Red Hawk EA V3.8 MT4

When it comes to automated trading in the Forex market, there are countless Expert Advisors (EAs) promising big returns with little effort. Today we take an in-depth look at one such robot: Red Hawk EA V3.8 MT4 (for MT4). We analyse everything from its strategy and features to performance and real-world risks — so you can decide whether it’s a fit for your trading arsenal.

What is Red Hawk EA V3.8 MT4?

Red Hawk EA V3.8 is a fully automated trading system built for the MetaTrader 4 (MT4) platform. 
Here are the key things you should know:

• It uses a mean-reversion strategy: it attempts to trade when markets are “quiet” and prices deviate from typical ranges, then revert.

• It runs on the M5 timeframe (5-minute chart) across nine currency pairs: EURUSD, GBPUSD, USDCHF, EURCHF, USDCAD, AUDCAD, AUDJPY, EURAUD, EURGBP.

• It claims to emphasise stability, low-drawdown, and minimal manual intervention.

• It is built for MT4 “Build 1420+” and many sellers note a “NoDLL” version, which means fewer external library dependencies.

• The vendor recommends using an ECN broker with low spreads and fast execution (as the strategy is sensitive to these factors).

Features & Setup ­— What You Get

Let’s break down the features and practical setup details:

Features

• Trading Platform: MT4.

• Timeframe: M5.

• Currency pairs supported (as above).

• Risk management built-in: stop loss, take profit, trailing stop, filters for market conditions (spread, volatility) to prevent trading in bad conditions.

• Broker compatibility: This EA is sensitive to broker conditions (spread/slippage), so using a good ECN broker is emphasised.

• Minimal human input: Vendor says you just load it on each pair’s M5 chart, set risk/lot size and allow it to trade.

Setup Tips

• Ensure your broker’s GMT offset is correct: the EA uses time filters and you may need to adjust “GMT offset (winter)” setting.

• Use a stable VPS or environment: Because execution speed and reliability matter with M5 timeframe and many pairs.

• Disable it during major news events or extremely volatile periods: The vendor suggests turning off on election days or major announcements.

• Choose your risk level via lot size or set-files (if provided). Some vendors include “low risk”, “medium risk”, “high risk” set-files.

Real-World Performance & Track Record

Features are helpful, but performance is what counts. Let’s see what we found.

What the data shows

• On the official MQL5 page, the product (version 3.8) is listed with a production date of 13 March 2023 for that version.

• There is a Myfxbook account showing “Red Hawk” trading across multiple pairs, with sizable cumulative gains and a draw-down listed around ~16%.

• Independent review site FXTechLab rated the robot with caution: they found a live account with win-rate ~72 % (279 wins from 390 trades) but monthly gains only ~2.45 % and profit factor ~1.45. They argued that for the price and the marketing claims the performance was modest.

My observations

• A profit factor of ~1.4–1.5 suggests the EA is profitable but with modest edge (i.e., not extremely high).

• A draw-down of ~16 % (or more depending on risk) means risk transparency is there—but it is still non-trivial.

• Because it trades many pairs on M5, and uses smaller profits per trade (mean reversion style), you need good broker conditions to maintain that edge (i.e., low spread, minimal slippage, fast execution).

• The vendor sells it at a very low price in some reseller listings (e.g., USD 19) which is surprisingly low given the claims — this may raise questions about long-term support, number of users, and uniqueness of the strategy.

Pros & Cons: What Works, What Doesn’t

Here’s a balanced view:

✅ Pros

• Fully automated and easy to deploy on supported pairs/timeframe.

• Strategy logic is relatively simple (mean-reversion) which many traders understand.

• Real account evidence exists (though limited).

• Built-in risk controls: stop loss, trailing stop, filters for market conditions.

• Good for traders who prefer a “hands-off” set-and-monitor approach rather than manually trading.

❌ Cons / Things to Watch

• Because it trades M5 across many pairs, time-sensitivity and broker conditions matter a lot — if spread/slippage is high, the edge can vanish.

• The marketing emphasises “low draw-down” but real-world draw-down ~16 % is not negligible. If you choose higher risk set-files, draw-down could be much higher.

• Smaller profit per trade (mean reversion style) means you may need many trades and good execution to accumulate meaningful profit.

• The vendor and strategy details are relatively opaque: FXTechLab pointed out the developer’s background and a short live track record raise caution.

• Saturation risk: If many users run the same EA, with similar settings and brokers, market behaviour changes (crowded trades) may reduce future performance.

• Requires active monitoring (e.g., turning off during major events) despite being “set-and-forget”.

Who Should Use It — And Who Shouldn’t

Suitable for

• Traders who already use MT4, familiar with EAs, and willing to trust automation.

• People with access to an ECN broker with low spreads and fast execution.

• Users looking for a multi-pair system rather than single-pair manual trading.

• Those comfortable with moderate risk (draw-down ~10-20 %) in pursuit of consistent returns.

Not suitable for

• Beginners with no automation or EA experience (since you still need basic setup, monitoring).

• Traders with high-spread or poor execution brokers (the EA may under-perform).

• Those seeking aggressive high-risk, high-reward style (this is more moderate edge).

• Traders who want fully “set-and-forget” without any monitoring at all.

Pricing & Licensing

Pricing varies depending on vendor/reseller. On the official MQL5 listing, the price was around USD 129 (or higher) for version 3.8. 
On some reseller sites, we found the EA listed for as low as USD 19.
Keep in mind lower price may suggest fewer updates/support or resellers bundling at discount.

Also check licensing terms: number of accounts, refund policy (if any), updates included, support availability. Some independent reviewers consider the price “heavily overpriced” given the track record.

Setup & Best Practices: Making It Work

Here are some practical best practices to increase your likelihood of success with Red Hawk:

1. Demo test first: Run the EA on a demo account with your broker, using your actual account conditions (spread, slippage) for at least 1-2 months to see how it performs in your environment.

2. Use a good ECN broker: Ensure your broker has low spreads, fast execution, minimal slippage and supports automated trading without restrictions.

3. Set the proper GMT offset: Check your broker’s server time relative to GMT and adjust the EA’s time offset parameter accordingly so the EA trades at the intended hours.

4. Choose your risk level wisely: Use low‐risk set-files initially; monitor draw-down, then gradually scale if you’re comfortable.

5. Monitor execution performance: Keep an eye on spread and slippage for each trade. If conditions degrade, consider pausing the EA.

6. Monthly review: Check performance, draw-down, consecutive losses. If the system has a string of losses, consider whether market conditions have changed.

7. Disable during news/volatile periods: Even “hands-off” systems benefit from turning off during major events, e.g., high-impact economic announcements or election days.

8. Use proper money management: Don’t risk more than you’re comfortable losing, diversify across other strategies, and avoid putting all your capital in one EA or one risk level.

Final Verdict

Red Hawk EA V3.8 MT4 is a competent, moderately-risky automated trading solution that offers real potential if handled correctly. Its strengths lie in its multi-pair mean-reversion approach, built-in risk management and ease of deployment on MT4. However, it is not a magic “profit machine”: you still need to execute fairly, choose a good broker, monitor performance and manage risk.

If you’re an intermediate or advanced trader looking for a semi-automated solution and you are comfortable with the real draw-down and execution requirements, this EA is worth a closer look. On the other hand, if you’re a beginner, have a broker with wide spreads, or expect extremely high returns with no effort, you should temper your expectations or consider less-automated alternatives.

At YoForex.org, we emphasise realistic expectations, robust risk control, and ongoing review rather than “install and forget”. With that mindset, Red Hawk can be a valuable tool in your automated trading toolkit.