The Channel Scalper

[rsmereka]

This review is about The Channel Scalper V1.06 EA which I got from Trading System Forex. Note that the EA's from this board are free but you must be a paid Elite member to obtain the free EA's at this site.

I have no affiliation with anyone in conjunction with this review.

I started trading this EA on a demo account on December 16, 2009. The Channel Scalper trades the EURGBP pair on an M5 chart. The demo account is with Alpari UK at 500:1 leverage .

This EA has many settings. I have attached the 'set' file I am using which I also obtained from Trading System Forex (warning, aggressive setting) and tweaked myself.

Given the above mentioned settings, this EA trades in a two hour window from 20:00 to 22:00 GMT each day. The EA opens 3 trades at a time and aims for 4 pips per trade with a hard stop of 22 pips. Since this EA does not aim for many pips, the currency pair spread is important. The spread of this pair should be 2 pips or lower.

Rick

[rsmereka]

List of trades so far:

select opendatime as open, closedatime as close, lot, pips(ticket) as p, pl + rollover  as pl from closedtrade where magic = 40 order by open
database result:
row(1):Array ( [open] => 2009-12-16 15:00:00 [close] => 2009-12-16 15:32:00 [lot] => 4.25 [p] => 4.0 [pl] => 277.56 ) 
row(2):Array ( [open] => 2009-12-16 15:00:00 [close] => 2009-12-16 15:32:00 [lot] => 3.69 [p] => 4.0 [pl] => 240.98 ) 
row(3):Array ( [open] => 2009-12-16 15:01:00 [close] => 2009-12-16 15:32:00 [lot] => 3.2 [p] => 4.0 [pl] => 208.99 ) 
row(4):Array ( [open] => 2009-12-16 16:21:00 [close] => 2009-12-16 16:50:00 [lot] => 4.54 [p] => 4.0 [pl] => 296.69 ) 
row(5):Array ( [open] => 2009-12-16 16:21:00 [close] => 2009-12-16 16:50:00 [lot] => 3.94 [p] => 4.0 [pl] => 257.48 ) 
row(6):Array ( [open] => 2009-12-16 16:45:00 [close] => 2009-12-16 16:50:00 [lot] => 3.35 [p] => 4.0 [pl] => 218.92 ) 
row(7):Array ( [open] => 2009-12-21 20:11:00 [close] => 2009-12-21 20:12:00 [lot] => 5.1 [p] => 4.0 [pl] => 327.23 ) 
row(8):Array ( [open] => 2009-12-21 20:11:00 [close] => 2009-12-21 20:12:00 [lot] => 4.41 [p] => 4.0 [pl] => 282.96 ) 
row(9):Array ( [open] => 2009-12-21 20:11:00 [close] => 2009-12-21 20:12:00 [lot] => 3.84 [p] => 4.0 [pl] => 246.39 ) 
row(10):Array ( [open] => 2009-12-22 21:34:00 [close] => 2009-12-23 09:29:00 [lot] => 5.58 [p] => -22.0 [pl] => -1951.91 ) 
row(11):Array ( [open] => 2009-12-22 21:35:00 [close] => 2009-12-23 09:29:00 [lot] => 4.84 [p] => -22.0 [pl] => -1693.04 ) 
row(12):Array ( [open] => 2009-12-22 21:35:00 [close] => 2009-12-23 09:29:00 [lot] => 4.19 [p] => -22.0 [pl] => -1465.79 ) 
row(13):Array ( [open] => 2009-12-29 20:28:00 [close] => 2009-12-29 22:22:00 [lot] => 3.46 [p] => 4.0 [pl] => 220.15 ) 
row(14):Array ( [open] => 2009-12-29 20:28:00 [close] => 2009-12-29 22:29:00 [lot] => 3.02 [p] => 4.0 [pl] => 192.15 ) 
row(15):Array ( [open] => 2009-12-29 20:28:00 [close] => 2009-12-29 22:29:00 [lot] => 2.62 [p] => 4.0 [pl] => 166.7 ) 
