myFXOverEasy Forex expert advisor uses a FXOE-Combo custom indicator, which in its turn is a combination of four other custom MetaTrader 4 indicators: Slope, Trend, LRSI and AscTrend (if enabled via input parameters). This expert advisor is using the strategy originally developed on StrategyBuilder forum, but it is trading against the strategy (as it was tested by me, it yields better results). All required indicators and display template are included into this EA package. You can modify the maximum number of opened positions and the basic 3-step trailing stop via the input parameters.
Warning! The latest backtest of this expert advisor on the period from 2006-11-20 through 2013-12-30 has shown a significant loss bordering with complete wipeout.
Do not run this EA on a live account! Use for educational purpose only. The backtest results presented below are outdated.
Testing myFXOverEasy MetaTrader expert advisor over a one year period gave more than $1,800 profit using USD/CHF currency pair on a four-hour timeframe. The maximum drawdown didn't exceed $600. Testing its performance over last three years also confirmed its stability.
What are the stop-loss and take-profit used by this EA?
It uses 110 pip stop-loss and 160 pip take-profit that can be easily modified via input parameters.
How often does it trade?
On 4-hour USD/CHF chart (the optimum settings) this EA will trade 8-9 times a month on average.
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 myFXOverEasy with other traders and MQL programmers on the experts forums.