Forex Blog

First-hand Forex trading experience and information about foreign exchange market that will be useful to traders

Archives

Range Pull-Back Expert Advisor for MetaTrader 4

October 26, 2008 (Last updated on January 25, 2018) by

Now you can download a new free profitable expert advisor for MT4 platform. I had received it by e-mail from one of my site’s visitors and after making some minor changes (the initial version had OrderSend Error 130 popping up on too many brokers) I’ve uploaded it to the site. This expert advisor was created by some Russian-speaking developer and is called Otkat (which, if translated to English, means Pull-Back). This EA is based on the intraday range pull-backs. It checks for the entry points during the first minutes past midnight every trading day, except Monday and Friday. It closes all positions before the day ends (before 23:00). During the 3-year back-test (using MT4 strategy tester) it showed 79% profit and 14% maximum relative drawdown, which is quite nice, in my opinion. It uses the low take-profit and the high stop-loss levels, which can be considered a dangerous technique, but with this EA it works fine. I also recommend lowering take-profit if your Forex broker allows stop-losses lower than 8 pips for EUR/USD currency pair.

Here is the balance graph from the testing results:
Otkat Expert Advisor 3-Year Testing Result

The whole testing report is also available. You can also go directly to Otkat expert advisor page. If you don’t like Otkat, you can always check other Forex expert advisors.

One Response to “Range Pull-Back Expert Advisor for MetaTrader 4”

  1. JForex

    Hi, thanks for the EA. What time frame is it recommended to run on?

    Thanks,
    JForex.

    Reply

Leave a Reply

required
required (will not be published)
optional