Pros: Usually uses stop loss, trailing stops and take profits. Lot size and pairs are variable. Cons: Not many trades – consecutive losers – stop hunting
Pros: EA does not care about market direction. Uses a stop loss, but it’s set far from entry. If used correctly it will sustain most market conditions. Stop hunting is very hard. Also, grid strategies are not too spread sensitive. Cons: Weak during big news events. Not enough margin. Most grids need 1:400 leverage.
Pros: dazzling results in a short time. Trades a lot. Cons: You need a lot of margin. Leverage must be high. Very weak during news events.
Price action strategy:
Pros: Very easy to use in combination with manual trading. Furthermore these type of EA usually have sophisticated money management settings. Typically you can trade these EAs in smaller accounts. Cons: they do not trade often. Also you can expect consecutive losers, so sometimes hard to keep faith in the strategy.
Pros: These strategies can pick up many profitable trades where you can adjust the lot size. These type of strategies tend to be very active over night as well. Cons: You need an ECN account with good executions, which means these EAs are spread sensitive. Another disadvantage is consecutive losers.