The curly haired chap stretched out on the couch in his full glory, however, is supposed to be Morpheus, the Greek God of Dreams.
Somehow I suspect that the subject of one of my forthcoming Expert Advisor reviews, the Morpheus OddBot, has actually got nothing whatsoever to do with Greek gods and is more likely to get its name from one of the main characters in "The Matrix" series of science fiction films. The trouble is, I'm not really a fan of anything to do with SciFi (even "Doctor Who" is beyond me!) and I thought my picture of a Greek god was so much more romantic.
Joking aside, the OddBot developer seems to have been active on a number of different Forex forums for quite a while, and has recently taken steps to market some of his own work which, as I'm led to believe, will only be available to purchase through affiliates such as myself. I'm sure that some people will bemoan the fact that the developer's website is a little basic and lacking of content, but I hope his approach means that he is able to devote his time to producing some good products rather than becoming yet another internet marketer.
Fortunately, you'll be able to regularly check-in at MellyForex to find out whether OddBot is performing or not.
The EA itself is probably best classified as a non-Martingale scalper and it works on two currency pairs, EURUSD and GBPUSD, on the 15-minute timeframe.
I've already run some preliminary strategy tests on OddBot and I have to say that the initial results are quite encouraging. It will take a few more days to complete the tests and prepare my full review of the EA but, in the meantime, I've set OddBot up in forward test on a $5k FX Central Clearing demo account using raw spreads and charging a 1.0 pip round trip commission on the trades.
OddBot has been set up with its AutoMM parameter at 3.0 which, by my calculations, means that it should be risking 3.6% of the account balance on each trade on its two recommended currency symbols.
Although my version 1.5 of the EA includes both a time and a news filter, it has been set up to discount the filters and trade through 24/5. Because I would class it as a scalper, I am also limiting the maximum allowed spread and not allowing any slippage on the trades
As with my other EAs, I am also publishing Morpheus OddBot's trades to the website, and OddBot's detailed performance can be viewed by clicking here.
The second EA that I have recently put into forward test and which I am intending to review is also new to the market, and is called Forex WindFall.
Like OddBot, Forex WindFall also works on both the EURUSD and GBPUSD currency pairs, although a difference is that WindFall works on the 30-minute timeframe, whereas OddBot works on 15-minute charts. Both EAs trade with similar frequency though and it's true that some of their trades do even open in the same direction at identical times. There are differences between the two EAs though, and I'm not for one moment suggesting that they're one and the same.
It'll certainly be interesting to compare the two EAs though, and one of the things I intend to look at in the future is whether both EAs could conceivably work in harmony on the same account.
For now though, I'm continuing with my tests ahead of publishing my Forex WindFall review.
While I'm doing this I've set Forex WindFall up on a $5k FX Central Clearing demo account using raw spreads and charging a 1.0 pip round trip commission on the trades.
I'm risking 4.0% of the account balance on each trade and strictly limiting the allowed spread and not permitting any slippage.
I hope to see a high percentage rate of winning trades (over 80%) from both of these EAs, and Forex WindFall in particular promises relatively low drawdowns. You can monitor WindFall's performance at MellyForex by clicking here.
Before I finish this article, I'd also like to mention a few other EAs that some of you will have noticed in forward test, and I've received a few emails from readers asking questions about them.
I first mentioned that I had put Forex Shocker into forward test in an earlier article a while ago. At the time I suggested that my Forex Shocker strategy tests were showing very mixed results and that I didn't know if I would bother to prepare a review. Well I guess the proof of the pudding is in the eating, because its performance since then has been dire. It has currently lost over 29% of the initial deposit and has drawn down over 44% along the way, so there's absolutely no way that I intend to prepare a full review.
Secondly, I mentioned in another recent article that I had put FxPowerCube into forward test and that I was carrying out strategy tests with the intention of preparing a review. Disappointingly, although the strategy tests show that the EA would have been marginally profitable over the last decade, I have to say that the equity curve is one of the weirdest I've ever seen.
I don't, therefore, intend to spend any more time looking at FxPowerCube, despite the fact that it is currently showing a small profit in forward test.
In case anyone's interested, I've attached my FxPowerCube 11-year backtest and report below so that people can get an idea of what I'm talking about when I say the equity curve looks weird.
Tadawul - EURUSD - 2.0 pip spread
For what it's worth, I suspect that this EA will behave totally differently from one broker to the next. Amongst other timeframes, it uses the 4-hour timeframe in its calculations and, because of their different GMT offsets, one broker's H4 price bar can open and close at a different hour to another broker's H4 price bar and also register different high and low values in between. This can affect the values that are returned by indicators used on the H4 timeframe and result in a completely different set of trades taken by an EA. Indeed, I've even noticed that my forward test trades seem different to others I've seen published on the web. It might, therefore, be possible to get FxPowerCube working successfully on one or two brokers, but I'm afraid that I don't have the time to experiment looking for those lucky brokers.
Despite the fact that I don't intend to prepare full reviews on either Forex Shocker or FxPowerCube, I plan to leave them both in forward test to see how they perform.
Finally, I recently put the Primeval EA into forward test. This EA is quite well known, having been around for a while now and I'm not, certainly at this stage, planning to carry out a full review. I've really just loaded it up in test as a sort of benchmark to see how it compares to some of the other EAs that I'm testing. For anybody interested in Primeval, they can easily follow its performance here at MellyForex by clicking here. The tests are being conducted on a $5k Alpari UK demo account and version 2.1 of Primeval is being run on all 5 suitable symbols with default settings.