MQL5 Free EA – Verification by backtesting 18 "MNG Mt5"

MQL5 Free EA

In the “Verification by backtesting" series, we verify the performance of free EAs registered in the MQL5 community from the backtesting results. We hope it will help you choose EA.

* Membership registration (free) is required to download EAs and indicators from the MQL5 community, so let’s create an account by referring to this article!

The 18th installment is MNG Mt5“.

About MNG Mt5

Quote from the official MQL5 page

IMPORTANT: When testing the EA or running it live, make sure to set “Activate MNG Martingale" to “True"

Hello & Welcome To MNG

MNG is a martingale EA that allows you to configure a lot of features that I’ll detail below.

But first, I’d like to insist on the fact that a martingale EA is never safe, no matter if it has a good track record for 5+ years, if it shows incredible backtest results, if it’s marketed as the best EA or whatever its price is ($30,000 or $50). A martingale EA might blow up an account, in fact statistically, if you wait long enough there’s a 100% chance that it’ll happen, again no matter what the seller tells you, don’t fall for it. Martingale EAs are only at an entry developer level and should never, ever be priced at an expensive price. You should consider MNG as an alternative to some way too much overpriced for what they really are.

Strategy: MNG will enter trades after a strong momentum and irrational prices in the market. By studying a lot of strategies, these types are the ones that survive to all data available since 2001. You will have to possibility to trade with the trend only, or use its extreme mode that will make it much more aggressive. The higher TF, the better results, it has initially been designed to trade on the H6 chart.

We, at TDForex, strongly advise you to not use any Martingale EA with money that you might need, but we rather advise you to run our other EAs as real investments with a low risk.

Please check backtests for each pair one by one with both extreme and safe modes and find your best sets. MNG works with any aset: indexes, forex pairs, stocks, commodities, etc…

Please, add all pairs into your market watch and run an optimization to test all pairs.

I can not provide any advise on how you should use it, I can not handle the same DD as you do. In its most aggressive mode, MNG can double your deposit each month for a couple of them, then lose it all, or at the contrary, used with care, it has shown very stable results using all available data while never crashing down the account. Feel free to share your best sets in comment for other users indicating your risk tolerance.

Remember, before trading, you want to protect your capital. There’s a very, very little chance that the EA blows up tomorrow, but that’s not because a strategy has survived for 15 or 20 years that it’ll always survive – one or more currencies flash crashes already happened multiple times.

IMPORTANT: Don’t be greedy, when you’ve made your deposit back, withdraw it, all the rest is a bonus, and enjoy your life!


Do not forget to activate MNG Martingale.

  • Single Pair = Select if you want to trade only 1 pair or multiple ones.
  • Trading Assets = In case single pair is not activated, the EA will trade on all these symbols.
  • Trading Assets = if you use the extreme mode, please use only AUDCAD, AUDNZD, NZDCAD, otherwise, please make backtests and compare results. In safe mode, the EA can trade Fx pairs, indices and stocks, so I can’t detail all of them.
  • Symbol Suffix = if you broker uses any suffixes on pairs, please write it here and not in trading assets.
  • Extreme Mode: as its name suggests, this is a very extreme mode.
  • *Entries TF: we recommand entries on H8, but feel free to make some tests.
  • Filter Entries By Volumes: the EA will open the first position only when there’re volumes on the market. This is a very important feature and would advise to always switch it on True with the extreme mode.

Trading “MNG Mt5"

The EA can be run in two modes: Extream mode and Safe mode. As the name suggests, Extream mode is a mode that takes risks and pursues profits in an “intense" setting. On the other hand, Safe mode is a mode that pursues low drawdown with extremely low number of trades instead of low risk.

MNG is a Martingale EA with default entries at 0.01 lot per $5,000, then increases to 0.02→0.04→0.08→0.12→0.18→0.27. Since it is unclear what signals to trade according to, here I would like to give an example of the profit and loss curve in Extream and Safe modes.

  • Account:   NZX Zero (ECN) (NOZAX)
  • Initial Balance: $5,000
  • Time Frame: H8
  • Period: 1 January 2008 – 31 December 2022
Extream Mode NZDCAD# H8
Safe Mode USDCAD# H8

Example of operation in Safe mode

This EA has a very small number of trades in safe mode of one currency operation, and is probably useless. However, this EA is made on the premise that it will be covered by multi-currency operation. By managing multiple currencies simultaneously, you can not only earn the number of trades, but also draw a small profit and loss curve by combining currencies with small drawdowns in backtesting.

In order to select currency pairs to be used for multi-currency operation, we screened them using MT5’s “Test all Market Watch symbols" function as usual. The test conditions were conducted in NOZAX Zero Account (ECN), initial balance of $ 5,000, period 1 January 2008 – 31 December 2022, time frame H8, Safe mode.


The table above sorts the results by drawdown (%), and this time we selected 11 currency pairs with a drawdown of 10% or less and at the same time a profit factor (PF) of 2.0 or higher.


Backtesting on the Safe Mode 11 currency pair

  • Account:   NZX Zero (ECN) (NOZAX)
  • Initial Balance: $5,000
  • Period: 1 January 2008 – 31 December 2022
  • Parameters: Single Pair = false

    Symbol Suffix = #
    Activate MNG Martingale = true
    Extream Mode = false
    Entries TF = 8 Hours

Safe mode 11 currency pair operation provides a profit and loss curve with very small unrealized losses, and it may be possible to operate from a relatively small amount for Martingale EA.

However, as the author of this EA points out, no matter how good the backtest is, it is always fraught with the risk of bankruptcy as long as it contains the logic of the martingale method.

Please be aware that even in Safe mode, there are examples of breakdowns, such as CADJPY# (the bottom of the screening test).

(Reference) Backtesting in Extream mode

For your reference, here is an example of backtesting multi-currency operations in Extream mode.
* Please note that it is different from the currency pair recommended by EA author.

  • Account:   NZX Zero (ECN) (NOZAX)
  • Initial Balance: $5,000
  • Period: 1 January 2008 – 31 December 2022
  • Parameter: Single Pair = false
    Symbol Suffix = #
    Activate MNG Martingale = true
    Extream Mode = true
    Entries TF = 8 Hours


Up-and-coming MT5 FX broker [NOZAX] → → → Click here for details!

Posted by GOMA