Welcome to the world of algorithmic trading! Today, we're diving into the Momo Trades Expert Advisor (EA), designed specifically for MetaTrader 4. This EA implements a strategy that’s been widely discussed, and I’m sharing it here as it remains a hidden gem in our trading community. The EA is built to enter trades based on the underlying strategy and exit at the designated Take Profit levels. An additional feature I’ve integrated is the autolot system, inspired by insights from Bookkeeper, detailed on the forum.
So, how does it perform? Let’s take a look at the results from a recent forward test. The optimization was conducted from the start of the year until May 1, 2008.
Strategy Tester Report
Momo_Trades_V3
Ukrsotsbank-MT4 (Build 216)
| Symbol | EURJPY (Euro vs Japanese Yen) | ||||
| Period | 1 Hour (H1) 2008.05.01 00:00 - 2008.07.01 23:59 | ||||
| Model | By open price (only for EAs with explicit control of bar opening) | ||||
| Parameters | Lots=0.1; Risk=1; SL=95; TP=125; BU=12; magic=78977; PriceShift=4; AutoLot=true; CloseEndDay=false; BU=true; MA Period=24; MA Shift=1; Fast=44; Slow=57; Signal=5; MACD Shift=3; | ||||
| Bars in test | 2048 | Ticks modelled | 3094 | Modelling quality | n/a |
| Mismatched charts errors | 0 | ||||
| Initial deposit | £10,000.00 | ||||
| Total net profit | £1,702.92 | Gross profit | £4,289.34 | Gross loss | -£2,586.42 |
| Profit factor | 1.66 | Expected payoff | £106.43 | ||
| Absolute drawdown | £929.85 | Maximal drawdown | £2,261.95 (19.82%) | Relative drawdown | 19.82% (£2,261.95) |
| Total trades | 16 | Short positions (won %) | 5 (80.00%) | Long positions (won %) | 11 (45.45%) |
| Profit trades (% of total) | 9 (56.25%) | Loss trades (% of total) | 7 (43.75%) | ||
| Largest | profit trade | £1,532.59 | loss trade | -£1,307.55 | |
| Average | profit trade | £476.59 | loss trade | -£369.49 | |
| Maximum | consecutive wins (profit in money) | 4 (£1,842.01) | consecutive losses (profit in money) | 2 (-£1,540.57) | |
| Maximal | consecutive profit (count of wins) | £1,842.01 (4) | consecutive loss (count of losses) | -£1,540.57 (2) | |
| Average | consecutive wins | 2 | consecutive losses | 2 | |
Now, let’s break down the trade history of the Momo Trades EA:
| № | Time | Type | Order | Volume | Price | S / L | T / P | Profit | Balance |
| 1 | 2008.05.05 10:00 | buy | 1 | 1.30 | 162.89 | 161.90 | 164.14 | ||
| 2 | 2008.05.06 00:00 | swap close | 1 | 1.30 | 162.65 | 161.90 | 164.14 | -£294.33 | £9,705.67 |
| 3 | 2008.05.06 00:00 | swap open | 2 | 1.30 | 162.6382 | 161.90 | 164.14 | ||
| 4 | 2008.05.07 00:00 | swap close | 2 | 1.30 | 162.66 | 161.90 | 164.14 | £26.74 | £9,732.41 |
| 5 | 2008.05.07 00:00 | swap open | 3 | 1.30 | 162.6482 | 161.90 | 164.14 | ||
| 6 | 2008.05.07 11:00 | modify | 3 | 1.30 | 162.6482 | 162.77 | 164.14 | ||
| 7 | 2008.05.07 12:00 | s/l | 3 | 1.30 | 162.77 | 162.77 | 164.14 | £149.37 | £9,881.78 |
| 8 | 2008.05.08 03:00 | sell | 4 | 1.30 | 160.79 | 161.78 | 159.54 | ||
