Medusa X Review

Medusa X

Medusa X is an FX robot that uses the momentum and pullback algorithm for its trading approach. This EA works on major pairs like USDCHF and the GBPUSD that have low spreads. The developer, Oon Kar Lee promises a phenomenal performance with this EA as it adheres to proven statistical and mathematical methods.  

First published in December 2020, this ATS is in its 2.0 version now. The developer, Oon Kar Lee is based in Singapore and has more than 15 years of experience in trading. He has developed 10 products, 25 signals, and 311 demo versions. He has a rating of 4.8/5 for his products, signals, and freelance orders. Lee claims to be proficient in doubling accounts in a very short span. Other products by him include Goldtron, Delta Neutral, Immortal X, and more. There are no contact details present which indicate poor customer support.

Medusa X at a glance

Price$399
Trading PlatformsMT4
Currency PairsGBPUSD, USDCHF
StrategyMomentum and Pullback 
TimeframeH1
Recommended Deposit$500
Recommended Leverage1:500
Money ManagementYes

Medusa X functionality

Trading features

As per the developer, this ATS does not use fake or dangerous trading approaches. Instead, he claims that it can work well with volatility filters, RSI, and Trend EMI indicators. The performance is improved when the EA works on two pairs from a single account. Features of this MT4 tool include backtested with 99% tick data, slippage, and variable spreads, safe return on investment, and easy installation and operation.

Important recommendations for using the FX EA include an H1 timeframe and a minimum deposit of $500. It works on the GBPUSD and the USDCHF pairs with set files. Settings include automated money management, manual lot size changing option, maximum slippage, TP, SL, and maximum drawdown SL features.

Medusa X Trading Strategy Tests

A couple of backtests are shown on the MQL5 site. Here is a backtest done on the GBPUSD pair on the H1 timeframe. 

Strategy tester report

For an initial deposit of $10000, a total net profit of 64903.28 is shown. The profit factor value is 1.86, and the maximal drawdown for this account is 50.56%. Profitability of 90.3i8% is present. Modeling quality of 99.9% is used for the backtest. 

Although the developer does not elaborate on the trading approach used, he mentions the use of additional averaging traders of similar lot size for increasing the winning edge. Other than stating that this EA does not use Martingale or scalping approaches the developer fails to explain the strategy in use here.

What about Medusa X Real Trading Results?

We found a verified trading result for this FX EA on the myfxbook site. Here are screenshots of the results.

Trading Results chart
Trading Results

The real SGD account uses the IC Markets broker and the leverage of 1:500 on the MT4 platform. A total gain of 111.12% and an absolute gain of similar value are shown under the trading stats. We can see a drawdown of 35.47% for the account. But, other trading stats like the balance, equity, deposits, etc. are hidden by the developer. 

For the trading started in December 2020, a total of 899 trades have been completed with a profitability of 94%. Just as in the trading stats, the advanced stats values are also hidden by the trader. The profit factor value is 2.61. We could not find the lot sizes used as they are not revealed in the trading history. The hidden data raise a red flag as they imply that the strategy and performance are not good.

User Reviews

We found 10 reviews for this EA on the MQL5 site. While the reviews are positive, they indicate a low drawdown and steady profits. Since the MQL5 site is promoting the product, the testimonials may be manipulated. We could not find user reviews on reputed sites like Forexpeacearmy, Trustpilot, etc., which indicate this is not a popular ATS.

Medusa X

Medusa X
3 5 0 1
Medusa X claims to provide phenomenal performance with its trading strategy. From our analysis, we find that this is not a reliable EA. Contrary to the claims of the developer that this is a low-risk system, we can see high drawdown values in the backtest and in the real account trading. Furthermore, the vendor has hidden data in the results which indicated a poor performance and approach. Additionally, this is an expensive EA with no refund offer. Based on the downsides, we do not recommend this expert advisor.
Medusa X claims to provide phenomenal performance with its trading strategy. From our analysis, we find that this is not a reliable EA. Contrary to the claims of the developer that this is a low-risk system, we can see high drawdown values in the backtest and in the real account trading. Furthermore, the vendor has hidden data in the results which indicated a poor performance and approach. Additionally, this is an expensive EA with no refund offer. Based on the downsides, we do not recommend this expert advisor.
3/5
Total Score
  • Functionality
    4/5 Good
    Website reveals features, settings, and recommendations in detail.
  • Trading Strategy
    2/5 Bad
    Vague explanation of trading approach by the developer.
  • Live Results
    3/5 Neutral
    Hidden data and high drawdown denote poor strategy and performance.
  • Customer Support
    3/5 Neutral
    Insufficient customer support options present.
  • User Reviews
    3/5 Neutral
    No user reviews on reputed sites like Forexpeacearmy, Trustpilot, etc.

The Good

  • Automated trading

The Bad

  • The trading approach is not explained
  • High drawdown
  • Small sample size
Total
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