Otkat is an expert advisor for MetaTrader 4 based on a pull-back strategy within the daily range. It looks for entries when price moves away from the range midpoint, with a short Take Profit and a high hit rate. It is a very interesting practical case for studying the relationship between win rate and loss size.
How it works
The robot identifies the high and low of the daily range and generates buys when price approaches the lower half and sells when it approaches the upper half. It only enters at the start of the day and closes everything at the end of the session, avoiding certain days of the week.
Configurable parameters
- Server GMT Difference: adjusts the timezone of your MetaTrader server.
- ECN Mode: enable it for market execution brokers.
- Short default Take Profit and a wider fixed Stop Loss.
Important note
Although it has a high percentage of winning trades, the average loss greatly exceeds the average profit, and long term backtests are negative. It is shared for educational purposes: it is perfect for understanding why a high win rate does not guarantee profitability. Use it on DEMO only.
File contents: .mq4 source code ready to compile in MetaEditor.
View the original robot documentation on EarnForex (Apache-2.0 license)
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