Home > Posts Tagged With Forex Over Drive MT4stats

Forex Over Drive

forex-overdriveI’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…

review-search

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…

donna-forex-reviewAnd the test the trader above is referring to can be seen below:

review2

There’s also another, longer running, live test that can be found on Forex Peace Army, currently it’s showing a fairly strong performance:

forex-peace-army

It looks like Overdrive could provide some good results in the live environment… let’s put it to the test!

lab-results

Test 1: Independent Strategy Testing

2000-2010 EURUSD Strategy Test results show growth from $10,000 to $14,551 at 96.43% accuracy.

backtestEURUSD-2000-2010View 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.

backtestEURUSD-2009View full 2009 EURUSD Forex Over Drive Strategy Tester results

Test 2: Live Test

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.

pass-fail

If you have used this Forex Over Drive then please post your review below, making sure you give it an overall star rating. Thanks!

trade-it-free

32 positive user reviews     3 negative user reviews.


We take your privacy seriously.
Read our privacy policy.

Tags: , , , , , , , , , , , , , , , , , , , , , , , ,

Page 1 of 11
Copyright © 2009-10 Forex Reviews Rated. All rights reserved.

Commodity Futures Trading Commission Futures, Currency and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE OCCURANCE, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.

All information on this website or any e-book or software purchased from this website is for educational purposes only and is not intended to provide financial advise. Any statements about profits or income, expressed or implied, does not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold the Website Owners and any authorized distributors of this information harmless in any and all ways. By using this website and using our product, you fully accept our terms & conditions. All income or results are considered as backtested results, and non-typical. Not all users can achieve this result. Your results will be varied All rights reserved. The use of this system constitutes acceptance of our user agreement.

Forex trading involves significant risk of loss and is not suitable for all investors. Full disclosure. Compensation Disclosure | Affiliates