Bumped into another EA called Live Trader EA. Having a look at it, it looked like an equity graph and it looks good but can this be just a well disguised grid martingale. But the trades it has done looks like it operates on a counter-trend (oversold/overbought) indicator. It adds more trades as it average down, multi-lots through the same lot sizes so this can’t be a martingale.
It traded at different levels that only that the grid is using timing. Though the multiple trades don’t look like to be at regular paced intervals. Also, what makes it a good EA since it works on any market condition since it has its own trade’s market sentiment. It does not depend by the spread so it is not a scalper or a robot either. It does not trade bigger and bigger lots to recover bad trades, mitigates the losses in case the market is changing or it does not use a grid strategy and adapts lot sizes based in the market.
The EA has 3 trades with 50 pips profit for each. The version 1.1. is already out. Using 2-3 years backtest, it has shown non-profit. If this happened, then there must be something wrong and the EA needs edu. The stoploss is rarely hit also, maybe because all trades are closed out by Friday at 1900hrs. Though this EA look good and promising,