Expert Advisor Review
Lizard MT5
Inconclusive
MT5
Gold — Multi-Strategy Swing Breakout
The Bottom Line
Lizard passes our full Red-Flag Checklist with no violations. It has a genuine, disclosed live MQL5 signal, trades gold only on the H1 timeframe, and uses no grid, martingale or averaging, with a stop loss on every trade. The live record is good, too: as at 10 September 2026 it shows 167 trades, a 2.28 profit factor and 91.83% growth, with maximum drawdown of 14.74% by balance and 18.31% by equity.
We are marking it Inconclusive rather than Recommended, and we want to be precise about why — because our original review got this wrong. We previously said there was "no outside coverage of this EA at all." That was false. The MQL5 Market listing carries 67 buyer reviews at 4.22 out of 5 with 5,803 demo downloads, and a further review exists at CheaperForex — though that one is published by a reseller selling the EA at a discount, so we do not count it as independent.
What holds this at Inconclusive is the weight of the evidence, not its absence. The signal has run 18 weeks on an account that went from $250 to $479.57. One hundred and sixty-seven trades is a thin sample on which to recommend a $499 product. And the EA has moved from version 1.0 to version 1.92 since the signal began in May 2026, with the most recent update on 3 September — so the live record is a composite of many software versions rather than a test of the one you would buy today.
Nothing negative was found here. We would rather revisit this with a longer record on a settled version than recommend a product on four months of data.
Methodology
Evaluation Methodology
This review was conducted under our Track 1 verification framework, which prioritises live-verified evidence over independently re-run backtests. Track 1 applies exclusively when an Expert Advisor (EA) possesses a genuine, independently tracked live trading history.
Our methodology also requires checking third-party sources alongside the seller's own live evidence. For Lizard we found no coverage on ForexPeaceArmy or Trustpilot. We did find 67 buyer reviews on the MQL5 Market listing itself, and a review at CheaperForex — but CheaperForex sells this EA at a discount, which makes it a merchant listing with review content rather than independent assessment. That is the same conflict pattern we identified in our Forex Fury review, and we treat it the same way here.
We also assess whether the published record reflects the product currently on sale. In this case it does not fully: the EA has been through substantial version changes during the life of the signal, so its track record blends several different builds. For a complete breakdown of our metrics and scoring system, read How We Test Expert Advisors.
Note: Live data referenced in this review is drawn from the EA's public, independently-hosted MQL5 Signal — not self-reported figures from the developer. Every figure we publish is a dated snapshot carrying its source and the period it covers, not a live-updating number. Where an EA's performance changes materially after publication, we add a dated update rather than quietly editing the original figures.
Live Performance Data
Verified Snapshot
Lizard — Live Signal Performance ("Lizard VT STP")
Verified: 10 September 2026 — a dated snapshot, not real-time. Previously recorded 12 August 2026; see the verification history below.
167
Total Trades
74.25%
Win Rate
2.28
Profit Factor
91.83%
Growth — 18 weeks to 10 Sep 2026
14.74%
Max Drawdown — by balance
18.31%
Max Drawdown — by equity
3.21
Recovery Factor
0.28
Sharpe Ratio
Expected payoff per trade$1.37 — gross profit $408.28 against gross loss $178.71
Monthly growth / annual forecast14.17% / 171.89% (the forecast is MQL5's projection from a four-month record, not a measurement)
Instrument tradedGold only — XAUUSD-STD (139 deals) and XAUUSD-ECN (28 deals), H1 timeframe
Trades per week7
Average holding time13 minutes
Best / worst trade+$15.09 / −$31.71
Max consecutive wins / losses24 / 5
Algorithmic trading100% of trades
Reference account funding$250.00 initial deposit; $479.57 balance at 10 September 2026; no further deposits or withdrawals
Broker and leverageVTMarkets-Live 6, 1:500
Signal historyStarted 9 May 2026; 18 weeks in operation. The signal itself is offered for copying at $999 per month and currently has no subscribers — buying the EA outright costs less than one month of copying it
EA purchase price$499 with 10 activations, minimum deposit $250 (checked 10 September 2026)
Version at time of check1.92, updated 3 September 2026. Listing published 9 May 2026 at version 1.0 — the live record spans many builds
Strategy structureSix independent strategies with separate stop loss, take profit, trailing and magic numbers. Zone A active up to $1,000 balance; zones A and B from $1,001. News filter for US employment data; optional daily loss limit for prop firm challenges
MQL5 Market listing4.22 out of 5 from 67 buyer reviews; 5,803 demo downloads. Recorded as context, not treated as independent verification
Slippage dataNot published on this signal
Data recorded directly from MQL5's independently-monitored signal servers on 10 September 2026, covering 18 weeks of verified history. We publish both drawdown measures because they differ here — 14.74% by balance against 18.31% by equity. Our original review published only the equity figure. We report the Sharpe ratio for completeness but do not treat it as a pass or fail measure, as platform-reported Sharpe is not comparable across differing monitoring periods and trade counts. Note the average holding time of 13 minutes: this is a short-horizon strategy on gold, where spread and execution quality will matter more to a buyer's results than they would on a slower system. Past performance, including verified live performance, is not a guarantee of future results.