row(16):Array ( [open] => 2010-01-11 20:57:00 [close] => 2010-01-11 21:23:00 [lot] => 4.01 [p] => 4.0 [pl] => 258.36 ) 
row(17):Array ( [open] => 2010-01-11 20:57:00 [close] => 2010-01-11 21:23:00 [lot] => 3.48 [p] => 4.0 [pl] => 224.22 ) 
row(18):Array ( [open] => 2010-01-11 20:57:00 [close] => 2010-01-11 21:15:00 [lot] => 3.02 [p] => 4.0 [pl] => 194.57 ) 
row(19):Array ( [open] => 2010-01-12 20:18:00 [close] => 2010-01-12 21:02:00 [lot] => 4.42 [p] => 4.0 [pl] => 285.97 ) 
row(20):Array ( [open] => 2010-01-12 20:18:00 [close] => 2010-01-13 00:28:00 [lot] => 3.85 [p] => 4.0 [pl] => 251.42 ) 
row(21):Array ( [open] => 2010-01-12 20:43:00 [close] => 2010-01-12 20:50:00 [lot] => 3.24 [p] => 4.0 [pl] => 209.52 ) 
row(22):Array ( [open] => 2010-01-12 21:41:00 [close] => 2010-01-13 00:28:00 [lot] => 4.11 [p] => 4.0 [pl] => 268.39 ) 
row(23):Array ( [open] => 2010-01-12 21:41:00 [close] => 2010-01-13 00:28:00 [lot] => 3.56 [p] => 4.0 [pl] => 232.49 ) 
row(24):Array ( [open] => 2010-01-25 15:08:00 [close] => 2010-01-25 16:34:00 [lot] => 2.85 [p] => 4.0 [pl] => 185.22 ) 
row(25):Array ( [open] => 2010-01-25 15:08:00 [close] => 2010-01-25 16:34:00 [lot] => 2.5 [p] => 4.0 [pl] => 162.48 ) 
row(26):Array ( [open] => 2010-01-25 15:08:00 [close] => 2010-01-25 16:34:00 [lot] => 2.2 [p] => 4.0 [pl] => 142.98 ) 
row(27):Array ( [open] => 2010-01-27 15:22:00 [close] => 2010-01-27 15:36:00 [lot] => 3.76 [p] => 4.0 [pl] => 243.11 ) 
row(28):Array ( [open] => 2010-01-27 15:22:00 [close] => 2010-01-27 15:24:00 [lot] => 3.25 [p] => 4.0 [pl] => 209.96 ) 
row(29):Array ( [open] => 2010-01-27 15:22:00 [close] => 2010-01-27 15:24:00 [lot] => 2.85 [p] => 4.0 [pl] => 184.11 ) 
row(30):Array ( [open] => 2010-02-03 16:56:00 [close] => 2010-02-03 17:01:00 [lot] => 4.66 [p] => 4.0 [pl] => 296.35 ) 
row(31):Array ( [open] => 2010-02-03 16:56:00 [close] => 2010-02-03 17:01:00 [lot] => 4.04 [p] => 4.0 [pl] => 256.91 ) 
row(32):Array ( [open] => 2010-02-03 16:56:00 [close] => 2010-02-03 17:01:00 [lot] => 3.49 [p] => 4.0 [pl] => 221.94 ) 
row(33):Array ( [open] => 2010-02-04 15:52:00 [close] => 2010-02-04 16:08:00 [lot] => 4.91 [p] => 4.0 [pl] => 309.51 ) 
row(34):Array ( [open] => 2010-02-04 15:52:00 [close] => 2010-02-04 16:08:00 [lot] => 4.28 [p] => 4.0 [pl] => 269.79 ) 
row(35):Array ( [open] => 2010-02-04 15:52:00 [close] => 2010-02-04 16:08:00 [lot] => 3.75 [p] => 4.0 [pl] => 236.39 )

35 trades so far, 32 winners and 3 losers.
Pips so far:

select total(pips(ticket)) as p from closedtrade where magic = 40
database result:
row(1):Array ( [p] => 62.0 )

PL so far:

select total(pl + rollover ) as tot from closedtrade where magic = 40
database result:
row(1):Array ( [tot] => 2469.15 )

After running The Channel Scalper for 7 complete weeks on a demo account, it has proven itself to be profitable. If this EA makes it to March 16 while still being profitable, I will be adding it to my live account (at a reduced risk).

