EA reads history and places orders in backtest. Forward test and see if the results match.
This technique has been disabled by recent releases of MT4 platform, which means EAs cannot open history file while they are running in backtest. There were hundreds of such scam EAs out there but it is not possible to open the history files using standard MQL4 functions (FileOpenHistory(), etc.) after the update applied by the MetaQuote development team.
However,there still exist two possibilities for scammers,
1. to open history files using Windows file operations through DLLs, while the EA is in the strategy tester. (If an EA needs DLL access with Windows file operation functions listed in the Dependencies tab, there is a high chance that it is just another scammer), and
2. to embed the history data into the EA. Since the entire data makes the size of the EA so large (larger than 1MB), the scammers usually embed only snapshots (such as time stamps, hash keys, etc.) to keep the size of EAs around 100 KB.
The EA presented in this thread needs DLL access to Windows file operations (just look at Dependencies tab when you start the EA on a live chart [a screenshot is attached below]). Which makes it a very likely to be a scammer for me.
Attached Image (click to enlarge)
For any suspicious EA, the only way of truly testing its performance is forward test, which is to run the EA on a demo (or even live) account for a long enough time to statistically verify the demo results with that of the strategy tester. If you see any difference in the frequency and/or the logic of trading, there is a high chance that the EA is just another scammer.
"Life is what happens when you're busy making other plans." -John Lennon