Key Evaluation Criteria
- Live Verification: Genuine MQL5 Signal — 167 trades over 18 weeks, 100% algorithmic execution, on gold only.
- Risk Profile: No grid, martingale or averaging, with a stop loss on every trade. Maximum drawdown 14.74% by balance and 18.31% by equity, and a 2.28 profit factor.
- Strategy Disclosure: Six independent sub-strategies described openly, with balance-tiered zone activation, a news filter and an optional daily loss limit for prop firm challenges.
- Sample Size: 167 trades over 18 weeks on an account that grew from $250 to $479.57 — a thin evidence base for a $499 product.
- Version Consistency: The EA moved from version 1.0 to 1.92 during the life of the signal, most recently on 3 September 2026. The published record blends multiple builds rather than testing the current one.
- Independent Corroboration: No coverage on ForexPeaceArmy or Trustpilot. The MQL5 Market listing carries 67 buyer reviews at 4.22 out of 5, and a review exists at CheaperForex — but that publisher sells the EA, so we do not count it as independent.
Suitability & Risks
Why Inconclusive, Not Rejected
What this verdict does and doesn't mean
Nothing in our checklist or live evidence review failed, and the numbers are good. This verdict reflects how much evidence exists and which version produced it — not a problem we discovered.
- Passed the full Red-Flag Checklist with no violations
- Genuine, disclosed live signal with real drawdown shown on both measures
- No grid, martingale or averaging; stop loss on every trade
- 2.28 profit factor and $1.37 expected payoff per trade — a real margin, not a marginal one
Key Risks
What to watch out for
These are the specific, sourced reasons this review stopped short of a recommendation.
- Only 18 weeks and 167 trades, on an account under $500
- Version 1.0 to 1.92 during the signal's life — the record does not test the build currently sold
- Gold only, with a 13-minute average hold: spread and execution quality will materially affect a buyer's results
- An annual forecast of 171.89% extrapolated from four strong months should not be read as an expectation
- No genuinely independent review coverage to cross-check the seller's own numbers
Important Disclosures
Verification History
12 August 2026 — initial assessment. 127 trades, 79.52% win rate, profit factor of approximately 2.60 calculated by us from gross profit of $343.77 against gross loss of $132.11, 18.3% maximum drawdown, 13 weeks verified history.
10 September 2026 — re-verified and expanded. 167 trades, 74.25% win rate, 2.28 profit factor, 14.74% maximum drawdown by balance and 18.31% by equity, 3.21 recovery factor, 91.83% growth, $1.37 expected payoff per trade. Win rate and profit factor have both eased as the sample has grown, which is normal as a short record extends.
Corrections made on 10 September 2026. Our original review stated that we found "no outside coverage of this EA at all." That was wrong: the MQL5 Market listing carries 67 buyer reviews at 4.22 out of 5, and a review exists at CheaperForex. We have corrected the claim and restated our reasoning accordingly. We also previously published a single drawdown figure of 18.3% without stating that it was the equity measure; both measures are now published. And we previously referred to a second "Lizard ECN High Risk" signal with specific figures we have been unable to verify — that reference has been removed and replaced with what the signal actually shows.
What would change this verdict. Lizard is the closest of our Inconclusive reviews to a recommendation. These are the conditions that would move it:
- A live record of twelve months or more, with the profit factor holding above 2.0 across a substantially larger sample.
- A settled version, with a meaningful stretch of the record generated by the build currently on sale.
- Genuinely independent coverage — user experience reported somewhere with no commercial interest in selling the EA.