Rick

[ApacheDan]

Hi Rick, this sounds pretty much like I trade, except on higher timeframes. Doing it manually at 5M would drive me crazy. This would be a $99 investment for me, so I will follow your results closely. Is this a MT4 EA? can the channels be widen? Thanks for any info.

Dan

[rsmereka]

Originally Posted by ApacheDan

Hi Rick, this sounds pretty much like I trade, except on higher timeframes. Doing it manually at 5M would drive me crazy. This would be a $99 investment for me, so I will follow your results closely. Is this a MT4 EA? can the channels be widen? Thanks for any info.

Dan

Hi Dan,

You should know that after over 9 weeks on demo, I have activated this EA on my live account (at...hopefully, low risk).

Yes, this an MT4 EA written in it's language MQL4. Yes, the channel's can be widened, I think. That's part of this EA's problems, it's way too complex. Options up the wazoo. You can adjust any part of it's trading logic, so I assume you can adjust the channel depth also.

It's long-term (and I mean long, like six years or more) backtests are outstanding. Near perfect (sample backtest pdf is in post #322 of my trading journal).

Rick

[ApacheDan]

Originally Posted by rsmereka

Hi Dan,


Yes, this an MT4 EA written in it's language MQL4. Yes, the channel's can be widened, I think. That's part of this EA's problems, it's way too complex. Options up the wazoo. You can adjust any part of it's trading logic, so I assume you can adjust the channel depth also.

It's long-term (and I mean long, like six years or more) backtests are outstanding. Near perfect (sample backtest pdf is in post #322 of my trading journal).

Rick

Well Rick, it's done...now I'm part of the Elite group...lol. I also got an Alpari UK Demo, but was only able to get 100:1 leverage ....wonder if that will have an influence on the EA. Since last night, so far no trades.

So many EA's to test...feel like a kid in a candy store. Can you suggest another EA that won't be so dependent on short spreads? Thanks. Dan

[rsmereka]

Originally Posted by ApacheDan

Well Rick, it's done...now I'm part of the Elite group...lol. I also got an Alpari UK Demo, but was only able to get 100:1 leverage ....wonder if that will have an influence on the EA. Since last night, so far no trades.

So many EA's to test...feel like a kid in a candy store. Can you suggest another EA that won't be so dependent on short spreads? Thanks. Dan

Well done Dan

What settings are you using with The Channel Scalper?

Don't worry about the leverage with the Alpari demo account. They say it is 100:1 but it's really 500:1. A lower leverage account would be of benefit with this EA (say 100:1 instead of 500:1). It would prevent us from overtrading (pushing the risk/lot size too high and getting a massive loss).

I put The Channel Scalper on my live account last Friday and have yet to see a trade. Keep in mind that this EA can go for a couple of trading days without a trade. Also, the settings I use only allow a trade 20-22GMT.

As far as another EA. I have a couple but they are not free. Both EB-Turbo and Cash Cruiser are worthy of closer attention IMHO. EB-Turbo can trade many pairs but I have it trading only EURUSD and only on one of it's two strategies. Cash Cruiser trades USDCAD in a grid style like Robominer but does not hold onto it's trades praying for a turn in the market eating away at your equity creating DD and also possibly incurring negative swap fees. Both of these EA's are doing very well in my demo account trading but are not yet ready for prime time (live account). I have been burn't before going live too early. I want to run the EA on a demo account long enough to observe it's behavior and, in particular, notice it's dark side.

Rick

[ApacheDan]

Originally Posted by rsmereka

Well done Dan

What settings are you using with The Channel Scalper?

I have been burn't before going live too early. I want to run the EA on a demo account long enough to observe it's behavior and, in particular, notice it's dark side.

Rick

Yup...been burnt too with FapTurbo. The only EA I'm trading live is Megadroid (tweaked)..so far, I'm in the positive.

The settings with Channel Scalper is the same set you posted here...so in theory you and I should have same results ....still, please let me know how it goes in real life.

I got a VPS and trading in Demo 3 brokers, Alpari UK, FXCM UK and ACM (swiss). I like EA's that are channel-like. I think I'm going to try the Donchian and another RSI I briefly saw.

