Dark Moon MT5 Review | Could This Be the Best Free EA for Small Accounts?

The Dark Moon EA is a free expert advisor available on the MQL5 Marketplace, developed by the same creator behind the popular Dark Algo and Dark Rea EAs. Given the success of these previous EAs, the Dark Moon has generated significant interest. It has received numerous positive reviews, boasting an impressive rating with 265 reviews at the time of testing.

Evaluating the Dark Moon EA

To assess its effectiveness, we conducted backtests and a forward test on a demo account before considering a live test on a $200 account. Our goal was to evaluate how well this EA performs under real trading conditions.

Finding the Dark Moon EA

When searching for a new EA to test, it is essential to check the reviews and ratings. The Dark Moon stood out among other free EAs due to its high rating and strong feedback from users. The MQL5 Marketplace provides detailed information, including recommended assets for trading, which include:

• EUR/USD
• GBP/USD
• NZD/USD
• USD/CHF

Broker Selection: BlackBull Markets

For this test, we chose BlackBull Markets, a well-regulated broker known for:

• Competitive spreads and fees
• A wide range of tradable assets (26,000+)
• High leverage of up to 1:500
• Compatibility with MetaTrader 4 and MetaTrader 5

Setting Up the Demo Account

To mirror real trading conditions as closely as possible, we set up a $200 demo account using the following parameters:

• Platform: MetaTrader 5
• Leverage: 1:800
• Account Type: Standard

The account creation process was straightforward, requiring only a nickname, password, and currency selection. Once the demo account was ready, we logged in and downloaded the Dark Moon EA from the MQL5 Marketplace.

Running a Backtest

Backtesting is an essential step to evaluate EA performance before using it on a live account. The test was conducted using:

• Symbol: EUR/USD
• Timeframe: M15 initially, later switched to H1
• Deposit: $200
• Modeling Mode: Every tick
• Delay: 10 milliseconds (for realistic conditions)

Initially, the account showed promising results with steady gains and minimal drawdowns. However, by July, the account blew up, indicating that the default settings were unsuitable for long-term use. This highlighted the need to adjust the parameters for better risk management.

Optimizing the Settings

After experimenting with various input configurations, we found that switching to the H1 timeframe and tweaking specific settings resulted in a more stable and profitable outcome. Using a customized set file, the backtest produced the following results:

• Gross Profit: $233 (over 100% of the initial deposit)
• Net Profit: $130 (approximately 65% gain in a year)
• Maximum Balance Drawdown: 10%
• Equity Drawdown: 40% (manageable with sufficient margin)

While the results were encouraging, it is important to note that the 40% drawdown might not be suitable for prop trading firms, as most do not allow third-party EAs.

Deploying on a Live Account

With the optimized settings in place, the EA was attached to the chart on an H1 timeframe. To ensure everything was correctly configured:

1. Enabled Algo Trading
2. Loaded the optimized set file
3. Confirmed the settings by re-running a quick test

Final Thoughts

The Dark Moon EA shows promise as a free trading bot for small accounts, but like all EAs, it requires fine-tuning to align with individual risk tolerance. While backtesting results indicate potential profitability, traders should always proceed with caution, using a demo account before transitioning to live trading.

If you’re looking for a free EA to test, the Dark Moon EA might be worth trying—just ensure you adjust the settings to optimize performance and manage risk effectively.

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