DeMark lines robot review - Profit $3,595 - now testing LIVE

[PipCop]

UPDATE: This robot is now being traded LIVE. Please continue the discussion here:
http://www.PipCop.com/forums/previous-robot-reviews/75-live-demark-lines-robot-review-real-cash-account-busted-2719-a.html

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Here is another new robot that I have found which looks promising, and is being tested live. You can download this robot and the required indicator at http://codebase.mql4.com/4039. It is running on the author recommended settings of H4 on the EURUSD chart.
From the author:

This expert advisor is based on the famous DeMark Lines indicator that automatically draws trending lines. Each time that there is a signal, it takes 4 orders with different settings. It can be reversed if needed.

Here are your live results:

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

demark

XP8/demark

[BarrowBoy]

Professional grade indicator
Professionnaly written EA - well most of one
You can see where some indicator & filter logic have been removed
Also some renaming & possible obfuscation, especially on externs
Understandable really, as this is a source-code give-away to publisize their site

As is, only has one indicator so will only be successful in its favourite markets
In this case that is certain types of trend & trend reversal
Cannot do whipsaw at all

Better used on the longer time frames to strengthen the (only) signal the EA uses
Also go for pairs with less tendency to whipsaw - so try:-

EURUSD D1
USDCHF D1
EURJPY D1
GBPJPY D1

NOT
USDJPY
USDCAD

[PipCop]

Thanks very much for the additional input.

I have always been very suspect of EAs that only use one or two indicators to make decisions. It is like they are in complete isolation. The Universum did that - it used the Demark indicator ... and that was it!

[bnbb2004]

Originally Posted by PipCop

Here is another new EA that I have found which looks promising, and is being tested live. You can download this EA and the required indicator at http://codebase.mql4.com/4039
From the author:

This expert advisor is based on the famous DeMark Lines indicator that automatically draws trending lines. Each time that there is a signal, it takes 4 orders with different settings. It can be reversed if needed.

Here are your live results:

.....

XP8/demark

PipCop,

Which time frame did you use? Did you change any of the settings? Looks pretty good though...

[PipCop]

Thanks for pointing that out, I've updated the original post.

It is running on the author recommended settings of H4 on the EURUSD chart.

[bnbb2004]

Originally Posted by PipCop

Thanks for pointing that out, I've updated the original post.

It is running on the author recommended settings of H4 on the EURUSD chart.

No problem...I'll try the 4H on E/U.

I like this site and you throwing the bad EA's in jail..

[bnbb2004]

PipCop,

I was wondering if you can tell me what I might need to change to get this EA to place trades (the newly compiled version from mql). I have placed it on a 5M chart just to see it start trading, but none have taken place. Does it place trades when there is a new red or blue dot (signal)? If so, it's not doing so for me... :-|

[PipCop]

I think you just have to be patient. If you look at the trading history above you can see that it doesn't always trade.

I have not reviewed the source code, so I can't tell you exactly what criteria it uses to open a trade. I may take a look tomorrow and see what I can find.

[bnbb2004]

Originally Posted by PipCop

I think you just have to be patient. If you look at the trading history above you can see that it doesn't always trade.

I have not reviewed the source code, so I can't tell you exactly what criteria it uses to open a trade. I may take a look tomorrow and see what I can find.

Yeah, I know it doesn't trade that often on a 4H chart...But, I think it should have done something (at least 1 trade by now) on a 5M chart...I thought it placed trades based on the red/blue dots, maybe I'm wrong...

[PipCop]

One thing to keep in mind is that many of these EAs trade very explicitly based on the chart you put them on. The indicator is designed to look at the timeframe on the chart, and then return data at that time. If you put it on a 5m chart, it may be throwing off the settings depending on how the author designed it.

Looking at the results from this morning, the 29th, you can see it has made many trades on the H4 chart. I'd leave it there and see what it does.

If it really is not trading, be sure to check the "Experts" tab and the "Journal" tab to see if there are any error messages. If there are, you will need to resolve them first.