I never tried this, but is is possible to use different EA's with different pairs within the same broker account? I guess if they are different, no need to change Magic Numbers. I keep an excel spreadsheet to record results, since they would be mixed in the account totals. My VPS can take so many brokers and no more...I don't want it to slow down or crash the system. If possible I could probably test 6 or more EA's at a time

On a quick note, last night it traded 11 times, all shorts, all wins at $45 average...does that sound right? did you get similar results live? My original demo balance was $5,000, now I almost got 10% in one day??Thanks. Dan

[rsmereka]

Originally Posted by ApacheDan

Yup...been burnt too with FapTurbo. The only EA I'm trading live is Megadroid (tweaked)..so far, I'm in the positive.

The settings with Channel Scalper is the same set you posted here...so in theory you and I should have same results ....still, please let me know how it goes in real life.

I got a VPS and trading in Demo 3 brokers, Alpari UK, FXCM UK and ACM (swiss). I like EA's that are channel-like. I think I'm going to try the Donchian and another RSI I briefly saw.

I never tried this, but is is possible to use different EA's with different pairs within the same broker account? I guess if they are different, no need to change Magic Numbers. I keep an excel spreadsheet to record results, since they would be mixed in the account totals. My VPS can take so many brokers and no more...I don't want it to slow down or crash the system. If possible I could probably test 6 or more EA's at a time

On a quick note, last night it traded 11 times, all shorts, all wins at $45 average...does that sound right? did you get similar results live? My original demo balance was $5,000, now I almost got 10% in one day??Thanks. Dan

Dan,

Those settings I posted here for The Channel Scalper are very agressive. 12% risk and usually three trades start at once.

In one broker account, you can run any pairs/EA's that the broker supports. The only restriction is MetaTrader (and technology like how much memory[RAM] and CPU power) which is only one EA per chart.

Using a spreadsheet to sort out all the trades, pairs and EA's is going to drive you bonkers. It will quickly become unmanageable. That is a big reason I created Mt4Analysis. This much data needs a database to manage it. IMHO, of course.

I tried the Donchian Channel Scalper (aka: Broker Buster) but I could never get a decent backtest so I gave up on it.

BTW, which version of Channel Scalper did you go with? When I read the entire thread on tradingsystemforex.com, I could never get updated set files for the most recent version which is why I went with version 1.06 even though the later versions have some improved features like automatic time shift which 1.06 does not have.

I have had no Channel Scalper trades open since the 18th. This is unusual for this EA but I have noticed that the market is kind of stale/wishy-washy right now. A number of pairs are in a fairly tight channel which is no good for us. What trades were you referring to?

Also remember that demo accounts (like backtests before them) are only the next level indicator of performance. In a real account, performance will be different. Some EA's have a major performance difference between demo and live and others have a situation where the live performance is close to a demo account.
Rick

[ApacheDan]

Originally Posted by rsmereka

Dan,


BTW, which version of Channel Scalper did you go with? When I read the entire thread on tradingsystemforex.com, I could never get updated set files for the most recent version which is why I went with version 1.06 even though the later versions have some improved features like automatic time shift which 1.06 does not have.

I have had no Channel Scalper trades open since the 18th. This is unusual for this EA but I have noticed that the market is kind of stale/wishy-washy right now. A number of pairs are in a fairly tight channel which is no good for us. What trades were you referring to?

Rick

I'm using Version 1.11, but with your set...like I said, it was trading like a rabbit in heat! Hey, maybe we just discovered something

[rsmereka]

Originally Posted by ApacheDan

I'm using Version 1.11, but with your set...like I said, it was trading like a rabbit in heat! Hey, maybe we just discovered something

Hi Dan,

I think you did discover something very interesting Looks like back to the drawing board for me and this EA. I think I will leave the 1.06 version running on my live account because I have completely tested it and put 1.11 on my demo account. I need to go back to the site and read the new posts and download the new version. Have you run some backtests on this version yet? If so, I would be very interested in seeing them.

Very sweet statement. Almost 10% in one day
Keep in mind that the almost 10% in one day is from the risk percent. I usually set demo EA's very hot just to see how much they will take before blowing. I usually run some backtests to get an idea (historically) how much risk to pile on.

Rick