resistance areas, potentially leading to more informed trading decisions. 📉📈
Real-World Feedback: The Good, The Bad, and The Ugly
Let’s dive into the user reviews. Greedy Red boasts a rating of 4.42 based on multiple reviews:
The Good: Users like Chris Sams and Lic. Jesus have praised its ease of setup, risk management features, and steady profits. The EA’s logic, supported by internal indicators, is particularly appreciated.
The Bad: Some users, like Keisuke Tsutsui, have expressed frustration over customer support issues. Remember, if you can’t get the user manual, even the best EA is just a fancy piece of code. 🙄
The Ugly: The EA uses a strong martingale strategy even at its lowest settings. If you’re not careful, this could lead to significant losses. A user named Abbey166 strongly recommends using only a cent account for the first two months to understand its behavior.
Cost and Accessibility
Priced at $79, Greedy Red isn’t the most expensive EA out there, but it’s certainly not cheap. Given its mixed reviews, consider this an investment that requires due diligence. The EA was first published on June 12, 2023, and has been downloaded numerous times, indicating a fair level of interest.
Tips for Potential Users
Use a Cent Account: Start small to understand how the EA behaves. This can save you from significant losses.
Employ a News Filter: Market news can send false signals to the EA. A news filter like IceNews can help mitigate this risk.
Greedy Red offers a promising approach to Forex trading with its Volume Profile FR-based strategy. However, its reliance on martingale and mixed user reviews suggest that it’s not a one-size-fits-all solution. Proceed with caution, use a cent account initially, and keep an eye on real-time signals to make an informed decision. And remember, in the world of Forex, there are no guarantees—only probabilities. ⚠️
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