Forex Best Bot Advisor
The developers of Forex Best Bot didn't bother with a name for their product; they simply called it "the best."
And they were right, as back in 2011, this robot was practically the only successful project that didn't use a raw martingale and, at the same time, had successful, multi-month open monitoring.
Most interestingly, Forex Best Bot was a successful commercial product. But its main highlight was its simple and understandable trading algorithm, the essence of which you will learn about in this article.
Forex Best Bot is a trend-following trading expert advisor based on a simple indicator strategy of following the market in the direction of global price movements.
The robot uses several moving averages with different periods for price analysis. Therefore, in theory, the robot can effectively trade virtually any trading asset or currency pair, provided it is properly optimized.
Expert installation
Until recently, the Forex Best Bot robot was a paid product, costing hundreds of dollars. However, about seven years have passed, and now it's completely free to use.
Since the Forex Best Bot advisor was a paid development, it was not included in the official MT4 library. Consequently, the robot can only be installed using the standard method, directly through the terminal's data directory.
To do this, first go to the very end of this article and download the expert file. Then move it to a folder called Expert, which you can access by entering the data directory through the file menu on your platform.
After the advisor is reset to the appropriate folder, be sure to restart the trading terminal or update it in the Navigator panel, otherwise Forex Best Bot will not appear in the list of advisors.
To start trading, you need to drag the robot's name directly onto the hourly chart of the Euro/Dollar currency pair.
Forex Best Bot Strategy and Settings
The Forex Best Bot advisor can safely be classified as an indicator-based one, as it is based on a simple indicator-based trend-following strategy. For example, the expert advisor uses three moving averages with periods of 3, 5, and 24 to make decisions.
The robot waits for them to cross each other and then line up either in ascending order for buys or descending order for sells. Then, when the price retreats 30 pips from the crossing point, a trade is opened.
Forex Best Bot has two lot calculation : static and dynamic. To have the EA trade only the specified lot, select False in the MM line and specify the position volume in the Lots line.
If you want the EA to trade a strictly dynamic lot, select True in the MM line. The robot will risk 0.1 lot for every thousand of the deposit.
The In Buy and In Sell variables allow or prohibit the EA from opening both buy and sell positions.
The Aggr Level variable allows you to set the robot's trading aggressiveness. The Period Filtring variable controls the calculation period for the EA's built-in filter.
The Sl bs variable allows you to change the stop-loss size in points. The StealthMode line enables hiding the stop-loss and profit values from the broker, ensuring their non-interference in your trading.
The Recovery Mode line enables the so-called recovery mode, where after a losing trade, the EA opens a position with a doubled lot on the next signal.
Following
the developer's recommendations, we decided to conduct a backtest for the first half of 2018 on an hourly timeframe for the EUR/USD currency pair.
The settings remained unchanged, and the test itself was conducted in every tick mode. Here are the preliminary test results:
We also ran the exact same test for the GBP/USD currency pair, without changing the default settings.
The results for the British pound are shown in the image below:
As you can see, the Forex Best Bot advisor, without any martingale or optimization, with seven years of settings, was able to demonstrate quite promising Forex profitability curves.
However, it's important to understand that the robot trades extremely rarely, so its overall profitability is quite low and may only satisfy conservative traders.
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