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
Demo Account disabled by Alpari on 21st October 2010. The above chart has stopped working now, so please refer to the chart below:
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!
Hi Gary,
on which broker u r running overdrive? and u trade gbp/usd and eur/usd or gbp/usd only?
go-markets in Aussie … and I was useing the 4 charts that are compatable with the ea. Usually it would have just one or 2 trades on most I saw was 3 at once.
Hi Cams, so what you gonna DO with this one, i’m thinking of buying it (from you of course) and then just copy the demo trades onto live, then as soon as demo closes just close my live
Sounds like a plan. Only thing is, you need to know when the trade closes… you might be asleep
I’m still in a quandary on OverDrive. For the minute the best bet is to follow the Demo trades on Zulutrade if you want the fully automated solution. Alternatively, trying it on other brokers may be the answer.
Let me know what you decide.
You say people are following this bot on zulu, hows this POSSIBLE since you been picking up problems on live????
The one on zulutrade is the same one you see above… It’s running on alpari demo (not live) so didn’t experience the same issues seen on live.
mmm, still don’t mean much since I’d be running a different broker
BY the way, rita has her new bot out if you want, get in by 1 dec before she changes the price
http://www.forexfisher.com/
Hi Cam
Have a 30 day demo account with Zulutrader following Forex Ovedrive. Want to now link to a small live account I have with FXCM, but am battling with settings. Zulutrader tutorial is not helping. Do you have a tutorial somewhere on how to set up Zulutrader to automatically change position sizes to risk say 15% of capital, rather than have a fixed lot size. I thought I could get around this by manually adjusting to 11 minilots, but you can apparently only adjust minilots in multiples of 10
Hi Garry,
Yes, you’ll see within the Settings tab an option that says “Fixed or Balance Lot Allocation”. If you check the Balanced option it decides the number of lots to open so that the given percentage (%) of your balance will be at risk for each trade. To determine the % of your balance at risk I think you enter this under the “Lots Multiplier”, but I’m not 100% sure about that.
Cams, so WHAT you actually SAYING is you can use the demo version ON zulu and it STILL trades????? (i was under the impression that you HAVE to have live account with a bot to put on zulu??) are there people actually MAKING it with this bot????????
Thanks
Zulutrade can run demo accounts as well. This is what people are following on Zulutrade when they follow Forex Over Drive.
Yes, people are making money with it but some underestimate the drawdown you have to endure from time to time to receive the 20-50 pip wins. A few traders use a fixed SL on ZuluTrade of 100-200 pips so they get kicked out when following Forex Over Drive. Others just get scared and close the trade manually. I have left a notice on the ZuluTrade site that states the SL is fixed at 328 pips to help people make a decision.
Hope this helps
I am using this FOD on my live account more than month. So far all trades was winning. Only thing i changed was lot size, i reduced it to 0.02 lots, because still testing this EA. Most of my trades was totally different erntries, compared with FOD live test Satement, only some was with same entries. I even had trades, when FOD live test statement hadnt. My broker are GAIN capital.
Hi everyone,
I have linked my Tadawulfx live a/c with Zulutrade. Can anyone suggest me weather tadawulfx is suitable for overdrive EA if im going to choose as my signal provider? Because it has a fixed spread of 4 for eurusd, 5 for gbpusd! Or do i need open a/c with Fxopen?
Thanks in advance!
Hi Selvan, I would assume so. You may find that when it breaks even you will make a small loss, and when it hits the initial take profit of 25 pips you only take 19-18 etc. Hope this helps.
hi all i am new to FOD.
what is the recommend settings for capital $200? i m using fxopen. thanks!
Hi John,
Default settings are always recommended and trading 0.01 Lots on both pairs until your capital increases.
i had been looking forexoverdrive and fapultra and cant made decision between them. they two look alike. Cam what is ur suggestion? thanks.
Hi John, I’ve just had a quick look at fapultra and can’t really help you out as I can only find 2010 trading history (which does look good, I must say), so it’s missing the fuller picture we have above of Forex Over Drive. So, you could buy Fapultra now and get a fuller picture by running your own back tests and looking at some demo trades before the 30 day refund period expires. Then make a decision. Or, wait for me to put it up on the site which could be a few weeks away.
Hope this helps.
Hi guys. Has anyone tried Forex Overdrive on Thinkforex.com broker with live account? Forex overdrive website recommends this broker, so maybe this i the way to make most out of this on live account?
Hi camforex,
im running overdrive in zulutrade demo it has given few gbpusd loosing trades. Is this the result you got in your EA running demo a/c?
And can i run this in ATC ecn broker?
thanks
Yeah, they are exactly the same trades. Zulutrade started later than the test above though, so there is more historical data above than on Zulutrade.
I’m not to sure about ATC ecn broker, it shouldn’t make a difference.
