In one of the previous articles, we have already mentioned the robot named “Triplex”, which is included in the package of three paid advisers from Vlad Gilka, and today it will be yet another representative of the three – a Forex Profit Collector EA. Perhaps, the algorithm got such an original name because it was designed to collect profit from the market in any situation, and eventually it became something in between: on the one hand, the algorithm is indeed very complex and combines several strategies, but on the other hand, its profitability and stability are questionable even before optimization.

We’ll start a review from the basic principles and tools the robot is built on. The main generator on the signals is an RSI indicator with its signal line (50 on default), while the deals are prepared and executed by placing pending orders. An important point should be noted: the Martingale is not used in the EA in its pure form, only if the user decides to multiply the lots on the basis of his findings.

Deals mechanism built into Forex Profit Collector EA

In order not to confuse the reader, we’ll explain the first actions of the robot in detail. As noted above, the decision to place the first order is taken after the RSI indicator crosses a signal line. This logic is based on the assumption that such a pulse gives rise to a powerful movement, but after the pulse you should expect the rollback of the price. This is when you should enter the market, so the first order in the series is always a limit one – the figure below shows an example of such a situation:

The conditions are opposite for the deals to buy. Simultaneously with the placement of stop-loss and take-profit on the first order, the robot places another pending order – a buy-stop now (in our example) – at the same price level as the stop-loss on the first order. Such a tactic is used to minimize losses from false breakdowns, i.e. in fact, it’s just a reversal order: if you failed to catch a rollback, you can fix a loss and move towards the stronger speculators.

Thus, in the very beginning, two outcomes are possible: either a take-profit works out on the first order (a limit one), after which the Forex Profit Collector will wait for a new signal, or a reversal is triggered. In the first case everything is clear, while the second algorithm takes new steps. According to the EA creator’s assumptions, if the price continued moving in the same direction after a false breakdown, then the movement should be even stronger (the probability of this outcome is really high, but we won’t consider the theory of technical analysis), so the robot opens another stop order, i.e. adding on the trend is assumed.

New limit orders are placed on the stop-loss values on new deals, so the cycle will repeat as many times as the user sets in the properties, but the signal of the main indicator isn’t included in the current series anymore.

Forex Profit Collector EA, its basic settings and disadvantages

We recommend paying special attention to the following parameters:

  • OrdersCount: a number of orders in the series (there can be several reversals after the RSI signal, the mechanism of which was described above);
  • CanOpenNew: enable or disable opening of the new series – when it is set as “true”, the robot will track the new signals and open orders on them, launching new chains of deals, despite the fact that other series aren’t yet closed;
  • Level: the value of stop-loss, take-profit, and the distance between the orders in pips;
  • Ord_№…_Lots: the value of the lot; the value is set individually for each order in series.

The Forex Profit Collector EA, despite the rather thought-through algorithm, has a significant drawback, which is shown in the following assumption: it is assumed that the trend is confirmed by the distance made in pips. In fact, this approach is wrong due to the large number of false breakouts and movements, resulting in a large portion of pending orders being closed by stops. Even the statistics on the range boundaries and deviations doesn’t help optimize this EA. This problem can be solved only if you use one order in your work, which the robot sets right after the RSI signal, without subsequent reversals.

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