Otkat Forex expert advisor is based on the range pull-backs in the intraday trends. The entry conditions are based on the range low and high points with the buy signals generated near the lowest half of the range and the sell signals generated near the highest half of the range. The expert advisor uses not only take-profit and stop-loss levels but also exit by time. It enters the positions only at the beginning of the day (it doesn't trade on Mondays/Sundays and Fridays/Saturdays) and closes them at the day's end. You need to set Server_GMT_Difference parameter to your MetaTrader server's timezone for the EA to function properly.
Warning! The latest backtest of this expert advisor on the period from 2006-11-19 through 2014-01-27 has shown a complete account wipeout.
Do not run this EA on a live account! Use for educational purpose only. The backtest results presented below are outdated.
The back-test of the Otkat MetaTrader expert advisor on the 3-year period showed the following results with H1 chart of the EUR/USD currency pair and 1.0 standard lot volume per position — $7,940 net profit on $10,000 starting account with the maximum relative drawdown at 14.06%. Due to the nature of its optimal settings, this EA will win almost 90% of the trades, but the average loss is more than 5 times greater than average profit.
What are the stop-loss and take-profit used by this EA?
It uses the fixed stop-loss level of 51 pips and the fixed take-profit level of 8 pips. Note, that it's better to set even lower take-profit, if only your Forex broker allows that without generating OrderSend Error 130.
How often does it trade?
On hourly EUR/USD chart (the optimal settings) this EA will trade once every week on average.
How to set Server_GMT_Difference parameter correctly?
Set it to your MetaTrader server's timezone. For example, if your MetaTrader server's timezone is GMT-5 (New York time with DST off) set this parameter to -5.
This EA is ECN-compatible. You must set ECN_Mode input parameter to true in order to enable ECN-compatibility for this expert advisor. Otherwise, you will most likely be seeing OrderSend Error 130 messages when EA will be trying to open positions. This is because, if you are trading with an ECN broker (with market execution for orders), you cannot set SL/TP on position opening. You have to open a position first without SL/TP and only then modify it, adding stop-loss and/or take-profit level.
Warning! Before you ask basic questions regarding installation of the expert advisors, please, read this MT4 Expert Advisors Tutorial to get the elementary knowledge on handling them.
Do you have your own trading results or any other remarks regarding this expert advisor? Discuss Otkat with other traders and MQL programmers on the experts forums.