I’ve been in contact with the developer of Forex Over Drive as little is known about the strategy behind this EA. After running a back test, which showed poor results, and pushing him a bit he finally gave me this insight:
“It is a combination, but it has some personality of some scalping, plus a counter trend system, plus various indicators. It works pretty well in my opinion.”
So, it sounds like although the back tests look poor it may actually work quite well in a live environment.
It runs on 4 currency pairs, however the recommended pairs are EUR/USD and GBP/USD.
I thought I’d see what others have said about Over Drive. Maybe then I’ll get a better idea of whether we should put this robot through it’s paces…
The first bit of feedback I found was form the Donna Forex forum, where this trader had had some good short term results and even suffered a big Stop Loss hit (set to 328 pips) but is still in the black…
And the test the trader above is referring to can be seen below:
There’s also another, longer running, live test that can be found on Forex Peace Army, currently it’s showing a fairly strong performance:
It looks like Overdrive could provide some good results in the live environment… let’s put it to the test!
Test 1: Independent Strategy Testing
2000-2010 EURUSD Strategy Test results show growth from $10,000 to $14,551 at 96.43% accuracy.
View full 2000-2010 EURUSD Forex Over Drive Strategy Tester results
2009 EURUSD Strategy Test results show growth from $10,000 to $19,002 at 95.12% accuracy.
View full 2009 EURUSD Forex Over Drive Strategy Tester results
Currently running Forex Over Drive on Alpari UK, testing started on 27th April 2010. Current results are as follows:
View our Forex Over Drive Live Test Statement
Lab Result:
Update 28th August 2010:
- At this point GBPUSD has a Profit Factor or 4.23 while EURUSD has one of 0.69. What this means for the layman is that GBPUSD (to date) has made almost $14,000 profit while EURUSD has made about -$7,000. Also, GBPUSD has placed 110 trades and EURUSD has only placed 86 trades.
If you have used this Forex Over Drive then please post your review below, making sure you give it an overall star rating. Thanks!
2 positive user reviews 
0 negative user reviews.
If you have any questions or comments related to the Forex Over Drive EA please post them here as I’m more than happy to share my learnings.
Also, if you’ve used this EA before please feel free to leave a review. Just remember to give it a star rating.
Sir,
Forex Overdrive EA shows many small consistent gains…but when there is a loss, it is huge n wipe out all the small gains…i think it needs a lot more improvement…the EUR/USD trades made huge loss bcos of Greece debt..i made a loss in total. Otherwise, a good EA.
I have tried many systems, but they all pail into insignificance compared to this great product. A very BIG Thank You-
It performs very well on 1 hour, GBPUSD gives 40 trades in last 5 months, so enough as part of overall strategy, with good profits, EURUSD did only 4 trades, all profits.
The 1 minute option does not work well at all on my broker, any chance you could test on 5m,15m as they would be more consistent than either extreme.
I am hopeful that live trading will perform well on the 1 hour charts, if you can perfect the 5m or 15m version I would be more than willing to BUY the PRO version.
One thing I have noticed is that a lot of the orders are not filled, perhaps adding a variable time limit to the orders to take into account different currency pair speeds would help, it is easy enough to control varables for the different currencies, here is the code I use to explicitly control “magic numbers” for my own EAs…
if (Symbol() == “GBPUSDm” || Symbol() == “GBPUSD”) magic = 62547114; // number used
The code can of course be used for any number of variables, ie
if (Symbol() == “GBPUSDm” || Symbol() == “GBPUSD”) DELETE_DELAY = 234; //
If your broker uses a slightly different symbol code simply add an extra OR (||) variable or change one of the standard ones.
Whilst I am here (and in the mood) here are 2 other bits of code that SHOULD be used in all EAs…
if (magic == 0) magic = 1000231;
if(Digits==3 || Digits==5) BrokerDecimal = 10;
The first defaults to a number of using a currency pair not set above, the other controls the multiplier that you add to your orders based on whether the broker is 4 or 5 digit broker (3 is added merely for convention, I doubt if any brokers still use 3 digits)
This tiny marvellous bit of code saves having to make user manually change a number in the settings, an irritating thing to have to think about an one that suggests your not professional in building your EA (So they will cancel purchase at first ever loss without giving EA a chance).
In testing I find that it is most important WHICH broker you use, this should be included in any information, as great results with one broker, will not necessarily mean a profit with another.
Finally, BACK TESTING and LIVE TRADING results SHOULD BE THE SAME !!!!!
If they are not – your logic is not working properly.
