Advisor E-bot_Bars_v1.3
While browsing through the blotter of yet another miracle expert, I stumbled across a forum thread from one of the developers, where
, at first glance, it seemed like they were suggesting a typical martingale. While that's true, the position entry algorithm itself really intrigued me.
The E-bot_Bars_v1.3 expert advisor is a fully automated tool developed in 2012 at the request of a Russian trader. I'm sure many of you have often considered the fact that if the current candle is lower than the previous one, this combination can be considered a sell signal.
The principle of this advisor is very similar to the previous statement: it analyzes the last two bars, and if the current bar's closing price is higher than the previous one, the expert advisor opens a buy position. If the closing price is lower than the previous bar's closing price, the expert advisor opens a sell position.
If the price doesn't close at take-profit, the expert advisor begins averaging the loss using a standard martingale. The idea behind this expert advisor is very simple, but simple ideas often turn into gold mines.
Before using the expert advisor, you need to install it on the Meta Trader 4 trading platform. To do this, download the expert advisor from the end of this article and copy it to the "expert" folder in your terminal's data directory. After installation, simply restart the trading terminal and find the E-bot_Bars_v1.3 expert advisor in the list. To start using it, simply drag it onto the currency pair chart.
If you encounter any difficulties during installation, I recommend reading the article " How to Use a Forex Expert Advisor ," where you can learn more about installation and typical expert advisor settings. After you apply the expert advisor to the chart, a settings window will appear, which we'll discuss below:
The advisor has two built-in order management systems. The first, which is two-way, allows the expert advisor to open and hold both buy and sell positions simultaneously. Moreover, with this type of management, martingale can work for both buy and sell positions. On the one hand, you have a lot of trades and don't miss out on potential profits, but on the other, you experience a large drawdown, which could ruin your account.
The essence of the second order management is that until the expert advisor closes its open martingale position, it will not open an order on a new signal. To enable the second type, simply set the "Two Sides" line to "false.".
The remaining settings are the same as for a typical monkey, namely, Lotmult controls the multiplication factor for the next lot, Step controls the distance between orders, and Max Trades controls the maximum number of simultaneously open orders. In the Lot line, you can change the initial lot, and in the Take Profit line, you can change the expert advisor's profit.
The first test was conducted on the EUR/USD currency pair on a five-minute chart.
The settings came with the expert, so we haven't changed anything. The test period was from January 1, 2015, to July 1, 2015. You can see the test results in the image below:
The second test was conducted with the same settings and for the same period, but on the GBP/USD currency pair on a five-minute chart. The results are shown in the image below:
Despite the high drawdown, the expert advisor delivers an average of 80-90% profit on any currency pair over six months. I consider this a good indicator; for a final check, I recommend running the expert advisor on cent accounts ! Thank you for your attention, and good luck!
