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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.


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