Hi Cam,
totally unsure about FOD at the moment its historical performance has been great, except I didn’t own a copy then
just followed signals on Zulu so no advantage through compounding. I’ve now got FOD set up live on Alpari UK and nothing but losers in December which is just plain weird I’m armed with plenty of conspiracy theories about Alpari anyway what with all the requotes and the way they don’t have a live feed to their current spreads, your demo / live difference just goes further to confirming my thoughts.
Thanks
Mike
ALPARI UK TROJAN WARNING
Hi Cam,
I’ve put this up on FPA as well and it is NOT scaremongering bs. Avira anti-virus has detected a trojan in my Alpari libraries folder as shown below
The file ‘C:\Program Files\MetaTrader – Alpari UK\experts\libraries\windll.dll’
contained a virus or unwanted program ‘TR/BHO.Gen’ [trojan]
Action(s) taken:
The file was moved to the quarantine directory under the name ’50c73d2b.qua’.
This was on both my desktop and laptop machines and was ONLY detected by Avira, Avast on my laptop didn’t find it, installed Avira and it did. The performance on Alpari has been bad for a while and that is why. This is serious as it is a keylogger that tries to steal BANK DETAILS and other account details. All other brokers MT4′s (AAAFX, FXCM & FinFX) were ok on both. This has already been reported to Alpari UK as I know you trade with Alpari I thought you should know.
Thanks for the “heads up” Mike!
Thankfully my Alpari MT4 terminals build 224 and above are running on my VPS so won’t be able to affect my PC… I’ll keep an eye on this topic to see if it is indeed dangerous to have Alpari MT4 running and what version the virus resides in.
Yeah logically it must have come down in an update from Alpari as no other copies were affected and it bypassed protection on different machines with different security so if your VPS is a private preinstalled copy of MT4 it probably won’t relate. I guess to stay on topic FOD is just having a bad Christmas all round then. It does just seem a bit overly familiar how dodgy dealings and Alpari seem to go hand in hand.
a question, do you need to change the Magic No for each pairs or you let the same ? 567 ? thanks !
Hey Cams,
For overdrive what is the max allowable trades you have open at a time?
Thanks mate
2 max if you have 2 pairs running.
And what’s your % risk per trade? 5? 10?
15% risk.
Cams, tell me, on zulu trade settings, if you put % balance instead of fixed lot does it work on various lot sizes as it trades, i mean, one trade it might trade 0.3, then another trade 0.1 etc, etc, i ask this because it seems with Mega, Overdrive and various OTHER bots the lot size varies, would it trade like this if you put % balance instead of fixed lot size,
Hope this isn’t too confusing
Thanks buddy
I know what you mean Craig, but I haven’t used the % functionality before so I’d only be guessing. Let me know if you try it out!
so you’ve never used zulu like that before? how on earth do people follow bots like mega and fish on zulu then?
I think that’s one of the downfalls of the Zulu system. Anything that utilizes position sizing as a strategy cannot be used on Zulu. MegaDroid is okay because you can keep the same lot size then increase risk yourself. But Fish is a no go because of the Martingale 2nd trade that increases the lot size by 3x.
Bullet Proof is also in the same category.
Cams, concerning your VPS, which subscription are you on, I’m looking at running about 6 charts on mine, do you have any idea concerning the amount of memory and disk space for 6 charts? I know you run PLENTY EA’s so i suppose you need PLENTY memory or you think your provider can just add extra memory instead of more powerful processor and bigger drive?
You can easily upgrade at SWVPS (my host), so I suggest going in on the basic package and seeing how much memory you use and then upgrade if you’re running at 80-100% usage as it may likely end up crashing if something strange happens in the backend or while you’re performing an action. There’s quite a thread going on the SWVPS post.
Hi Cam
I assume the viruses mentioned are on Windows. It is possible to run MT4 on Linux using Wine. As far as Overdrive is concerned it needs reassessing to enable the stop loss to be reduced to a reasonable amount say 150 but based on the TP it is still not a good risk/reward ratio. It really needs a rewrite. On the subject of Alpari my understanding is that it is run by Russians so although it says Alpari UK it is not English.
PS On all MT4 platforms I delete all mention of non English functions ie Russian and Chinese platforms and updates and most of the language folder.
Hi Cam
I just bought FOD and would like to know what settings you are using to achieve that 1141% over that period of time? FOD told me that they ran the default settings with 90% risk.
Regards
It’s also running default settings but with 15% risk per pair.
Mario, Cams, what version are you guys running?? I believe v3 is out and seems worse comparing to previous versions????
