Zig and Zag robot review - SWITCHED TO LIVE ACCOUNT

[PipCop]

UPDATE 2008-12-08 - This is now being traded on a LIVE account. Please continue the discussion here:
http://www.PipCop.com/forums/previous-robot-reviews/99-live-zig-zag-robot-review-real-cash-account-busted-4-975-a.html

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From http://codebase.mql4.com/4049 - a new EA to test. The author describes it below. Let’s see how it does on the EURUSD 5 minute chart.

A regular release of an EA based on the ZigAndZag indicator . It still needs the indicator , you can find it in the Code Base, on the Forum and also here. The discussion is there, as well. The function of multiple orders is added; the forcible closing is removed, i.e., it works by the reverse system, there is some resemblance of martingale, it takes opening signals from a larger TF.

Update 2008-09-05: Apparently the indicator was not loaded properly, so I restarted the terminal which seems to have fixed it, and this EA is now trading.

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Should I buy/use this EA on a live account? - Government Required disclaimer - Earnings disclaimer

16_zigandzag

XP5/16_zigandzag

[king903]

how to use it?

[PipCop]

Download the two files (above), put ZigAndZag.mq4 into the metatrader\experts\indicators folder, and put 16_ZigAndZag_trade.mq4 in metatrader\experts folder.

The start a new chart, 5 min, and drag the trade mq4 file onto the chart. Then enable the EA by clicking the Expert Advisors button on MetaTrader.

[king903]

Thank you.
It works now.
I'm testing.

[BarrowBoy]

Everyone keep in mind that this is a programmers demo piece!
It uses one indicator , which although a good one for manual trading, should not be used in isolation.
Main issues with any ZigZag (or the similar Fractal) variant are lag and losing the plot in tight ranges or rapid trend starts/reversals.
With no StopLoss or TakeProfit, this EA can make good profit for a while, then trash your account in a couple of days
With any sort of SL & TP set, there is very limited profit in spite of the win %
All this points to the indicator having great potential but should not be used on its own!

My 2c worth
-BB-

[PipCop]

The previous months statement have been archived, and are linked in the first post.

[PipCop]

Well, looking at this today one would think it's hoping to get lucky... it's below the level of all the profits it made previously, yet still bought more lots in the same direction (not really hedging...)

[BarrowBoy]

Like I said - this should not be used as a fully automatic system!
It may be the basis for a conservative full-auto EA (after a lot more work), or a semi-auto where trades it makes are manually reviewed and closed when 'wrong' in the broader market context

[xrust]

Misters, to me it is very flatter that you has interested ZigAndZag, but I wish to remind you that this demo the version which shows that with indicator Zigzag it is possible to work. And to work successfully. I would not began to put it into the real account how it is not finished absolutely not. If you commercial versions of mine EA that interest it is necessary to address, on my e-mail: xrust@land.ru or to come on my site : http://xrust.ucoz.net/english.htmlAs if you wish to realise the trading strategy, I with their pleasure for you will code on MQL4. Yours faithfully Xrust.

[PipCop]

Hi xrust,

I would like to review your commercial version. Can you attach it here to the site? I will put it on a demo account.

Thanks!