This EA's evidence is a live, independently-monitored MQL5 Signal, not a self-reported backtest. We reviewed the signal's full trading history, statistics and disclosed drawdown directly on MQL5's platform. We did not independently re-verify trade-by-trade execution or broker conditions, and we did not purchase or run the EA ourselves. The reference account is small — $250 grown to $479.57 — which limits how far the record demonstrates behaviour at larger account sizes. Past performance, including verified live performance, is not a guarantee of future results.
On the coverage that does exist: a review of this EA is published at CheaperForex, rating it 4.5 out of 5 and last updated 9 September 2026. It makes a point we agree with — that buyers should plan around 15–20% drawdown rather than the far lower figure suggested by backtests. However, CheaperForex sells this EA at a discount against the marketplace price, which makes it a merchant listing with review content attached rather than independent assessment. We record it, and we do not count it toward independent corroboration. The 67 buyer reviews on the MQL5 Market listing sit on the same page as the product being sold, and we treat those as context for the same reason.
The developer publishes more than one signal. The one this review is based on is "Lizard VT STP", which trades both standard and ECN symbol variants of gold within a single account. A second signal, "Lizard Armageddon", exists but has roughly one week of history and no executed trades at the time of checking, so there is nothing to assess. We mention both so the picture is complete.
Affiliate Disclosure: The Robotic Trader has no affiliate or referral relationship with this EA or its developer. We earn nothing whether you buy it or not.
Frequently Asked Questions
Why is Lizard marked Inconclusive?
Not because we found a problem. Lizard passes our full checklist, has a genuine live signal, and its numbers are good — a 2.28 profit factor and 91.83% growth over 18 weeks. What holds it short of a recommendation is the weight of the evidence: 167 trades over four months on an account under $500, and an EA that has moved from version 1.0 to 1.92 during the life of that record, so the track record blends several builds rather than testing the one currently sold. We would rather revisit this with a longer record than recommend a $499 product on four months of data.
Didn't you previously say there was no coverage of this EA at all?
We did, and it was wrong. The MQL5 Market listing carries 67 buyer reviews at 4.22 out of 5, and a review exists at CheaperForex. We corrected that claim on 10 September 2026 and restated our reasoning. What remains true is that we found no independent coverage: the marketplace reviews sit on the seller's own product page, and CheaperForex sells the EA at a discount, which makes it a merchant with review content rather than an independent assessor.
How much does Lizard cost?
Checked on 10 September 2026, it was listed at $499 with 10 activations and a stated minimum deposit of $250. Worth knowing: the developer also offers the live signal for copying at $999 a month, so buying the EA outright costs less than a single month of copying it — a trade-off we look at in detail in copy trading versus running your own EA. Confirm the current price on the official product page.
Has Lizard's strategy changed since the live signal started?
Yes, substantially. The listing was published on 9 May 2026 at version 1.0 and stood at version 1.92 when we checked on 10 September 2026, most recently updated on 3 September. The signal started on the same day the product was published, so its entire record spans that version history. That is the single biggest reason this review is Inconclusive rather than Recommended — the record does not test the build you would buy today.
What does Lizard actually trade, and how?
Gold only (XAUUSD), on the H1 timeframe, using six independent sub-strategies that each carry their own stop loss, take profit, trailing logic and magic number. Which strategies run depends on account size — one zone is active up to $1,000, and a second opens above $1,001. It averages seven trades a week with an average holding time of 13 minutes, and includes a news filter for US employment data plus an optional daily loss limit for prop firm challenges.
Does Lizard use martingale or grid trading?
No. The developer states explicitly that it uses no martingale, grid or averaging, with every trade carrying a stop loss, and that is consistent with what we observed in the trade data.
What is the maximum drawdown of Lizard?
Two figures, both from the live signal as at 10 September 2026: 14.74% by balance and 18.31% by equity, across 18 weeks. Our original review published only the 18.3% equity figure without labelling it as such. Note that a reviewer at CheaperForex reached a similar conclusion independently of us, advising buyers to plan for 15–20% rather than the much lower figure suggested by backtests.
What would make you recommend Lizard?
A live record of twelve months or more with the profit factor holding above 2.0 on a substantially larger sample, a settled version with a meaningful stretch of that record generated by the build on sale, and genuinely independent coverage from a source with no commercial interest in selling it. Lizard is the closest of our Inconclusive reviews to a recommendation, and we re-verify quarterly.
What broker does Lizard require?
The verified live signal runs on VTMarkets at 1:500 leverage. That is the account the signal was recorded on, not a requirement of the EA itself. Given the 13-minute average holding time on gold, spread and execution quality will matter more here than on a slower strategy, and a VPS is advisable for continuous operation.
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