Forex OverLedge Advisor - last year’s hit, however, until now I have been periodically asked about this expert. There was no latest version on the network, and I decided to fix this annoying misunderstanding 🙂
Platform: Metatrader 4
Advisor Version: 3.0
Currency pairs: EURUSD, GBPUSD
Work time: round the clock
Forex OverLedge Backtests
(fixed lot 0.1, simulation quality 99%)
Please note that the EA has a huge stop loss (328 points) and 13 times lower take profit (25 points). This risk / reward ratio makes the system unreliable. Such advisers are called "outsourcers," because they try to wait periods when the market goes against open positions with the help of a large stop loss. Such tactics can work for quite a long time, but when the stop is still triggered, it takes the profit accumulated over several weeks. In historical tests since 2007 (see above), the Forex OverLedge advisor shows profit, but the chart is too zigzag.
Despite all of the above, monitoring the demo account on fpa has been trading for plus 1.5 years, and this, you see, is a considerable time. If you decide to use Forex OverLedge in a real account, be extremely careful about risk management, because deposit drawdowns can be serious.
Description of Forex OverLedge Settings
Magic number - the numeric code that the adviser uses in order not to confuse his positions with orders of other owls and manual transactions.
Trade On Friday - on / off trading on Fridays.
MM - on / off money management
Risk percent - risk as a percentage of the depot per transaction with MM enabled
Lot size - fixed lot when MM is disabled
Take Profit, Stop Loss - Well, I think you guessed it)) The authors advise to increase take-profit to get better results.
Slippage - allowable slippage when opening deals
Trailing trigger - the stop loss will change and become equal to the number set in this setting, after reaching a profit in points equal to the same number.
Trailing pips - step in points for the movement of the stop, after reaching the levelTrailing trigger
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