There is no version number on mine, so I assume it’s version 1. I know there was an update that I did not load because it was going so well.
still running old one, because back test of new one was terrible. i will try it on think on 500euro real from next week. will go with risk to 25 and see:) since forexgrow bot is making money for me i can afford to put higher risk with OD on this 500 euro:)
Can you perhaps SEND me old version in CASE, I’ve just bought so I have licence
just waiting for feedback concerning free VPS from OD guys since I already HAVE live acct with them (already using growth bot), perhaps you can link me somewhere (forum or something??), or you COULD EVEN run live on old and new versions and see first?
Thanks buds
Could you then pls link me? Look, V4 is out (I got 3 AND 4 now->they sent me 4) so I wanna run demo on all 3 but according to mario the v he’s running was doing well? (I presume 3). According to OD guys they say this version (4) does even better, I’ll do bit of research and see what other guys on net are saying, which THEY find is best, hell, this is starting to sound like FIREBIRD lol
i just said, that back test did not go well, unless i messed up something
i did it only once. will start forward test at the same time as old version and see, if is opening the same trades and the same amount. what i dont like is that they say that in upgrade they tightened stop, but if You check it, default is stil the same like old one and they dont tell You, how much You should tigthten it 
Mario,
or did the bot trade on demo only today?
i bet you’re pleasantly surprised at the VERY FIRST day of trading live and you got your first bit of profit in
still on demo. i did not get all things sorted with openin and funding account with think forex. will go live next week hopefully
but so far demo only profit 
wish on live account would be like this:)
craig, so did You find out what version is better? all my test i did onn v 3 (did not make it clear in my previously post, sorry) back test of 4 was not greate and i did not like their statement telling me that they tightened stop, but stop was still as default like in v3. not sure what to do when i start live
I would just leave all default, that’s how it’s SET so I don’t know so far mine also only profit but they SAY V4 but when they link me is V3 again, i’m just as confused
Mario,
You said in earlier message that you were demoing VARIOUS brokers around december when ALL brokers (but one) hit stop, can you just tell me which brokers besides think you were demoing please?
Thanks
I am really new to bots but a review shows Fapturbo and Megadriods are ok. Can I run Megadriod on Iamfx free vps with a live account of $300? I count on your judgment .
Hi Grey,
Last time I looked IamFX require you to trade a minimum of 5 lots per month before you can use their free vps service. When starting out with MD it’s very unlikely you will manage this level of volume… so therefore not worthwhile pursuing.
My advice is to start using your own PC as it only trades during a 3-4 hour window Monday – Friday. So depending on where you live it may mean just leaving your PC on overnight or in the morning or in the evening which isn’t such a burden.
Hope this helps.
Cheers
Cam,your response is appreciated. Do you think WVPS-1 plan will be able to carry Megadroid and Fapturbo? I am thinking of paying $180 for a one year plan for Megadroid and Fapturbo. Your advice, please.
Yes, even the most basic VPS plans will accommodate one mt4 terminal running FAP and MD.
I tried FO and did not receive very good results on a demo account… For giggles, I put it one of my life accounts and it made 5 or 6 trades all for small gains, followed by 2 trades on EURUSD & GBPUSD which hit the stop limit after letting the trades run for DAYS… Enough for me, just another piece of crap bot with glowing reviews here and elsewhere…
to Craig.
(all on think forex) it was v 3. still not sure if better to use 3 or new 4 version. has anybody more info about this?
sorry for late response. has not been here for while. it was aaafx and alpari uk. also now on live for last week, doing well. demo on think forex in last month was with no loosing trade, made more than 40% on account (with 25% risk i think) so i decided to go live
Mario,
thanks buddy
], they say V5 they looking at reducing stop so yes, there IS light at end of tunnel 
I’m still testing waters on live, end of this week is 2 months on live, no loss yet, funny though, I’ve been watching alpari and it has been lost about 3 TIMES by now and yet you look at think and that didn’t even TAKE these trades alpari took. I’m on 5% and going to stay there for about a year, I want to see how it goes. Once I’m confident enough with this one I’ll put on 10% or maybe even 20, I’ve been making about 10% a month on ave. Thanks to YOU mentioning this combo I think we could have a winner here
V4 not out yet, they still ironing out bugs etc. I actually ASKED them for V4 (to see if they’d give me anyway and lo and behold they gave
Cams, is this REAL account you have going on this one?
Nah, still demo.
no problem craig, nice that my little testing helped
only thing i forgot to mention – i have changed default trailing from 15 to 11 and trail by from 5 to 3. reason for this was i spoted few trades in long, few days drawn down, that were 12-13 p in profit before reversed to negative. this way i have not had trade longer in drawn down than 1-2 days, usually closing the same day. maybe smaller profit, abut since it does not open any trades until closes current one in long run could be actually the same in term of profit.
but i have question – why does it sometimes close at around 10p take profit? not trailed stop but it actually on results marks green, means target has been hit. target should be 25 pips. does it sometimes make smaller tp? what is Your observation?