Forex Megabot is an Expert Advisor with a rather short trading window of just one hour so that more than one or maybe two trades per week should not be expected.
Forex Megabot comes with a money management as well as a risk management system; the latter might close trades before they reach a full SL. It is possible to activate a high-frequency mode in order to increase the number of trades - unsurprisingly this will also increase the associated risk.
With default settings the EA uses a fixed take profit limit of 8 pips and a fixed stop loss limit of 50 pips resulting in a risk-reward-ratio of about 6:1.
It should be noted that probably not many brokers will be able to provide the spread of 3.5 pips as recommended by the developers on an on-going basis.
A backtest based Monte-Carlo-Simulation (2009-2013) shows a potential profit ranging between EUR -226.56 and EUR 2,793.30 with an average of EUR 1,369.09 for default settings with a fixed lot size of 0.25, a starting balance of EUR 1,000 and 100,000 iterations. In this case the drawdown to be expected will range between 2.03% and 60.55% averaging at 11.12%. The Value At Risk derived indicates that future drawdowns will not exceed 20.77% at a probability of 95% and 27.93% at a probability of 99%.
22:00 - 23:00 GMT (fix)
Payment through Clickbank.
The developer grants an unrestricted right to return within 60 days of purchase which will be paid back through Clickbank.
The licence is valid for one live and one demo account and includes support and updates. To activate the account, the Clickbank receipt number has to be entered as input parameter when setting up the EA. The licence can be transferred to another account in the members' area of the developers' website.
A 20-pages manual explains in detail the installation and set up of Forex Megabot, the input parameters and their impact.
After the EA had been abandoned by the former developers it is now under new management and supported by a new developer.
The performance of Forex Megabot is demonstrated, as follows, on an exclusive FinFX ECN demo account and on a live account of the developer.
Forex Megabot backtests for the period 2009 - 2013 are shown below.
years 2009 - 2013, spread: 3.5 pips, risk level: 3
years 2009 - 2013, spread: 3.5 pips, lot size: 0.25
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