| 9 | 2008.05.08 04:00 | modify | 4 | 1.30 | 160.79 | 160.67 | 159.54 | ||
| 10 | 2008.05.08 09:00 | t/p | 4 | 1.30 | 159.54 | 160.67 | 159.54 | £1,532.59 | £11,414.37 |
| 11 | 2008.05.13 09:00 | buy | 5 | 1.40 | 161.25 | 160.26 | 162.50 | ||
| 12 | 2008.05.13 11:00 | s/l | 5 | 1.40 | 160.26 | 160.26 | 162.50 | -£1,307.55 | £10,106.82 |
| 13 | 2008.05.20 21:00 | buy | 6 | 1.30 | 162.40 | 161.41 | 163.65 | ||
| 14 | 2008.05.21 00:00 | swap close | 6 | 1.30 | 162.21 | 161.41 | 163.65 | -£233.02 | £9,873.80 |
| 15 | 2008.05.21 00:00 | swap open | 7 | 1.30 | 162.1982 | 161.41 | 163.65 | ||
| 16 | 2008.05.21 11:00 | modify | 7 | 1.30 | 162.1982 | 162.32 | 163.65 | ||
| 17 | 2008.05.22 00:00 | swap close | 7 | 1.30 | 162.68 | 162.32 | 163.65 | £590.89 | £10,464.69 |
| 18 | 2008.05.22 00:00 | swap open | 8 | 1.30 | 162.6446 | 162.32 | 163.65 | ||
| 19 | 2008.05.22 03:00 | s/l | 8 | 1.30 | 162.32 | 162.32 | 163.65 | -£398.09 | £10,066.60 |
| 20 | 2008.06.02 20:00 | sell | 9 | 1.30 | 162.17 | 163.16 | 160.92 | ||
| 21 | 2008.06.03 00:00 | swap close | 9 | 1.30 | 162.24 | 163.16 | 160.92 | -£85.83 | £9,980.77 |
| 22 | 2008.06.03 00:00 | swap open | 10 | 1.30 | 162.2205 | 163.16 | 160.92 | ||
| 23 | 2008.06.03 07:00 | modify | 10 | 1.30 | 162.2205 | 162.10 | 160.92 | ||
| 24 | 2008.06.03 08:00 | s/l | 10 | 1.30 | 162.10 | 162.10 | 160.92 | £147.74 | £10,128.51 |
| 25 | 2008.06.05 22:00 | buy | 11 | 1.30 | 165.26 | 164.27 | 166.51 | ||
| 26 | 2008.06.06 00:00 | swap close | 11 | 1.30 | 165.06 | 164.27 | 166.51 | -£245.28 | £9,883.23 |
| 27 | 2008.06.06 00:00 | swap open | 12 | 1.30 | 165.0482 | 164.27 | 166.51 | ||
| 28 | 2008.06.06 03:00 | modify | 12 | 1.30 | 165.0482 | 165.17 | 166.51 | ||
| 29 | 2008.06.09 00:00 | swap close | 12 | 1.30 | 165.03 | 165.17 | 166.51 | -£22.32 | £9,860.91 |
| 30 | 2008.06.09 00:00 | swap open | 13 | 1.30 | 165.0182 | 165.17 | 166.51 | ||
| 31 | 2008.06.09 01:00 | s/l | 13 | 1.30 | 165.17 | 165.17 | 166.51 | £186.17 | £10,047.08 |
| 32 | 2008.06.24 13:00 | buy | 14 | 1.30 | 168.00 | 167.01 | 169.25 | ||
| 33 | 2008.06.24 19:00 | modify | 14 | 1.30 | 168.00 | 168.12 | 169.25 | ||
| 34 | 2008.06.24 20:00 | s/l | 14 | 1.30 | 168.12 | 168.12 | 169.25 | £147.17 | £10,194.25 |
| 35 | 2008.06.27 21:00 | sell | 15 | 1.30 | 167.59 | 168.58 | 166.34 | ||
| 36 | 2008.06.30 00:00 | swap close | 15 | 1.30 | 167.55 | 168.58 | 166.34 | £49.04 | £10,243.29 |
| 37 | 2008.06.30 00:00 | swap open | 16 | 1.30 | 167.5305 | 168.58 | 166.34 | ||
| 38 | 2008.06.30 08:00 | modify | 16 | 1.30 | 167.5305 | 167.41 | 166.34 | ||
| 39 | 2008.06.30 10:00 | t/p | 16 | 1.30 | 166.34 | 167.41 | 166.34 | £1,459.63 | £11,702.92 |
Whether you're a seasoned trader or just dipping your toes in the trading waters, the Momo Trades EA could be a valuable tool in your trading arsenal. Keep an eye on its performance and consider giving it a try!
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