E-BOT BARS ADVISOR – quiet growth, but low efficiency!
Welcome, dear visitors to the practical section on expert advisor testing. Today, following our long-standing tradition, we'll discuss the results of the E-BOT BARS expert advisor's demo account.
During the review, the advisor showed good performance, as it worked on a candlestick pattern, the essence of which is that the expert opens a buy order if the previous candle closed below the current one.
There are many strategies for this candlestick pattern, one of the most popular being the previous day's breakout. The author, taking the principle of breaking out the daily candlestick, adapted it into an advisor for lower time frames.
Therefore, the expert advisor quickly gained popularity among traders. I'd like to remind you that we previously reviewed the advisor, where we described all the settings in detail. You can read and download the advisor at this link . You can also see a preliminary test we conducted in the strategy tester in the image below.
Based on favorable reviews and the successful preliminary testing of the expert advisor in the strategy tester, we decided to test the advisor under real market conditions. For this purpose, we opened a demo account with $10,000, equivalent to $100 on a cent account.
To ensure realistic testing conditions and ensure the expert advisor operates 24/7, we decided to install it on a VPS server. Therefore, the advisor's testing quality can be reliably assessed.
Testing of the Expert Advisor began on August 31, 2015, and continued until September 14, 2015. The Expert Advisor was run on the EUR/USD currency pair on a five-minute chart. All settings were left at default, except for the trading lot size, which was changed to 0.1. You can see the E-BOT BARS test results in the image below.
Now, let's talk about the actual results. Over 17 days of operation, the expert advisor closed only 19 trades and generated a profit of 2.7%. Regarding drawdown, it didn't even reach the half-percent threshold, which is a very good indicator. The profit factor, 5.73, also speaks volumes about the advisor's profitability. E-BOT BARS closed 78 percent of trades profitably, and only 22 percent were unprofitable. It's also encouraging that the expert advisor closed four consecutive trades profitably.
In conclusion, I'd like to point out that despite the expert's confident handling of all market conditions, the profitability rate is too low. As you know, the expert is based on the martingale principle, so 4% per month is too low, considering that you could lose everything in a prolonged trend. Therefore, I don't recommend using this expert as your primary tool or entrusting it with large amounts of capital.