It is a myth that your trades will be different doing a backtest or by trading – AS YOUR TRADES ALONE WILL NOT INFLUENCE THE MARKET – at all !!!
Think about it.
Is it possible to change the stop loss on this? Seems like it could be a good system otherwise.
Hi Joey,
Yes. Stop Loss, Take Profit and Trailing Stop are all adjustable.
Hi Cam Forex, thanks for replying, but why such a huge drawdown on this bot? Will the robots strategy still work if I keep a tight stop loss, of something equal to 2% or 5% risk on each trade? 78% drawdown is too much risk. No matter how many winners it has that much risk will wipe out all your profits in one trade. What do you think?
Hi Joey,
I ran a test when I first got Overdrive to see if it would perform better with a lesser SL, but unfortunately it didn’t. The best way I’ve found to overcome this type of Robot is to manually tweak the risk settings. However, this does come with greater risk for a time. Given the win rate is very high, the chance of it losing twice in a row could be considered low. And even the chance of it losing even 1 in ten trades could be very low also. For those with a pension for high risk, or for those that are now only trading profit, the strategy I would use is to increase the Lot size immediately after the next big loss (you can check this site to see when it occurs) and then for the next few trades keep the Lot size relatively high. Then lower it over time until the you are trading at a Lot size that gives you 2-5% risk of your account and then wait it out until the next big loss. Then repeat again.
My 2 cents.
Thanks for the advice : )
What are your Risk settings Cam? Sorry, if I missed it.
I’m risking 15% of the account and using a 328 pip stop loss.
Hi Cams,
there is a trade that’s CURRENTLY open, should it not be CLOSED by now?? SL is WAY gone? (GBP/USD) or how often do you update the statements on this one?
Even I am curious Cam
Guys, I’m not sure what you’re referring to. I have just checked the statements and MT4 Terminal and all trades are closed. Everything should update every 10 mins.
I can still see the open trade which Craig mentioned.
Thanks for picking it up guys. Something went wrong with the feed to MT4i.com. I have restarted it again and the data is now matching.
The systems description sounds similar to ForexHacked, but perhaps with different settings.
Hi Rchrd,
Just so there’s no confusoin. The system is nothing like Forex Hacked. Hacked is a hybrid Martingale system, while Over Drive doesn’t do any Martingale at all.
Hope this clears things up for you
To be honest Cam, at the moment, I am quite happy with Forex OverDrive. Yesterday alone made 120 pips across 4 trades. So far has made close to 500 pips for me.
What SL are you running Al?
Default Cam. Whenever I have interfered with the settings, it has backfired, and since the time I have kept default settings, its been making pips and pips.
Cool. Hey, I’ve just had a quick look at the stats in more detail and to my surprise GBPUSD has a Profit Factor or 4.23 while EURUSD has one of 0.69. What this means for the layman is that GBPUSD (to date) has made almost $14,000 profit while EURUSD has made -$7,000. Also, GBPUSD has placed 110 trades and EURUSD has only placed 86 trades.
With this discovery I’ve also added it to my live account using GBPUSD only. This does not mean it has reached Graduate status… but it’s headed in that direction.
Just so you know, I am in touch with the developers of the EA and they are releasing an update based on some of my recommendation/suggestion. One core area I am working with them is on reducing the SL.
Hi Cam, Can you tell me what is your setting for this EA Forex Over Drive ? I just new in this EA
Hi Syam,
In the test above I’m using the default settings as follows:
Risk: 15%
TP: 25 pips
SL: 328 pips
Trailing Stop: 15 pips
Cam,
My overdrive has not traded yet in 2 days. Any idea if i am doing anything wrong? i hope it starts trading tomorrow.
Any specific timing it does trading? I am in Canada
lolzz..you won’t believe Cam…as soon as i messaged you just after 5 min of that it started trading on GBPUSD
..you are lucky for me dude…i got my refund as well for bulletproof..i will see the performance of Overdrive first then i will buy megadroid
LOL, Nice work!
First trade of Overdrive with 0.05 lot and it went to loss of $61..and that too i had to close the trade…so first experience is not good…hope to get some positive transactions
Vishal,
That is the biggest mistake you can make with overdrive.Never interfere. The trades, most of the time will end up in profit.
Harsh lesson!
oh damn…i couldn’t see loosing so much on first trade
…but Thanks Al..i will keep this in mind…and indeed its a harsh lesson..but i really hope it will make some positive now and my intereference didn’t do that bad
No problem. Just let it do it’s job ok and you will be fine.
I have to agree with Al here. My last trade was about minus 100 pips and it came back and hit take profit within a few hours.