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Thanks all for trying to test this EA. Nich has done a great job improving it.
Nich is right, Backtesting is almost worthless as you can have an EA that works great on the backtest but does horribly on forward testing and vise-versa. That is why I focus on forward testing an EA. The things I look for are:
1. Consistency. Meaning that I want an EA that consistantly makes a profit. An occasional loss is expected but I don't like the ones that go up really fast and then crash down really fast. That is why I prefer the higher timeframes as they are more consistent then the lower timeframes. Basically what this EA is doing is seeing where the trend is going for the day and then getting 30-40 pips out of it. This is why I chose currency pairs that would fluctuate enough to snag that many pips average a day.
2. Low stoploss. I don't like a high or no stoploss. I like to know how much I can lose on a trade and like to keep it low. On this EA, I have the stoploss lower than the take profit. Theoretically, I can only get 50% correct to make money on this EA but the percentage of profitable trades is above 70%.
3. Diversification. I like the fact that this EA diversifies among 12 currency pairs so that news will not hurt it so bad. So news could hurt this EA, like any EA but the other currency pairs (if profitable) could help reduce the drawdown.
I tested this EA on the H1, H4, Daily and Weekly timeframes. The following is the H1 Timeframe with timefilter ON. I also did it with timefilter off (on H1 timeframe) and it was a money loser.
The following is my forward test of this EA during the same period as my Daily timeframe results already posted. Perhaps with Nich improvements, that all could change? That is why we all need to start Monday to test using different settings and timeframes. I have told you what works for me and I hope we all can do that together. I am getting ready to start testing it on the monthly chart to see if I can get this EA to do a long term trend. The higher timeframes you go, the more you can expect from the Take profit.
I believe this EA has some great potential especially among the higher (more stable) timeframes.
I have a few question for you about the settings. I just want to understand what each setting does.
1. Risk- I understand that 10 is 10% but 10% of what? Wouldn't the lots that you specify determine the risk?
2. Longbar- I just don't understand what this does. Can you explain how it works?
Thanks for all the work you have done. This very well could be the most profitable EA yet and it was originally mean as a joke. Amazing, I think Dr. Pepper was invented by accident too. Look how popular that drink is.
I have a few question for you about the settings. I just want to understand what each setting does.
1. Risk- I understand that 10 is 10% but 10% of what? Wouldn't the lots that you specify determine the risk?
2. Longbar- I just don't understand what this does. Can you explain how it works?
Thanks for all the work you have done. This very well could be the most profitable EA yet and it was originally mean as a joke. Amazing, I think Dr. Pepper was invented by accident too. Look how popular that drink is.
LongBar is the variable that determines how long the bar is before is enters into a trade. So if LongBar=10, the difference between the high-low of the candle has to be greater than LongBar.
PHP Code:
if ((High[0]-Low[0])>LongBar*Point && Open[0]<(High[0]+Low[0])/2 && Ask < Open[0]){
Lets say I have $1000.00 free margin. We would multiply 1000 * 10=10000. Then devide that number by 10000; which is 10000/10000=1. Then devide that by 10. So, 1/10=0.1. 0.1 Lots is $100 in margin, thus %10 risk of the free margin. I hope this clarifies.
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